Radical operational shift voted at NTR

Investors controlling over 71pc of NTR have voted on a radical plan to restructure the group.

The Board of NTR plc notes that three of its principal shareholders, Woodford Capital,  One51 plc and Pageant Holdings Ltd, who collectively own 71.5% of NTR’s issued share capital, have come to an agreement with regards to their holdings in NTR.

As part of this agreement, the three shareholders have put a proposal to the Board that it initiate a process to sell the NTR US wind assets as soon as possible and that NTR implement a tender offer as soon as possible thereafter for NTR’s issued shares.
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One51 and Pageant Holdings have informed the Board that it is their current intention, depending on the price per share that may be offered by NTR, to accept such a tender offer for all of their NTR shares.  Woodford has also informed the Board that it is its current intention, depending on the price per share offered by NTR, not to sell any of its shares in such a tender offer.
The Board has indicated to the three shareholders that it is pleased to note that the shareholders have come to a common understanding.  The Board has also reiterated that it has a process underway for the prospective disposal of US wind assets and subject to a sale of these assets being completed, it would look favourably upon a liquidity process, the format of which would be decided at the time and would be subject to necessary shareholder and regulatory approvals.  Such a liquidity process would further augment the €400m returned to shareholders over the past six years.
The Board has no further comment to make on this matter at this time.