TIDMUKW
RNS Number : 4562N
Greencoat UK Wind PLC
23 January 2023
23 January 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN OR INTO, THE UNITED STATES (INCLUDING ITS
TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE
DISTRICT OF COLUMBIA), AUSTRALIA, CANADA, NEW ZEALAND, THE REPUBLIC
OF SOUTH AFRICA OR JAPAN.
GREENCOAT UK WIND PLC
(the "Company")
Net Asset Value and Dividend Announcement
Net Asset Value / Net Asset Value GBP3,873.2 million
per share / 167.1 pence
Dividend / Dividend per share GBP44.7 million /
1.93 pence
-------------------
The Company announces that its unaudited Net Asset Value as of
31 December 2022 is GBP3,873.2 million (167.1 pence per share).
The Company's December 2022 Factsheet is available on the
Company's website, www.greencoat-ukwind.com .
The Company also announces a quarterly interim dividend of 1.93
pence per share with respect to the quarter ended 31 December 2022
and an increase in the target dividend for 2023 to 8.76 pence per
share, increased in line with the Retail Prices Index for December
2022.
Stephen Lilley, Investment Manager of Greencoat UK Wind plc,
commented
"We are pleased to announce a material increase in the Net Asset
Value to 167.1p per share, an increase in the fourth quarter of
12.1p and in the year of 33.6p. This increase is a consequence of
cash generation (dividend cover of 3.2x for 2022) and increased
short term power prices. With clarity on the Electricity Generator
Levy, we have been able to release some of the discount that we
apply to short term power prices, whilst fully including the levy
into the Net Asset Value. The forward curve for short term power
prices (used in the Net Asset Value) has reduced from the level
seen in Q3, and is at a similar level to that used in the Q2 Net
Asset Value. We took the prudent decision not to include the higher
Q3 forward curve in our Q3 Net Asset Value.
"During the year, we have also increased the discount rate back
to the rate at our IPO in 2013, reflecting the increased interest
rate environment. An increased discount rate, means an increased
return to investors. Our levered discount rate of 10% (unlevered
8%) delivers a 9% net return to investors with a significant amount
of reinvestment supplementing the dividend yield.
"We are also pleased to announce our 10th successive RPI
increase in dividend per share to 8.76p, reflecting December's RPI
of 13.4%. UKW will continue to provide investors with a sustainable
dividend increasing in line with RPI, as it has done so every year
since IPO."
Dividend Timetable
Ex-dividend date 9 February 2023
Record date 10 February 2023
Payment date 24 February 2023
The Company advises that it will release its annual results for
the period to 31 December 2022 on Thursday 23 February 2023. A
presentation for analysts and investors will take place at 9.30am
via a conference call. To register for the event please notify
Headland, either by email to ukwind@headlandconsultancy.com or by
telephone on +44 (0)20 3805 4822.
Presentation materials will be posted on the Company's website,
www.greencoat-ukwind.com , from 9.00am.
Notes to Editors:
Greencoat UK Wind PLC ("UKW") is the leading listed renewable
infrastructure fund, which has invested in 45 operating UK wind
farms with net generating capacity of 1,610MW. The Company's aim is
to provide investors with an annual dividend that increases in line
with RPI inflation (8.76p for 2023) while preserving the capital
value of its investment portfolio in the long term on a real basis
through reinvestment of excess cash flow.
UKW is managed by an experienced team at Schroders Greencoat
LLP, a leading renewable investment manager with GBP9 billion of
assets under management. UKW is governed by a strong and
experienced independent board.
UKW is incorporated in England and Wales and is a UK Investment
Trust.
For more information about UKW, please visit
https://www.greencoat-ukwind.com .
For more information about Schroders Greencoat LLP, please visit
https://www.schrodersgreencoat.com
For further information, please contact:
Greencoat UK Wind PLC 020 7832 9425
Stephen Lilley
Laurence Fumagalli
Tom Rayner
Disclaimer
This announcement is not for publication or distribution,
directly or indirectly, in or into the United States (including its
territories and possessions, any state of the United States and the
District of Columbia), Australia, Canada, New Zealand, South Africa
or Japan. 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.
This announcement does not contain or constitute an offer for
sale of, or the solicitation of an offer or an invitation to buy or
subscribe for, Ordinary Shares to any person in the United States,
Australia, Canada, New Zealand, South Africa or Japan or in any
jurisdiction to whom or in which such offer or solicitation is
unlawful.
The Company will not be registered under the US Investment
Company Act of 1940, as amended. In addition, the Ordinary Shares
referred to herein have not been and will not be registered under
the US Securities Act of 1933 (the "Securities Act") or under the
securities laws of any state of the United States and may not be
offered or sold in the United States or to or for the account or
benefit of US persons absent registration or pursuant to an
exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and in compliance
with any applicable State securities laws. The offer and sale of
Ordinary Shares referred to herein has not been and will not be
registered under the Securities Act or under the applicable
securities laws of any state, province or territory of Australia,
Canada, New Zealand, South Africa or Japan. Subject to certain
exceptions, the Ordinary Shares referred to herein may not be
offered or sold in Australia, Canada, New Zealand, South Africa or
Japan or to, or for the account or benefit of, any national,
resident or citizen of Australia, Canada, New Zealand, South Africa
or Japan. There will be no public offer of the Ordinary Shares in
the United States, Australia, Canada, New Zealand, South Africa or
Japan.
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END
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