Roche family increase stake in NTR Plc after €131.8m buyback

Some 56.6 million shares redeemed by company at a cost of €2.25 per share

The family of NTR Plc chairman Tom Roche now own over 96 per cent of the wind energy company after it spent €131.8 million buying back shares in the business.

Some 56.6 million shares were redeemed by the company under the previously-announced programme at €2.25 each, NTR Plc said on Friday.

The move follows the split late year of the old NTR toll roads-to-energy conglomerate into NTR Plc, an exclusively wind business focused on Ireland and the UK, and a new company called Altas Investments, housing the company’s legacy toll road assets and a stake in Celtic Anglian Water.

Under the demerger, shareholders in the original group were allocated similar holdings the new wind energy company.

Mr Roche and his family, the main shareholders in the broader group through their Dreamport vehicle, indicated last year they do not intend to sell their shares in NTR Plc. Investors One51 and Pageant Holdings, which had a combined 33 per cent holding, had previously signalled their intention to take up the redemption offer.

Small shareholders, which owned about 25 per cent of NTR Plc, now have a 3.9 per cent stake, the company said in a statement on Friday.

NTR plc has in recent months announced the successful closing of a €250 million wind fund to invest in, construct and manage onshore wind assets. An additional €79 million of project debt financing has more recently been secured to finance two wind projects, Ora More wind farm in Northern Ireland and Quixwood Moor wind farm in Scotland, it said.

Article Source:

< Back to Syndicated