Greencoat Renewables PLC Update on Migration of GRP Shares (7975R)
March 10 2021 - 5:37AM
UK Regulatory
TIDMGRP
RNS Number : 7975R
Greencoat Renewables PLC
10 March 2021
Greencoat Renewables PLC
Update on migration of uncertificated shares from Crest to the
Euroclear Bank System
Dublin, London, 10 March 2021: Greencoat Renewables PLC
("Greencoat Renewables" or "the Company"), the renewable
infrastructure company invested in euro-denominated assets,
confirms that it has taken all steps required to be taken by it in
connection with the proposed migration of the electronic holding
and settlement of its shares from the CREST system to the Euroclear
Bank system ("Migration").
The migration is expected to take effect on Monday, 15 March
2021, with the migration to Euroclear Bank of the holding and
settlement of the securities of all Irish companies with securities
that are listed and traded in Dublin and/or London.
Migration
As previously announced, at the extraordinary general meeting of
the Company held on 28 January 2021 (the "EGM") shareholders
approved the Migration and authorised the Board to take all steps
necessary to implement it.
In accordance with the terms of the Migration of Participating
Securities Act 2019 and these authorities, the Company has
consented to the Migration and has made the requisite notifications
to the Irish Companies Registration Office and Euronext Dublin.
Accordingly, all steps required to be taken by the Company to give
effect to Migration have now been completed.
Timetable for Migration
Euronext Dublin announced on 8 March 2021 that Market Migration
remains scheduled to occur over the weekend of 12-15 March 2021 in
line with the indicative timetable that was included in the
Company's circular to Shareholders in relation to the EGM dated 17
December 2020 (the "EGM Circular"). Euronext Dublin has advised
that the 'live date' on which Migration is to take effect is 15
March 2021. This timetable remains subject to change by decision of
Euronext Dublin.
Euronext Dublin maintains a dedicated web page relating to
Market Migration (on which details of the timetable and other
relevant details can be found) at the following link:
https://www.euronext.com/en/migration-csd-services-for-irish-securities-crest-euroclear-bank.
Actions to be taken by Greencoat Renewables shareholders
For Greencoat Renewables shareholders who hold their shares in
paper form (i.e. outside of CREST and in "certificated" form) there
will be no change to what is owned and how it is held. Therefore,
the impact of Migration on such shareholders is expected to be
minimal and no immediate action is required.
For Greencoat Renewables shareholders who hold their shares
through CREST (in uncertificated form), Migration will result in
changes to what is technically owned, how the interest is held, and
how rights related to the shares will be exercised. Details of
those changes are set out in the EGM Circular. Specifically:
-- Retail shareholders who hold their shares electronically in
CREST - through a broker, custodian or nominee - will continue to
hold their interest through that broker, custodian or nominee, as a
CREST Depository Interest or (assuming the broker, custodian or
nominee is or becomes a participant in the Euroclear System in the
way they are in CREST) as a Belgian Law Right in the Euroclear
System.
-- Institutional shareholders who hold their Shares
electronically in CREST directly in their own name (i.e. as a CREST
member), will continue to be able to hold their interests in shares
directly in their own name as a CREST Depository Interest or
(provided they become a participant in the Euroclear Bank system)
as a Belgian Law Right in the Euroclear Bank system. Where such
shareholders wish to hold in the Euroclear Bank system but are not
or do not become a Euroclear Bank participant, they will need to
enter into an arrangement with a broker, custodian or nominee who
is a participant, so that they can hold the relevant interest for
them.
If they have not done so already, Greencoat Renewables
shareholders holding their shares in CREST are strongly encouraged
to consult with their stockbroker or other intermediary at the
earliest opportunity. Migration will result in a significant change
in both the form and nature of shareholding in the Company, and the
substance of, and manner in which, rights can be exercised. In
particular, Migration will result in important changes to the
processes and timelines for submitting proxy voting instructions
for the Company's forthcoming AGM. Shareholders should familiarise
themselves with the new processes and timelines, and ensure all
necessary actions have been taken on their part and by their
stockbroker or other intermediary, to ensure they can continue to
enjoy their rights as a Greencoat Renewables shareholder in the
context of the new Euroclear system.
Important notes
Unless the context otherwise required, defined terms used in
this announcement have the meanings given to them in Part 9 of the
EGM Circular.
--- ENDS ---
For further details contact:
Greencoat Capital LLP (Investment Manager)
Bertrand Gautier
Paul O' Donnell
Tom Rayner +44 20 7832 9400
FTI Consulting (Investor Relations & Media)
Jonathan Neilan +353 1 765 0886
Melanie Farrell greencoat@fticonsulting.com
Davy (Broker, NOMAD and Euronext Growth Adviser)
Fergal Meegan
Barry Murphy
Ronan Veale +353 1 679 6363
RBC Capital Markets (Joint Broker)
Matthew Coakes
Elizabeth Evans +44 20 7653 4000
About Greencoat Renewables PLC
Greencoat Renewables PLC is an investor in euro-denominated
renewable energy infrastructure assets. Initially focused solely on
the acquisition and management of operating wind farms in Ireland,
the Company is now also investing in wind and solar assets in
certain other Northern European countries with stable and robust
renewable energy frameworks. It is managed by Greencoat Capital
LLP, an experienced investment manager in the listed renewable
energy infrastructure sector.
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