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Greencoat UK Wind to Raise GBP205 Million in Main Market Float

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02/06/2013 | 08:33am CET

LONDON--Greencoat U.K. Wind PLC, which invests in wind farms, Wednesday said it plans to raise at least 205 million pounds in an initial public offering on the Main Market of the London Stock Exchange.


-Company to raise GBP205 million by means of Deeds of Subscription, a Placing and an Offer for Subscription of Ordinary Shares, with the option to increase the size of the Issue by up to GBP55 million

-Company will be fully invested from launch as it has signed agreements to acquire a seed portfolio of operational U.K. wind farms from two major utilities: RWE AG (>> RWE AG) and SSE PLC (>> SSE PLC)

-Greencoat U.K. Wind will aim to provide shareholders with a sustainable income stream through an initial annual 6 pence dividend on the issue price of 100 pence

-Department for Business, Innovation and Skills has committed to subscribe for 50 million Ordinary Shares

-SSE has committed to subscribe for up to 43 million Ordinary Shares

-Expected that dealings in Shares will commence in March

-Board will be chaired by Tim Ingram, former chief executive of Caledonia Investments

Write to Jana Weigand at jana.weigand@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stocks mentioned in the article : RWE AG, SSE PLC
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Financials ( GBP)
Sales 2017 30 085 M
EBIT 2017 1 721 M
Net income 2017 1 128 M
Debt 2017 8 667 M
Yield 2017 5,86%
P/E ratio 2017 13,44
P/E ratio 2018 13,18
EV / Sales 2017 0,81x
EV / Sales 2018 0,80x
Capitalization 15 758 M
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 16,0  GBP
Spread / Average Target 2,6%
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Alistair Phillips-Davies Chief Executive Officer & Executive Director
Richard D. Gillingwater Chairman
Gregor Alexander Executive Director & Finance Director
Katie Bickerstaffe Independent Non-Executive Director
Jeremy J. Beeton Independent Non-Executive Director
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