REG - Aquila Eur Renwables Aquila Euro Rnw-AERI - Investment Adviser fails to provide transparency

Aquila European RenewablesAnnouncement

01/06/2026 07:30

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260601:nRSA4152Ga&default-theme=true

RNS Number : 4152G  Aquila European Renewables PLC  01 June 2026

1 June 2026

Aquila European Renewables plc

Commerzbank-owned Investment Adviser fails to provide requested transparency

The Board of Aquila European Renewables plc (the "Company") announces that
Aquila Capital Investmentgesellschaft mbH, the Company's investment adviser
and a wholly owned subsidiary of Commerzbank Group, has failed to provide the
complete information and supporting documentation requested by the Board in
relation to fees, charges, recharges and other economic benefits connected
with the Company's portfolio.

The Board first requested this information at its meeting on 4 December 2025
and repeated the request formally in writing on 6 February 2026 to the
Chairman of Aquila Capital's Supervisory Board.

The information requested includes full disclosure of:

1.   all fees, charges, recharges and expenses borne directly or indirectly
by the Company, its subsidiaries or portfolio-level SPVs;

2.   any amounts paid or payable to Aquila Capital, Aquila group entities,
funds or vehicles under common management, or other connected parties;

3.   any development profits, promote, carried interest, success fees,
option gains, margin capture, rebates or other economic benefits connected
with assets acquired by the Company; and

4.   the ownership, capital structure and economic interests in relevant
portfolio acquisition structures.

Aquila Capital responded on 17 February 2026, stating that it was reviewing
SPV general ledgers and that certain payments were most likely related to
travel cost recharges, power price curve costs and domiciliation services.
However, Aquila Capital has not provided the complete schedules, supporting
agreements, invoices, look-through ownership information or economic-benefit
analysis requested.

The Board also notes that Aquila Capital's response addressed only whether
certain benefits had been paid since the Company became a shareholder in the
relevant SPVs. The Board's request is broader and includes profits or other
economic benefits accruing to Aquila Capital, other Aquila-managed funds or
connected parties prior to the Company's acquisition of the relevant assets.

The Board considers the continuing absence of complete information to be
unacceptable, particularly given Aquila Capital's status as a wholly owned
subsidiary of Commerzbank Group and the standards of governance, control and
transparency expected of an adviser operating within a major European banking
group.

The Board confirms that the Company has incurred legal costs of approximately
£160,000 in connection with the unsuccessful proposed sale to Aquila Capital
of approximately half of the Company's portfolio, as announced on 14 May 2026.
The Board intends to formally request that Aquila Capital bear these costs by
waiving investment advisory fees in an amount equal to the costs incurred.

 

Robert Naylor, Chairman, commented:

"The Board's request is simple: full transparency on all SPV-level costs,
related-party charges and economic benefits connected with the Company's
portfolio.

Aquila Capital is not merely the Company's investment adviser. It is a wholly
owned subsidiary of Commerzbank Group. Shareholders are entitled to expect the
highest standards of governance, accountability and transparency.

We don't believe those standards have been met. The Board expects Aquila
Capital, its Supervisory Board and Commerzbank Group to ensure that the
requested information is provided without further delay.

The Board continues to explore all available remedies and will consider
whatever action is necessary to protect the interests of the Company and its
shareholders."

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 7260 1000

 Hugh Jonathan

 George Shiel

www.aquila-european-renewables.com

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCUPUPPQUPQUQG



            Copyright 2019 Regulatory News Service, all rights reserved