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(Alliance News) - Aquila European Renewables PLC on Friday announced a share buyback programme for up to EUR20 million.
The London-based closed-ended investment companies focusing on small-to-medium-sized energy efficiency projects said the programme is in response to a current share price discount to net asset value per share.
The programme is to be carried out under existing shareholder authorisation granted for the purchase of up to just under 15% of the issued capital by the company.
Aquila said the buyback is expected to be accretive to both NAV per share and dividend cover, as well as providing liquidity for the company's shares.
The company announced a 2023 target dividend of EUR0.06 per share, an increase of 5% from a year ago, assuming its portfolio performs in line with expectations. The company said its portfolio of operating assets increased by 80% during 2022.
Aquila declared a fourth interim dividend for 2022 of EUR0.01 per share.
Aquila European shares were up 5.8%, trading at 81.50 pence each on Friday morning in London.
By Harvey Dorset, Alliance News reporter
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