Greencoat Announces Revision and Extension to Investment Management Agreement

Source: www.gulfoilandgas.com 6/17/2022, Location: Europe

The Board of Greencoat Renewables PLC ("Greencoat Renewables" or the "Company") is pleased to announce that it has renewed the Investment Management Agreement (the "IMA") with Greencoat Capital LLP. Greencoat Capital LLP has been the Investment Manager since the Company's IPO in 2017. During this period, Greencoat Renewables has delivered a strong total return to shareholder of 46.23% (8.07% annualised) including 28.70 cent 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 €1,750 million to an amount equal to 0.75 per cent., paid in quarterly instalments; and
· a further five-year term, commencing on 25 July 2022.

All other material terms remain in line with the previous IMA including the IMA being terminable by either party on the conclusion of the new five-year period, with not less than 12 months' prior written notice of a party's intention to terminate the agreement at the conclusion of that five-year period, and thereafter terminable on 12 months' written notice.

The Investment Manager is a related party of the Company and the amendments to the investment management agreement constitute a related party transaction under Rule 13 of the AIM Rules for Companies. As such, the directors of the Company consider, having consulted with the Company's nominated adviser, that the terms of the Agreement are fair and reasonable insofar as the Company's shareholders are concerned.


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