Greencoat Renewables PLC Revision and extension to IMA (2183P)
17 June 2022 - 4:00PM
UK Regulatory
TIDMGRP
RNS Number : 2183P
Greencoat Renewables PLC
17 June 2022
Revision and extension to Investment Management Agreement
Dublin, London, 17th June 2022 | The Board of Greencoat
Renewables PLC ("Greencoat Renewables" or the "Company") is pleased
to announce that it has renewed the Investment Management Agreement
(the "IMA") with Greencoat Capital LLP. Greencoat Capital LLP has
been the Investment Manager since the Company's IPO in 2017. During
this period, Greencoat Renewables has delivered a strong total
return to shareholder of 46.23% (8.07% annualised) including 28.70
cent per share in dividends.
The principal changes to the IMA are as follows:
-- an additional tier added to the cash fee structure, which
will see a reduction in the fee charged in respect of NAV over
EUR1,750 million to an amount equal to 0.75 per cent., paid in
quarterly instalments; and
-- a further five-year term, commencing on 25 July 2022.
All other material terms remain in line with the previous IMA
including the IMA being terminable by either party on the
conclusion of the new five-year period, with not less than 12
months' prior written notice of a party's intention to terminate
the agreement at the conclusion of that five-year period, and
thereafter terminable on 12 months' written notice.
The Investment Manager is a related party of the Company and the
amendments to the investment management agreement constitute a
related party transaction under Rule 13 of the AIM Rules for
Companies. As such, the directors of the Company consider, having
consulted with the Company's nominated adviser, that the terms of
the Agreement are fair and reasonable insofar as the Company's
shareholders are concerned.
--- ENDS ---
For further details contact:
Greencoat Capital LLP (Investment Manager)
Bertrand Gautier
Paul O'Donnell
Tom Rayner +44 20 7832 9400
FTI Consulting (Investor Relations & Media)
Melanie Farrell +353 86 401 5250
Orla Cox greencoat@fticonsulting.com
Davy (Broker, NOMAD and Euronext Growth Adviser)
Barry Murphy
Ronan Veale +353 1 679 6363
RBC Capital Markets (Joint Broker)
Matthew Coakes
Elizabeth Evans +44 20 7653 4000
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
certain other European countries with stable and robust renewable
energy frameworks. It is managed by Greencoat Capital LLP, an
experienced investment manager in the listed renewable energy
infrastructure sector.
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