Ecofin US Renewables Infrastructure Trust PLC - investor in US renewable energy assets - Decides to undertake a review of its strategy, focused on the sale of its assets. Says if successful, the disposal is expected to return cash to shareholders.
In its last annual report, Ecofin expressed it was open to exploring "all options" for the future of the company, with approaches made to another unnamed listed closed-ended investment company in the sector with a view to combining the company and the other vehicle to create a larger company with greater liquidity. Notes this proposal was not successful. Has received subsequent interest from a different unnamed listed closed-ended investment company but does not consider the proposal to be in the best interest of its shareholders "for a number of reasons". Consequently, begins a review of its strategy.
"There can be no certainty as to the outcome of the strategic review or any asset sale process, nor whether any potential transaction or transactions arising could be successfully completed or the valuation at which it or they could be completed. In addition, should a transaction arise that would involve the sale of the company's assets, it is expected that the implementation of such transaction will be conditional upon shareholder approval at a general meeting of the company," Ecofin says.
Current stock price: USD0.66, up 5.2% on Friday in London
12-month change: down 27%
By Heather Rydings, Alliance News senior economics reporter
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