26 Feb 2024 07:00
26 February 2024
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Aquila European Renewables PLC
Company Update
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Further to previous announcements noting the Board's intention to consider broader options for the future of the Company, it is pleased to announce that this process, including the consideration of a potential combination of the Company with another listed investment company by way of section 110 of the Insolvency Act 1986 ("s110 combination"), has commenced.Â
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Following the receipt and review of a number of indications of interest in a s110 combination, the Board has instructed its advisers, Deutsche Numis, to commence a process of mutual due diligence with multiple interested parties. Shareholders should note that the engagement with parties interested in a s110 combination with the Company is still at a relatively early stage and therefore there can be no certainty that this process will result in a combination on terms which the Board considers to be in the best interests of shareholders as a whole.
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The Board expects to announce the full year results to 31 December 2023 in April 2024 at which point it will provide a further update, if not earlier, as the Board considers appropriate.
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For further information please contact:
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Deutsche Numis (Financial Adviser and Broker)Â +44 020 7260 1000
David Benda
Stuart Ord
George Shiel
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Media contacts
Edelman Smithfield
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Ged Brumby 07540 412 301
Hamza Ali 07976 308 914
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Apex Listed Companies Services (UK) Limited (Company Secretary) +44 020 3327 9720
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LEI Number: 213800UKH1TZIC9ZRP41
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NOTES
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The objective of Aquila European Renewables plc is to provide investors with an attractive long-term, income-based return in EUR through a diversified portfolio of onshore wind, solar PV and hydropower investments across continental Europe and Ireland. As a result of the diversification of energy generation technologies, the seasonal production patterns of these asset types complement each other, providing a balanced cash flow profile, while the geographic diversification serves to reduce exposure to any one single energy market. In addition, a balance is maintained between government supported revenues, fixed price power purchase agreements and market power price risk. AER is targeting a dividend of 5.51 cents per share in relation to the financial year ending 31 December 2023, with the aim of increasing this dividend progressively over the medium term.
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Further details can be found at: www.aquila-european-renewables.com.
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