NTR profits soar on back of asset sale, demerger to take place today
Wind energy company NTR posted a half-year profit of €72.6m, up €67.7m on the year before, primarily as a result of asset sales.
The company's plan to split in two will be effected today. That will see its European wind business become a new company that will retain the name NTR, while legacy assets of the type on which the company was built as a toll roads business will be part of a new company called Altas Investments.
Altas will be chaired by former Independent News & Media chief executive Vincent Crowley, NTR said today.
Shareholders will retain their holding in the oldco and be offered the same amount of shares in the newco, with the option to redeem the new shares at €2.25 apiece.
"We are pleased to report a very healthy profit for the Group and to be in a position to present shareholders with the opportunity to avail of the share redemption of €2.25 per share, while ensuring that Altas Investments plc is put on a sound financial footing prior to the demerger," chief executive Roshen McGuckian said.
"The NTR executives will now move with the demerged business and continue with our plans to acquire, build and operate wind projects across Ireland and the UK."