8th May 2018 09:43
LONDON (Alliance News) - Greencoat Wind UK PLC announced Tuesday plans to raise up to GBP118.8 million through a placing of new shares in order to increase its stake in the Clyde wind farms to 28.2%.
The renewable infrastructure fund has decided to place up to 101,576,695 new shares at 117.00 pence per share, a discount of 2.6% over Friday's closing price.
Shares in Greencoat UK Wind were down 1.6% at 119.80 pence on Tuesday.
Greencoat will use the proceeds from the placing to fund the GBP114.2 million required to raise Clyde wind farms' stake, which it is doing after exercising an option.
Admission on the market is set to become effective on or around May 22. RBC Capital Markets will run the placing as bookrunner.
Related Shares:
Greencoat UK Wind