Thursday 26th October 2023 |
Text too small? |
NZ Windfarms Ltd: (NZX Code: NWF) is very pleased to announce that it has reached agreement with Meridian Energy Ltd (NZX code: MEL) (Meridian, New Zealand’s largest electricity generator) to pursue the development and repower of Te Rere Hau wind farm, subject to conditions including NWF shareholder approval and Final Investment Decision by both parties which includes satisfactory consenting, third party contracting and financing arrangements.
As part of the commercial terms, NWF will today make a placement of 43.2m NWF shares to Meridian, amounting to 15% of its existing equity capital, totalling $6.7m, at a price of $0.155 per share. This represents a premium of 32% to the current market price of NWF shares ($0.117 per share on 25 October). Meridian will then have a 13.04% shareholding in NWF.
NWF will also undertake a pro-rata renounceable 1:8.5 rights issue of approximately 39.0m shares to existing NWF shareholders at a price of $0.155 per share (the same price as the Meridian placement), raising up to approximately $6.0m (Offer).
The Offer will be underwritten by Meridian up to approximately 28.8m shares (being up to approximately $4.5m).
The Board is delighted that Meridian is prepared to become a supportive minority shareholder in NWF, augmenting our agreed commercial terms and providing NWF with a platform for future growth. The NWF Board will invite Neal Barclay, the CEO of Meridian, to join the NWF Board (non-remunerated) after the annual shareholders meeting.
A Letter to Shareholders setting out further particulars and important information accompanies this announcement.
For further information, contact Warren Koia, Chief Executive, by phone on 06 280 2773, or by email at info@nzwindfarms.co.nz.
Nga mihi | Thank you
Craig Stobo
Chairman
No comments yet
NZAS Sign Long Term Contracts
Amended - IFT230 Maturity and Exchange for IFT350
Synlait forecast milk price update
Chorus submits 2023 fibre regulatory report
Infratil Infrastructure Bond Exchange Offer opens
May 31st Morning Report
NZAS and Mercury sign long-term agreement, creating opportunity for future investment in renewables
Meridian and NZAS sign long term contracts
ArborGen Holdings Results for Year Ended 31 March 2024
BAI - Full unaudited results to 31 March 2024