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NTR to sell wind energy assets in US 'as soon as possible'

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Tom Roche

Tom Roche

Colm Mahady/Fennells

Tom Roche

TWO of the biggest shareholders in NTR are to exit their investments in the business.

NTR said this afternoon that it has reached an agreement that will see it sell its wind energy assets in the United States “as soon as possible” and then undertake a tender offer thereafter for NTR’s issued shares.

Investment group One51 and Pageant Holdings, which is controlled by businessman Nick Furlong, have indicated to the NTR board that depending on the price per share offered by NTR, they intend to accept the tender offer for all their shares.

NTR’s biggest shareholder, Woodford Capital, will not tender its shares. Woodford Capital is the vehicle controlled by NTR chairman Tom Roche and his family. It owns 38pc of NTR.

One51 owns almost 24pc of NTR while Pageant Holdings owns almost 10pc.

“The board has indicated to the three shareholders that it is pleased to note that the shareholders have come to a common understanding,” said NTR in a statement.

“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,” it added. “Such a liquidity process would further augment the €400m returned to shareholders over the past six years.”

There were fractious scenes at NTR’s annual general meeting in Dublin last week as it defended its strategy.

One51 and Pageant Holdings made statements citing concerns about conflicts of interest involving the NTR board, remuneration and objections to NTR’s European wind farm development strategy.

Online Editors