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Aquila Euro Rnwbls.   -  AERS   

First Day of Trading

Released 08:00 05-Jun-2019

RNS Number : 1388B
Aquila European Renewables Income
05 June 2019



Aquila European Renewables Income Fund PLC

First Day Trading

€154.3 million IPO, admission to trading and PDMR shareholdings

5 June 2019

Further to its announcement on 31 May 2019 that it has raised €154.3 million in its initial public offering ("IPO"), Aquila European Renewables Income Fund PLC (the "Company"), a newly incorporated investment company investing in a diversified portfolio of Renewable Energy Infrastructure Investments, today announced its first day of trading on the Main Market of the London Stock Exchange.

Immediately following Admission, the issued share capital of the Company will be 154,304,752 Ordinary Shares.

Immediately following Admission, the beneficial interests of Directors in the issued share capital of the Company will be as follows:


Number of ordinary shares under placing/offer for subscription

% of issued share capital

Ian Nolan



David MacLellan



Kenneth MacRitchie



Patricia Rodrigues



During the first two years of its appointment, the Investment Adviser has undertaken to apply its fee (net of any applicable tax) in subscribing for, or acquiring, Ordinary Shares. If the Ordinary Shares are trading at a premium to the prevailing NAV, the Company will issue new Ordinary Shares to the Investment Adviser. If, however, the Ordinary Shares are trading at a discount to the prevailing NAV at the relevant time, no new Ordinary Shares will be issued by the Company and instead the Company will instruct its broker to acquire Ordinary Shares to the value of fees due in the relevant period. The Investment Adviser has committed not to sell any Ordinary Shares acquired for a period of two years post the date of acquisition of the relevant Ordinary Shares.

Ian Nolan, Non-Executive Chairman, of the Company said:

"On behalf of the Board of the Company we are excited to be launching this new proposition on the London Stock Exchange today. The confidence and support of our investors has made this Company a reality and highlights a growing interest in renewable assets which is ultimately what will drive our transition to a low carbon society. We look forward to working with our experienced advisers, Aquila Capital, to deliver the best possible returns for our investors while making a significant contribution to society through lower carbon emissions."

Commenting on the announcement, Christine Brockwell, the Senior Investment Manager to the Company, said: 

"We are extremely pleased to have completed our listing on the London Stock Exchange. Our focus now is to deploy the capital that we have raised into a number of the projects in our pipeline. With a wide range of renewable technologies assets already identified across continental Europe and Ireland, we are committed to working with the Company to acquire a range of high quality assets, thereby developing a strong and well-diversified portfolio on behalf of the Company's investors and stakeholders."

Roman Rosslenbroich, Co-Founder and Chief Executive Officer (CEO) of Aquila Group commented:

 "The successful launch of this fund is another key milestone for Aquila Capital and a strong endorsement of our credentials in the renewable energy market. We look forward to bringing our extensive experience to bear on this fund for the benefit of all its investors."

Unless otherwise defined, capitalised words and phrases used in this announcement shall have the meaning given in the Prospectus. 

For further details contact:

Media contacts:

Smithfield Consultants | 020 7903 2527 |

Ged Brumby

John Kiely

Andrew McLagan

Sponsor, Broker and Placing Agent in the UK

Numis Securities (UK investors)                   020 7260 1000

Tod Davis

David Benda

Vicki Paine




This announcement has been prepared by, and is the sole responsibility of, Aquila European Renewables Income Fund plc.


The information in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness. The material contained in this announcement is for information purposes only, is given as at the date of its publication (unless otherwise marked) and is subject to updating, revision and amendment. In particular, any proposals referred to herein are subject to revision and amendment.


This announcement is not for publication or distribution, directly or indirectly, in any jurisdiction other than the United Kingdom. The distribution of this announcement may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. The distribution of this announcement in other jurisdictions may be restricted by law and the persons into whose possession this document comes should inform themselves about, and observe, any such restrictions.

This announcement may not be published, distributed or transmitted by any means or media, directly or indirectly, in whole or in part, in or into the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. The securities mentioned herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "US Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States and will not be offered, sold, exercised, resold, transferred or delivered, directly or indirectly, in or into the United States or to, or for the account or benefit of, any US person (as defined under Regulation S under the US Securities Act). The Company has not been, and will not be, registered under the U.S. Investment Company Act of 1940, as amended.

This announcement may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology. All statements other than statements of historical facts included in this announcement, including, without limitation, those regarding the Company's financial position, strategy, plans, proposed acquisitions and objectives, are forward-looking statements. Forward-looking statements are subject to risks and uncertainties and, accordingly, the Company's actual future financial results and operational performance may differ materially from the results and performance expressed in, or implied by, the statements. These factors include but are not limited to those described in the Prospectus. These forward-looking statements speak only as at the date of this announcement and cannot be relied upon as a guide to future performance. The Company and Numis expressly disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect actual results or any change in the assumptions, conditions or circumstances on which any such statements are based unless required to do so by the Financial Services and Markets Act 2000, the Prospectus Rules of the Financial Conduct Authority, the EU Market Abuse Regulation or other applicable laws, regulations or rules.



Numis Securities Limited ("Numis") is authorised and regulated by the Financial Conduct Authority. Numis is acting exclusively for the Company and no-one else in connection with the subject matter of this announcement. Numis will not regard any other person as its client in relation to the subject matter of this announcement and will not be responsible to anyone other than the Company for providing the protections afforded to its clients, nor for providing advice in relation to the contents of this announcement or any transaction, arrangement or other matter referred to herein.


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First Day of Trading - RNS