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22 Feb 2024 07:00
VH Global Sustainable Energy Opportunities plc
22 February 2024
Increase Share Buyback Programme by £10 million
The Board of VH Global Sustainable Energy Opportunities plc (the "Company" or "GSEO") continues to believe that GSEO's share price materially undervalues the Company, and that a buyback programme represents an attractive investment as part of an active capital allocation policy.
The Board continually evaluates the optimum capital allocation strategy for the Company, balancing the need to maintain a strong balance sheet in order to support existing portfolio assets alongside further investment opportunities and returning capital to shareholders via dividends and/or share buybacks. The Board notes that it will commit to undertake share buybacks when it believes those to be in the best interests of shareholders.
As such, and in light of this persistent disconnect between GSEO's portfolio value and the value inferred by its share price, the Board today has decided to increase the buyback by £10 million, bringing the total Share Buyback Programme to £20 million.
The Share Buyback Programme will be carried out under the existing shareholder authorisation granted at the last Annual General Meeting for purchases of Ordinary Shares by the Company in the market for up to 14.99% of the Company's issued capital.
The Share Buyback Programme is expected to be accretive to both NAV per Ordinary Share and dividend cover, as well as providing additional liquidity for GSEO's underlying shares.
www.vh-gseo.com
The Company's LEI is 213800RFHAOF372UU580.
For further information:
Edelman Smithfield (PR Adviser)
Ged Brumby + 44 (0)7540 412 301
Hamza Ali + 44 (0)7976 308 914
Victory Hill Capital Partners LLP (Investment Manager)
Navin Chauhan info@victory-hill.com
Numis (Corporate Broker)
David Benda +44 (0)20 7260 1000
Matt Goss +44 (0)20 7260 1642
Apex Fund and Corporate Services (UK) Limited (Company Secretary)
ukfundcosec@apexgroup.com
About Victory Hill Capital Partners LLP
Victory Hill Capital Partners LLP ("Victory Hill") is authorised and regulated by the Financial Conduct Authority (FRN 961570).
Victory Hill is based in London and was founded in May 2020 by an experienced team of energy financiers that have spun-out of a large established global project finance banking group. The team has participated in more than $200bn in transaction values across 91 conventional and renewable energy-related transactions in over 30 jurisdictions worldwide. Victory Hill is the investment manager of the Company.
The Victory Hill team deploys its experience across different financial disciplines in order to assess investments holistically from multiple points of view. The firm pursues operational stability and well-designed corporate governance to generate sustainable positive returns for investors. It focuses on supporting and accelerating the energy transition and the attainment of the UN Sustainable Development Goals.
Victory Hill is a signatory of the United Nations Principles for Responsible Investing (UN PRI), the United Nations Global Compact (UN GC), Net Zero Asset Managers Initiative (NZAMI), a member of the Global Impact Investing Network (GIIN) and is a formal supporter of the Financial Stability Board's Task-Force on Climate-related Disclosures (TCFD).
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