Greencoat UK Wind extends IMA with Greencoat Capital

Greencoat UK Wind stated an additional tier had been added to the cash fee structure of the pair's agreement, which will see a reduction in the fee charged in respect of net asset value over £3.0bn to an amount equal to 0.7%, paid in quarterly installments and applied retrospectively.

The FTSE 250-listed firm also said it had struck a refreshed initial term of four years from 1 April, subject to a reduction to one year's notice if the shares trade below NAV for six months or more, on average, during the initial term.

Greencoat UK also noted the amendments included a revision to the change of control clause to limit the remaining term for these purposes to a maximum of two years.

Greencoat Capital has been the investment manager for UKW since its initial public offering in 2013. During that period, UKW has delivered a total return to shareholders of approximately 150% including 59.7p per share in dividends.

As of 0850 BST, Greencoat shares were down 0.70%% at 154.22p.

Reporting by Iain Gilbert at Sharecast.com