Greencoat
Renewables Plc
Capital Allocation Update -
Commencement of Share Buyback Programme
Dublin, London | 08
May
2024: Greencoat Renewables PLC
("Greencoat Renewables" or the "Company") announces that it will commence an initial tranche of its
share buyback programme today, to repurchase ordinary shares
of the Company (the "Shares") up to a maximum aggregate
consideration of €25 million (the "Programme"). The Company
intends to complete this buyback within a six-month
period.
In line with the Company's capital
allocation framework, which is regularly reviewed by the Board, the
Company is continuously evaluating a range of options to maximise
shareholder returns. Given the Board's confidence in the outlook,
current discount to NAV and the robustness and resilience of the
Company's cash generation, the Board has decided to launch an
initial €25m share buyback programme.
The share buyback programme is
underpinned by the strong cash generating capability of the Company
(as evidenced by Q1 2024 net cash generation of €72.8 million),
available resources (€161 million cash on balance sheet at Q1 2024)
and ongoing progress on its debt repayment and asset recycling
plans.
Post completion of the initial €25m
Programme, the Board will review further share buyback programmes
against its capital allocation priorities at that time.
Details of the Programme
The Company has entered into an
agreement with J&E Davy ("Davy") and RBC Europe Limited
("RBC") to act as principals to conduct the Programme and to
purchase Shares on Euronext Dublin for subsequent repurchase by the
Company for a maximum aggregate consideration of up to €25
million and to make trading decisions under the Programme in
accordance with certain pre-set parameters. Under the terms of the agreement, Davy
and RBC will make purchases of the Shares under the Programme
independently of, and uninfluenced by, the
Company.
The Programme will commence
on 8 May 2024, and end no later than 8 November 2024,
subject to market conditions. The purpose of the Programme is to
reduce the share capital of the Company in line with this
announcement. Under the terms of the Programme, the Shares will be
repurchased on Euronext Dublin and will subsequently be
cancelled.
The Programme will be conducted in
accordance with:
(i) the Company's general authority
to repurchase shares (which authorises the repurchase of a maximum
of 171,071,717 shares, being 14.99% of the issued share capital of
the Company), as approved by shareholders at the Company's AGM held
on 25 April 2024 (the "Authority"); and
(ii) the Market Abuse Regulation
(EU) No 596/2014 and the Commission Delegated Regulation (EU) No
2016/1052 (including as each of them forms part of retained EU law
in the United Kingdom ("UK") from time to time,
including, where relevant, pursuant to the UK's European
Union (Withdrawal) Act 2018 and Market Abuse (Amendment) (EU
Exit) Regulations 2019) as well as the applicable laws and
regulations of the UK Financial Conduct Authority and the
Central Bank of Ireland.
There is no guarantee that the
Programme will be implemented in full or that any Shares will be
bought back by the Company.
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For further
details contact:
Schroders
Greencoat LLP (Investment Manager)
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Bertrand Gautier
Paul O'Donnell
John Musk
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+44 20 7832 9400
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FTI Consulting
(Investor Relations & Media)
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Melanie Farrell
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+353 1 765 0883
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Aoife Mullen
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greencoat@fticonsulting.com
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Davy (Broker,
NOMAD and Euronext Growth Listing
Sponsor)
Brian Garrahy
Ronan Veale
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+353 1 679 6363
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RBC Capital
Markets (Joint Broker)
Matthew Coakes
Elizabeth Evans
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+44 20 7653 4000
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About
Greencoat Renewables PLC
Greencoat Renewables PLC is an investor in
euro-denominated renewable energy infrastructure assets. Initially
focused solely on the acquisition and management of operating wind
farms in Ireland, the Company is now also investing in wind
and solar assets in other European countries with stable and robust
renewable energy frameworks. It is managed by Schroders Greencoat
LLP, an experienced investment manager in the listed renewable
energy infrastructure sector.
For more information about Greencoat Renewables
PLC, please visit http://www.greencoat-renewables.com/