REG - Atrato Onsite Energy - Completion of the Disposal of the Portfolio

Atrato Onsite EnergyAnnouncement

08/11/2024 07:00

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RNS Number : 4436L  Atrato Onsite Energy PLC  08 November 2024

Atrato Onsite Energy plc

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INDIRECTLY, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH
JURISDICTION.

FOR IMMEDIATE RELEASE

8 November 2024

Atrato Onsite Energy plc

 

Completion of the Disposal of the Portfolio

 

Further to the Result of General Meeting announcement made on 22 October 2024,
the Board of Atrato Onsite Energy plc (the "Company") announces that the sale
of the Company's entire portfolio of solar assets (the "Disposal") to Phoenix
UK Bidco Limited, a newly incorporated company which is indirectly owned by a
joint venture vehicle of Brookfield and RAIM Apollo, at a Headline Price of
£218.7 million 1 , completed on 7 November 2024.

 

As previously indicated, it is the Board's intention to seek Shareholder
approval for the voluntary liquidation of the Company with a view to
distributing the Company's net assets to the Shareholders as soon as
reasonably practicable. A circular convening a general meeting for
shareholders to vote on the proposal for a voluntary liquidation will be
published in due course.

 

At the time of signing the Sale Agreement in relation to the Disposal, it was
envisaged that the Purchaser would procure the repayment of the RCF Pay-Off
Amount owed by the Target under the Revolving Credit Facility with National
Westminster Bank plc. The Company and the Purchaser have since agreed that the
Revolving Credit Facility will remain in place following Completion and,
accordingly, the Company and the Purchaser have entered into an addendum to
the Sale Agreement. For the avoidance of doubt, this change will have no
impact on the Estimated Net Assets available for distribution to Shareholders.

 

Defined terms used in this announcement shall, unless the context requires
otherwise, have the meanings ascribed to them in the circular sent to
shareholders dated 4 October 2024, which is available on the Company's website
at https://atratorenewables.com/ (https://atratorenewables.com/) .

 

Stifel Nicolaus Europe Limited is acting as Sole Financial Adviser and
Corporate Broker to the Company. Gowling WLG (UK) LLP is acting as Legal
Adviser to the Company.

For further information, please contact:

 Stifel Nicolaus Europe Limited (Sole Financial Adviser  +44 0207 710 7600

 and Corporate Broker)

 Mark Young

 Rajpal Padam

 Madison Kominski

 Andrew Yeo

 Greenhouse Communications                               atrato@greenhouse.agency (mailto:atrato@greenhouse.agency)

 Jessie Wilson                                           +44 0776 354 0629

Information regarding forward-looking statements

This announcement contains statements which are, or may be deemed to be,
"forward-looking statements" which are prospective in nature. All statements
other than statements of historical fact are forward-looking statements. They
are based on intentions, beliefs and/or current expectations and projections
about future events, and are therefore subject to risks and uncertainties
which could cause actual results to differ materially from the future results
expressed or implied by the forward-looking statements. Often, but not always,
forward-looking statements can be identified by the use of a date in the
future or forward-looking words such as "plans", "expects", "is expected", "is
subject to", "budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates", "believes", "targets", "aims", "projects" or words or terms of
similar substance or the negative of those terms, as well as variations of
such words and phrases or statements that certain actions, events or results
"may", "could", "should", "would", "might" or "will" be taken, occur or be
achieved. Such statements are qualified in their entirety by the inherent
risks and uncertainties surrounding future expectations or events that are
beyond the Company's control. Forward-looking statements include statements
regarding the intentions, beliefs or current expectations of the Company
concerning, without limitation, the business, results of operations, financial
condition, liquidity, prospects, growth and strategies of the Company.

Such forward-looking statements involve known and unknown risks and
uncertainties that could significantly affect expected results and are based
on certain key assumptions. Many factors may cause the actual results,
performance or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by the
forward-looking statements. Important factors that could cause the actual
results, performance or achievements of the Company to differ materially from
the expectations of the Company include, amongst other things, general
business and economic conditions globally, industry and market trends,
competition, changes in government and changes in law, regulation and policy,
including in relation to taxation, interest rates, the impact of any
acquisitions or similar transactions, IT system and technology failures,
political and economic uncertainty and other factors. Such forward-looking
statements should therefore be construed in the light of such factors.

Neither the Company nor any of its Directors, officers or advisers provides
any representation, assurance or guarantee that the occurrence of the events
expressed or implied in any forward-looking statements in this announcement
will actually occur. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.

Forward-looking statements contained in this announcement apply only as at the
date of this announcement. Other than in accordance with its legal or
regulatory obligations (including under the Listing Rules, the Disclosure
Guidance and Transparency Rules and UK MAR) the Company is not under any
obligation and the Company expressly disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise. The information in this announcement
is subject to change without notice.

Websites

Neither the contents of the Company's, the AIFM's or the Investment Adviser's
website nor any website accessible by hyperlinks on the Company's, the AIFM's
or the Investment Adviser's website is incorporated in, or forms part of, this
announcement.

Presentation of financial information

References to "£", "pounds Sterling", "Sterling", "p" and "pence" are to the
lawful currency of the United Kingdom.

Rounding

Certain data in this announcement, including financial, statistical and
operating information have been rounded, and, as a result of this rounding,
the totals of data presented in this announcement may vary slightly from the
actual arithmetic totals of such data.

 1  Gross of project-level debt and the amount drawn down under the Revolving
Credit Facility.

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