LONDON (Alliance News) - Irish renewable infrastructure firm Greencoat Renewables PLC said Monday it will issue 100 million shares at EUR1.01 each, as part of a new share issuance programme.
The programme, launched Monday, spans across 12 months and will see up to 250 million shares placed in a number of tranches.
The proceeds from the first 100 million share tranche will be used to refinance the company's revolving credit facility, allowing for further acquisitions.
"The share issuance programme will, the board believes, provide the company with the financial flexibility to raise further equity as value-accretive investment opportunities continue to arise and enable the company to deliver effectively on its stated strategy," Greencoat said.
The directors recommended shareholders to vote in favour of the share issuance programme, which they will have to approve in order for it to become effective.
Chairman Ronan Murphy intends to subscribe for EUR25,000 worth of new shares, while Non-Executive Director Emer Gilvarry will subscribe for EUR50,000 worth of shares.
Shares were trading down 1.2% at EUR1.05 each.
Greencoat Renewables (GRP)