May 10 (Renewables Now) - Greencoat UK Wind Plc (LON:UKW), a renewable infrastructure fund managed by Greencoat Capital LLP, on Thursday opened the initial offer for subscription and initial placing as part of its previously announced share issuance programme.
According to the newly-published timeline, receipt of applications will be accepted by May 28 under the initial offer and by May 29 under the placing. The conditional results of the initial tranche will be announced on May 30. The unconditional results will be unveiled after the general meeting of company shareholders takes place on June 3.
As previously unveiled, Greencoat UK Wind plans to issue up to 500 million new ordinary shares over a 12-month period. The price under the initial placing is set at GBP 1.33 (USD 1.73/EUR 1.54) apiece.
Chairman Tim Ingram said last week that this programme will allow Greencoat UK Wind “to pay down debt and continue to capitalise on the strong pipeline of acquisition opportunities in the UK wind farm secondary market.”
(GBP 1.0 = USD 1.301/EUR 1.158)