Investors approve €125m Greencoat Renewables share placing

Oversubscribed placing will see more than 110,000 new shares being admitted to trading

Greencoat chairman Rónán Murphy will take on an additional 22,123 new shares, bringing his stake in the company to 0.03 per cent. Photograph: iStock

Greencoat chairman Rónán Murphy will take on an additional 22,123 new shares, bringing his stake in the company to 0.03 per cent. Photograph: iStock

 

Greencoat Renewables’ €125 million fundraising was approved by investors on Monday morning at an extraordinary general meeting.

Application has been made for more than 110,000 shares issued at a price of €1.13 per share to be admitted to trading.

The net proceeds from the share issuance will be used to support the company’s acquisition strategy, refinancing its revolving credit facility, the company said last week.

Chairman Rónán Murphy will take on an additional 22,123 new shares, bringing his stake in the company to 0.03 per cent, with directors Emer Gilvarry and Kevin McNamara subscribing for 8,849 new shares each.

Bertrand Gautier, who is a partner at the investment manager, has subscribed for 8,849 new shares, bringing his stake to 77,806 ordinary shares, or 0.01 per cent of the enlarged issued ordinary share capital of the company.

A majority of at least 97.2 per cent of investors voted in favour of the resolutions.