REG - Greencoat Renewables - Commencement of Share Buyback Programme

Greencoat RenewablesAnnouncement

08/05/2024 07:00

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RNS Number : 5076N  Greencoat Renewables PLC  08 May 2024

 

 

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.

 

 

--- ENDS ---

 

For further details contact:

 Schroders Greencoat LLP (Investment Manager)
 Bertrand Gautier                                                   +44 20 7832 9400

 Paul O'Donnell

 John Musk

 FTI Consulting (Investor Relations & Media)

 Melanie Farrell                                                    +353 1 765 0883
 Aoife Mullen                                                       greencoat@fticonsulting.com

 Davy (Broker, NOMAD and Euronext Growth Listing Sponsor)

 Brian Garrahy                                                      +353 1 679 6363

 Ronan Veale

                                                                    +44 20 7653 4000

 RBC Capital Markets (Joint Broker)

 Matthew Coakes

 Elizabeth Evans

 

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/ (http://www.greencoat-renewables.com/)

 

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