Greencoat Announces Revision and Extension to Investment Management Agreement

Source: www.gulfoilandgas.com 6/13/2022, Location: Europe

Following consultation with shareholders, the Board of Greencoat UK Wind (UKW) is pleased to announce that it has renewed the Investment Management Agreement (IMA) with Greencoat Capital. Greencoat Capital has been the Investment Manager for UKW since IPO in 2013. During that period, UKW has delivered a market-leading total return to shareholders of approximately 150% including 59.7p per share in dividends.

The principal changes to the IMA are as follows:
• An additional tier added to the cash fee structure, which will see a reduction in the fee charged in respect of NAV over £3,000 million to an amount equal to 0.7 per cent., paid in quarterly installments and applied retrospectively;
• A refreshed initial term of four years from 1 April 2022, subject to:
• A reduction to one year's notice if the shares trade below NAV for six months or more, on average, during the initial term; and
• A revision to the change of control clause to limit the remaining term for these purposes to a maximum of 2 years.

All other material terms remain in line with the previous IMA.

The Investment Manager is a related party of the Company under Chapter 11 of the FCA's Listing Rules and the amendments to the Investment Management Agreement constitute a smaller related party transaction under Listing Rule 11.1.10.


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