REG - Aquila Eur Renwables Aquila Euro Rnw-AERI - Breakdown of Aquila Capital asset sale negotiation

Aquila European RenewablesAnnouncement

14/05/2026 07:00

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RNS Number : 2420E  Aquila European Renewables PLC  14 May 2026

14 May 2026

 

Aquila European Renewables PLC

Breakdown of negotiations with Aquila Capital regarding proposed asset sale

The Board of Aquila European Renewables PLC (the "Company") announces that
negotiations with Aquila Capital Investmentgesellschaft mbH ("Aquila
Capital"), the Company's investment adviser and a wholly owned subsidiary of
Commerzbank, regarding the proposed sale of a portfolio of assets has broken
down.

The Board had been in advanced discussions with Aquila Capital regarding the
sale of approximately half of the Company's portfolio. Ahead of the
anticipated signing of the sale and purchase agreements, Aquila Capital sought
to alter the proposed transaction by increasing the assets under offer to
approximately two-thirds of the portfolio, while reducing the total
consideration and thereby applying a materially wider discount to the net
asset value of the portfolio. Aquila Capital has withdrawn its original
proposal.

In the Board's view, Aquila Capital has sought to take advantage of the
Company's advanced position in the process and the significant time and costs
already incurred, by proposing significantly inferior terms. This is
especially concerning given the due diligence process was nearly completed and
Aquila Capital had not raised any material issue which would justify this
course of action. Moreover Aquila Capital, as investment adviser, has very
extensive knowledge of the assets.

The Board will appoint advisers to conduct a full review of the investment
advisory arrangements with Aquila Capital, including Aquila Capital's
compliance with the standards of conduct that the Board believes shareholders
are entitled to expect from their investment adviser.

Robert Naylor, Chairman, commented:

"The Board is deeply troubled by the conduct of Aquila Capital's, a wholly
owned subsidiary of Commerzbank. After a lengthy process, with signing
imminent, Aquila Capital sought to fundamentally rewrite the economics of the
transaction.

This is particularly concerning given that Aquila Capital recommended the
Board reject an independent third-party offer for the Greco asset, received in
December 2025, following detailed due diligence, at a narrower discount than
that implied by Aquila Capital's own revised proposal.

The Board will examine all available remedies and consider whatever action is
necessary to protect shareholders' interests."

The Board will provide further updates as appropriate.

  LEI: 213800UKH1TZIC9ZRP41

  Enquiries:

 Apex Listed Companies Services (UK) Limited (Company Secretary)   +44 (0) 20 3327 9720

 Deutsche Numis (Corporate Broker)                                 +44 (0) 20 7545 8000

 Hugh Jonathan

 George Shiel

 

  www.aquila-european-renewables.com (//www.aquila-european-renewables.com)
 

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