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Greencoat Renewables, Rockpool Acquisitions Set IPOs In London, Dublin (ALLIPO)

LONDON (Alliance News) - Greencoat Renewables PLC said it plans to raise up to EUR250 million ...

Alliance News 19 June, 2017 | 11:19AM
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LONDON (Alliance News) - Greencoat Renewables PLC said it plans to raise up to EUR250 million in an initial public offering on the London Stock Exchange's AIM market and the Irish Stock Exchange's ESM, whilst Rockpool Acquisitions intends to list on the London Main Market.

Greencoat Renewables said it had acquired back in March a seed portfolio of Irish onshore wind farms with an aggregate capacity of 137 megawatts, funded by the National Treasury Management Agency and Allied Irish Banks PLC. Both have committed to invest up to EUR105 million in Greencoat's IPO.

It plans to raise new funds to help drive its future growth and acquire further operating Irish wind farms. With time it expects to acquire wind and solar assets in other Eurozone countries.

Greencoat Renewables is targeting an initial rate of return of 7% to 8%, with an initial dividend target of 6 euro cents annually.

"The company has an attractive seed portfolio of operating Irish onshore wind assets and our intention to raise new capital and list on the Irish and London Stock Exchanges is an exciting next step for Greencoat Renewables. The quality of our seed portfolio, coupled with the expertise and experience of our investment manager, should allow us to generate an attractive yield for shareholders coupled with capital growth," said Non-Executive Chairman Ronan Murphy in a statement.

It will raise the EUR250 million through an issue of 250 million shares at an issue price of EUR1.00 each, which it said will give it a market capitalisation of EUR250 million on admission. It expects to be admitted mid-July.

Meanwhile, Northern Ireland's Rockpool Acquisitions plans to list in London on July 5, intending to raise up to GBP1.5 million in its initial public offering of 15 million shares at 10 pence each.

Rockpool said it has been formed to undertake an acquisition of a company or business headquartered or materially based in Northern Ireland.

It will be targeting a potential acquisition which has an international outlook and is not entirely focused on the Northern Ireland market. Rockpool expects to make its first acquisition within a year of admission, to be effected as a reverse takeover.

"Our decision to list on the Main Market of the London Stock Exchange makes both strategic and commercial sense as we believe that there are a number of excellent Northern Ireland based companies that would benefit from access to the deeper pools of capital that a listing on London's most prestigious market provides," said Rockpool Non-Executive Director Mike Irvine in a statement.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

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