REG - Aquila Eur Renwables Aquila Euro Rnw-AERI - Asset disposal update & B Share Scheme Distribn

Aquila European RenewablesAnnouncement

17/03/2026 07:00

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RNS Number : 8518W  Aquila European Renewables PLC  17 March 2026

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN OR INTO ANY JURISDICTION WHERE TO DO SO MAY RESULT IN THE
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17 March 2026

Aquila European Renewables plc

Update on disposal of Greek wind asset and B Share Scheme Second Distribution

Aquila European Renewables plc ("AERI" or the "Company"), the London-listed
investment company advised by Aquila Capital Investmentgesellschaft mbH
("Aquila Capital" or the "Investment Adviser"), today announces an update on
the disposal of its Greek wind asset and proposals for the second distribution
to be made to Shareholders pursuant to the B Share Scheme.

Update on disposal of Greek wind asset

On 13 March 2026, the Company completed the sale of its Greek asset, Desfina,
for a total consideration of approximately €26 million, following receipt of
regulatory and other customary approvals in February 2026.

Second Return of Capital

Following the recent completion of the Desfina disposal, and having reviewed
the Company's liquidity with a prudent assessment of expected cash flows from
the remaining portfolio over the next 12-18 months, the Board has resolved to
make a second capital distribution to Shareholders under the approved B Share
Scheme totalling approximately €20 million (the "Second Return of Capital").

The Second Return of Capital follows the Initial Return of Capital (as defined
in the Company's announcement dated 13 January 2026) of approximately €34
million completed in January 2026.

 

                                                         €m
 Cash                                                    12.2
 Desfina disposal proceeds                               26.0
 Disposal costs(1)                                       (3.3)
 Initial and Second Return of Capital costs(2)           (0.5)
 24 months working capital provision                     (8.6)
 Future managed wind down related legal costs provision  (1.4)
 Cash available                                          24.4
 Support for investments provision                       (3.7)
 Cash available for distribution                         20.7

1.     Includes Financial Advisory fees related to disposals completed to
date and legal costs for Desfina.

2.     Includes a broker commission of 0.5 per cent of all amounts
distributed.

Note: Figures are subject to rounding.

Managed wind-down

In aggregate, the Initial Return of Capital and Second Return of Capital
represent approximately 25 per cent. of the Company's Net Asset Value as at 31
December 2025. The Company continues to progress asset realisations and
intends to return capital to shareholders as proceeds are received. There is
no guarantee that disposals will achieve NAV.

Approved B Share Scheme

B Shares will be allotted and issued to Shareholders pro rata to their
holdings of Ordinary Shares as at the record date (as set out in the timetable
below) for the issue of the B Shares. The Company will not allot or issue any
fractions of B Shares and entitlements of each Shareholder will be rounded
down to the nearest whole B Share. The B Shares have only very limited rights.
The rights and restrictions attached to the B Shares are fully set out in Part
3 of the Company's circular which was issued on 15 December 2025 (the
"Circular"). Shareholders can access the Circular
at https://www.aquila-european-renewables.com/
(https://www.aquila-european-renewables.com/) .

No share certificates will be issued for any B Shares allotted and no CREST
accounts will be credited with any such shares. No application will be made
for the B Shares to be admitted to listing on the Official List or to trading
on the London Stock Exchange's main market for listed securities and the B
Shares will not be listed or admitted to trading on any other recognised
investment exchange.

B Shares will be issued and redeemed by the Company's
registrar, Computershare Investor Services PLC. Each redemption of B Shares
will be undertaken at the option of the Company. It is expected that
redemption will occur shortly after each date of issue and allotment of B
Shares, when all of the B Shares then in issue will be compulsorily redeemed
and cancelled in accordance with their terms for an amount not exceeding the
amount treated as paid up on the B Shares.

Following the redemption and cancellation of the B Shares, the redemption
proceeds will be sent to Shareholders either through CREST to uncertificated
Shareholders or via cheque to certificated Shareholders.

Second B Share Scheme Distribution

Pursuant to the authority received from Shareholders at the general meeting
held on 8 January 2026, the Board has resolved to make the Second Return of
Capital to Shareholders via an issue of B Shares.

B Shares of one cent each will be paid up from the Company's special
distributable reserve and issued to all Shareholders by way of a bonus issue
on the basis of 54 B Shares for every 10 Ordinary Share held at the Record
Date of 24 March 2026. The ex date is 23 March 2026.

The B Shares will be issued on 26 March 2026 and immediately redeemed
at one cent per B Share. The Redemption Date in respect of this B Share
issue is therefore 26 March 2026. The proceeds from the redemption of the B
Shares, which is equivalent to 5.4 cents per Ordinary Share, will be sent to
uncertificated Shareholders through CREST or via cheque to certificated
Shareholders.

Shareholders should note that the default payment currency is euro. However,
Shareholders may elect to receive their Second Return of Capital in Sterling.
Shareholders who previously elected to receive dividends or the Initial Return
of Capital in sterling will have that election carried forward and applied as
the default payment currency for the Second Return of Capital. Shareholders
may change their currency election (euro or sterling) by either (i) submitting
a currency election via CREST (for CREST holders), or (ii) providing written
instructions to the Company's Registrar, Computershare Investor Services PLC,
by email to WebCorres@computershare.co.uk
(mailto:WebCorres@computershare.co.uk) , in each case prior to the Record Date
of 24 March 2026.

Timetable for the Second Return of Capital

 Ex Date in respect of the Initial Return of Capital                            23 March 2026
 Record Date in respect of the Initial Return of Capital                        24 March 2026
 Issue and allotment of B Shares in respect of the Second Return of Capital     26 March 2026
 Redemption Date in respect of the Second Return of Capital                     26 March 2026
 Payment date: (i) cheques posted to Shareholders; and (ii) CREST holders       1 April 2026
 credited with funds, in each case in respect of the Second Return of Capital

 

Defined terms used in this announcement have the meanings given in the
Circular which may be found on the Company's website unless the context
otherwise requires.

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

Important notices

This announcement does not constitute or form part of any offer or invitation
to sell, or any solicitation of any offer to purchase or subscribe for any
securities, or any offer or invitation to sell, or any solicitation of any
offer to purchase or subscribe for such ordinary shares by any person in any
circumstances or jurisdiction in which such offer or solicitation is unlawful.

This announcement may contain "forward-looking statements" with respect to
certain of the Company's plans and its current goals and expectations relating
to its future financial condition, performance, strategic initiatives,
objectives and results. Forward-looking statements sometimes use words such as
"aim", "anticipate", "target", "expect", "estimate", "intend", "plan", "goal",
"believe", "seek", "may", "could", "outlook" or other words of similar
meaning. By their nature, all forward-looking statements involve risk and
uncertainty because they relate to future events and circumstances which are
beyond the control of the Company.

Any forward-looking statements made in this announcement by or on behalf of
the Company speak only as of the date they are made. The information contained
in this announcement is subject to change without notice and except as
required by applicable law or regulation, the Company expressly disclaims any
obligation or undertaking to publish any updates or revisions to any
forward-looking statements contained in this announcement to reflect any
changes in the Company's expectations with regard thereto or any changes in
events, conditions or circumstances on which any such statements are based.

Neither the content of the Company's website (or any other website) nor the
content of any website accessible from hyperlinks on the Company's website (or
any other website) is incorporated into or forms part of this announcement.

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