After shareholders overwhelmingly backed proposals to demerge NTR’s wind energy business and establish a share redemption scheme, One51 moved a step closer to exiting the NTR business.
Shareholders in NTR, the renewable energy, wastewater and investment company, have voted overwhelmingly to spin out the company’s European wind energy business into a standalone new business. As part of the de-merger, which will require High Court approval, existing investors will be given similar holdings in the new business.
However, shareholders also voted for a multi-million euro share redemption scheme that will allow existing shareholders wishing to exit the wind energy business an avenue to cash out.
The redemption scheme, which offers shareholders €2.25 per share, will almost certainly be taken up by One51. The environmental and plastics group holds a 24% stake in NTR and has been actively seeking a route to exit the wind energy business over the last number of years.
ADVERTISEMENT
At a price of €2.25 per share, One51 would stand to gain a windfall of almost €52m should it redeem its stake and cash out.
Register for free to read this story and our free stories.
This content is available to digital subscribers and loyalty code users only. Sign in to your account, use the code or subscribe to get unlimited access.
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
CODE ACCEPTED
You have full access to the site until next Wednesday at 9pm.
CODE NOT VALID
Please try again or contact support.
Shareholders in NTR, the renewable energy, wastewater and investment company, have voted overwhelmingly to spin out the company’s European wind energy business into a standalone new business. As part of the de-merger, which will require High Court approval, existing investors will be given similar holdings in the new business.
However, shareholders also voted for a multi-million euro share redemption scheme that will allow existing shareholders wishing to exit the wind energy business an avenue to cash out.
The redemption scheme, which offers shareholders €2.25 per share, will almost certainly be taken up by One51. The environmental and plastics group holds a 24% stake in NTR and has been actively seeking a route to exit the wind energy business over the last number of years.
At a price of €2.25 per share, One51 would stand to gain a windfall of almost €52m should it redeem its stake and cash out.
If you would like to speak to a member of our team, please call us on 01-4199525.
Link sent to your email address
We have sent an email to your address. Please click on the link in this email to reset your password. If you can't find it in your inbox, please check your spam folder. If you can't find the email, please call us on 01-4199525.
ENTER YOUR LOYALTY CODE:
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
SHARING OPTIONS