TIDMGRP
RNS Number : 7081A
Greencoat Renewables PLC
27 September 2022
GREENCOAT RENEWABLES PLC
(the "Company")
NOTICE OF EXTRAORDINARY GENERAL MEETING
Dublin, London, 27 September 2022 Greencoat Renewables PLC
("Greencoat Renewables" or the "Company"), announces that an
Extraordinary General Meeting of Greencoat Renewables PLC will be
held at Davy House, 49 Dawson Street, Dublin 2, Ireland on 13
October 2022 at 10.00 a.m. (the "EGM").
The business of the EGM will be to consider proposed amendments
to the Company's Investment Policy (pursuant to the Resolution set
out in the Notice of EGM (the " Resolution ")) to remove the
percentage limits on the value of investments that the Company is
permitted or required to make in wind energy assets or solar PV
assets in Ireland and in Other Relevant Countries.
Under the current Investment Policy, investments by the Company
in operational wind energy assets and wind energy assets under
construction in Ireland must represent, in aggregate, not less than
60 per cent. of the Gross Asset Value (calculated immediately
following each investment). The Company is further permitted to
invest in aggregate, up to 40 per cent. of the Gross Asset Value
(calculated immediately following each investment) in operational
wind energy assets or operational solar PV assets in Ireland and
Other Relevant Countries.
In light of the increasing scope in the acquisition pipeline
across Continental Europe, the Board is proposing a change to the
Investment Policy regarding the 40% limit on non-Ireland
investments, in order to support the Company's continued
diversification in Europe, providing access to a wider set of
opportunities. Given the accelerating opportunity in Continental
Europe, a shareholder consultation process on a change to the
current 40% limit on investments outside of Ireland was undertaken,
to ensure that the Group is well placed to deliver on its growth
potential with the full range of opportunities available in the
market.
As noted in the Company's interim report, the rationale for this
proposed change is to support the Company's continued
diversification in Europe, providing access to a wider set of
growth opportunities and to further our strategy of securing
consistent cashflows and enhancing returns. In the 12 months to 30
June 2022, the Company added 281MW of net capacity outside of
Ireland and 50MW of net capacity within Ireland, reflective of the
scale of opportunities available to the Company across Continental
Europe. Since its IPO in 2017, the Company has entered five
European countries outside of Ireland (being France, Germany,
Finland, Spain and Sweden), with the ability to scale demonstrated
and a dedicated team of over 15 professionals focused on European
opportunities in place added with in-country presence in Ireland,
Germany and France.
As the portfolio has grown into new geographies, the business
has benefitted from increased diversification both in terms of
weather systems and power markets, with low correlation of wind
speeds between Continental Europe and Ireland ensuring stability of
cashflows in periods of lower regional wind resource. The Company
continues to see excellent opportunities for continued
diversification across geographies, technologies and pricing
structures in both existing and new European markets and has an
active pipeline of near-term acquisitions in Europe.
The portfolio continues to remain highly contracted with stable
risk-adjusted returns in line with the investment strategy. The
continued diversification in Europe enables the Company to seek the
best returns while reducing exposure to local variations in
renewable resource. Acquisitions in Europe have delivered risk
adjusted returns in line with the Company's Investment Policy and
this is expected to continue as the Company grows further in
Europe. As the largest owner of wind operating assets in Ireland,
the Company will also continue to capitalise on its leading
position to further consolidate an attractive growing market in
Ireland.
The circular which includes the notice of the EGM (the
"Circular") and a Form of Proxy have been posted to shareholders
today. The Board strongly urges shareholders to review the contents
of the Circular in their entirety, including the documents referred
to therein, and consider the Board's recommendation to vote in
favour of the Resolution.
The Circular, the Form of Proxy and the proposed revisions to
the Investment Policy are available to view on the Company's
website, www.greencoat-renewables.com , and will be available for
inspection during normal business hours on any business day from
the date of this letter until the EGM at the registered office of
the Company.
Public Health Guidelines and the EGM
The well-being of our Shareholders and our people is a primary
concern for the Directors. We are closely monitoring the COVID-19
situation and any advice by the Government of Ireland in relation
to the pandemic. We will take all recommendations and applicable
law into account in the conduct of the EGM. Any relevant updates
regarding the EGM, including any changes to the arrangements
outlined in this Notice, will be announced via a Regulatory
Information Service and will be available at
www.greencoat-renewables.com .
Those Shareholders unable to attend the EGM may appoint a proxy.
By submitting a Form of Proxy in favour of the chairman of the EGM
you can ensure that your vote on the Resolution is cast in
accordance with your wishes without attending in person.
Proxy forms can be submitted in advance of the EGM by availing
of one of the options set out in the notice of the EGM:
-- by post to the Registrars of the Company, Computershare
Investor Services (Ireland) Limited, 3100 Lake Drive, Citywest
Business Campus, Dublin 24, D24 AK82, Ireland, so as to be received
in any case no later than 48 hours before the time appointed for
the EGM ;
-- electronically by accessing www.eproxyappointment.com ; or
-- by Euroclear Nominees Limited in respect of the shares
registered in its name as nominee for Euroclear Bank SA/NV
("Euroclear Bank"), through the use of a secured mechanism to
exchange electronic messages as agreed by the Company with
Euroclear Bank.
Persons who hold their interests in ordinary shares as Belgian
law rights through the Euroclear system or as CDIs through the
CREST system, should consult with their stockbroker or other
intermediary at the earliest opportunity for further
information.
For voting services offered by custodians holding Irish
corporate securities directly with Euroclear Bank, please contact
your custodian.
A copy of the Circular can be inspected at the National Storage
Mechanism website at
https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism
.
Important Note
Announcements relating to the EGM contain (or may contain)
certain forward-looking statements with respect to certain of the
Company's current expectations and projections about future events,
including Migration, and the Company's future financial condition
and performance. These statements, which sometimes use words such
as "aim", "anticipate", "believe", "may", "will", "should",
"intend", "plan", "assume", "estimate", "expect" (or the negative
thereof) and words of similar meaning, reflect the directors'
current beliefs and expectations and involve known and unknown
risks, uncertainties and assumptions, many of which are outside the
Company's control and difficult to predict.
Due to such uncertainties and risks, readers are cautioned not
to place undue reliance on such forward-looking statements, which
speak only as of the date hereof. In light of these risks,
uncertainties and assumptions, the events described in the
forward-looking statements in this announcement may not occur. The
information contained in this announcement, including the
forward-looking statements, speaks only as of the date of this
announcement and is subject to change without notice and the
Company does not assume any responsibility or obligation to, and
does not intend to, update or revise publicly or review any of the
information contained herein save where indicated in the Circular,
whether as a result of new information, future events or otherwise,
except to the extent required by Euronext Growth Dublin or AIM or
by applicable law.
END
For further information on the Announcement, please contact:
Greencoat Renewables PLC +44 20 7832 9400
Bertrand Gautier
Paul O'Donnell
Tom Rayner
Davy (Joint Broker, Nomad and
Euronext Growth Adviser) +353 1 6796363
Ronan Veale
Barry Murphy
RBC (Joint Broker) +44 20 7653 4000
Matthew Coakes
Duncan Smith
Elizabeth Evans
FTI Consulting (Media Enquiries) +353 1 765 0886
Jonathan Neilan
Melanie Farrell
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END
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