News Column

Greencoat Says NAV Per Share Has Increased Since December

April 28, 2014

Anthony Tshibangu

LONDON (Alliance News) - Renewable infrastructure fund Greencoat UK Wind PLC Monday said its net asset value per share at the end of March stood at 102.8 pence up from 99.9 pence at the end of December, as its existing portfolio of ten wind farms continues to make progress.

In an interim management statement for the period January 1, 2014 to date, the company, which invests in operational UK wind farms, said its net asset value at March 31 stood at GBP353.0 million.

The company paid a dividend of 3 pence per share on February 21 in respect of the period from July 1, 2013 to December 31, 2013, bringing total dividends for 2013 to 4.5 pence - 6 pence on an annual basis. Greencoat said it is targeting a dividend for 2014 of 6.16 pence per share.

Financially, the firm said it repaid GBP8 million of debt on March 19 utilising excess cashflow and the proceeds of an issue of 2 million shares in Januaury. Outstanding debt at the end of March 2014 amounted to GBP42 million.

Looking ahead the firm said its approach of "maintaining no leverage at the asset level and its ability to act independently position it competitively in the market to acquire operational assets and makes it an attractive partner for utility vendors."

"The investment manager is currently actively evaluating, performing due diligence on and negotiating a number of interesting opportunities," it added.

The stock was trading at 105.003 pence Monday, up 0.503 pence or 0.5%.

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Source: Alliance News