Two big NTR investors give up on European wind business
Wind farm in Ireland. Author: Harry Pears. License: Creative Commons, Attribution-ShareAlike 2.0 Generic
Two of Irish green asset manager NTR Plc’s largest stockholders do not want to hold interests in the company’s European wind power business following its planned demerger.
As previously announced, Dreamport Ltd, which holds a 38.15% stake in NTR, has committed to retain its interest in the new holding company, unlike One Fifty One Plc and Pageant Holdings Ltd, which plan to participate in the redemption. One Fifty One and Pageant hold 23.56% and 9.21% stakes, respectively, in NTR.
The Irish group announced its plan to demerge the wind business last month. At the time it said that all existing NTR investors will at first continue to be shareholders in both companies, but will have the chance to decide if they want to remain with the European wind business or to have their shares redeemed.
Today, NTR said it has set the share redemption price at EUR 2.25 (USD 2.50) apiece, equal to a total payment of about EUR 219.1 million should all stockholders were to apply to take part in full in the redemption.
The new holding company for the European wind business will operate under the name NTR Plc. On the other hand, the existing firm will be renamed to Altas Plc and will hold the current interests in waste water treatment, toll road concessions and energy storage.
The transaction is pending approvals from the NTR shareholders and the High Court. The stockholders will gather on September 9, 2015, to cast their votes.