Greencoat Renewables PLC Launch of Initial Placing (9370T)

TIDMGRP

RNS Number : 9370T

Greencoat Renewables PLC

09 July 2018

THIS ANNOUNCEMENT (INCLUDING THE APPIX) IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, BY ANY MEANS OR MEDIA, IN OR INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, NEW ZEALAND, JAPAN, OR THE REPUBLIC OF SOUTH AFRICA, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA (OTHER THAN IRELAND, THE UNITED KINGDOM, BELGIUM, FRANCE, GERMANY, THE NETHERLANDS, SPAIN OR SWEDEN (TOGETHER "ELIGIBLE MEMBER STATES), AND THEN, ONLY TO PERSONS IN ELIGIBLE MEMBER STATES WHO ARE NOT RETAIL INVESTORS) OR ANY OTHER JURISDICTION IN WHICH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

9 July 2018

Greencoat Renewables Launches 12 month 250 million Share Issuance Programme

Notice of General Meeting

Launch of Initial Placing of approximately 100 million New Shares to finance attractive acquisition pipeline in Ireland

09 July 2018 | Greencoat Renewables PLC ("Greencoat Renewables" or "the Company"), the renewable infrastructure company, invested in euro-denominated assets, is pleased to announce a 12 month Share Issuance Programme of up to 250 million New Shares in a number of tranches, to provide the Company with greater financial capacity to take advantage of an increasingly active secondary market for wind assets in Ireland.

The Company intends to issue approximately 100 million Placing Shares at a price of EUR1.01 per Placing Share pursuant to the first tranche of the Share Issuance Programme, being the

Initial Placing, which is being launched today.

In line with the Company's strategy, the net proceeds of the Initial Placing will be used to refinance the Company's Revolving Credit Facility, allowing the Company to make acquisitions whilst maintaining total gearing (currently 43%) within the target range. The Share Issuance Programme will, the Board believes, provide the Company with the financial flexibility to raise further equity as value-accretive investment opportunities continue to arise and enable the Company to deliver effectively on its stated strategy.

Implementation of the Share Issuance Programme requires the approval of the Company's shareholders at the EGM to be held on 1 August 2018. The Board believes that the Share Issuance Programme is in the best interests of shareholders as a whole and unanimously recommends that Shareholders vote in favour of the resolutions in respect of the Share Issuance Programme at the EGM. The Directors intend to vote in favour of the resolutions in respect of their own beneficial holdings of Ordinary Shares which amount in aggregate to 150,000 Ordinary Shares, constituting 0.06 % of the issued Ordinary Share capital.

Ronan Murphy, who is a Director, intends to participate in the Initial Placing by subscribing for approximately EUR25,000 worth of New Shares, so that following completion of the Initial Placing, he will hold c. 124,752 Ordinary Shares, representing c. 0.03% of the enlarged issued Ordinary Share capital of the Company (assuming 100 million New Shares are issued pursuant to the Initial Placing).

Emer Gilvarry, who is also a Director, intends to participate in the Initial Placing, subscribing for approximately EUR50,000 worth of New Shares, so that following completion of the Initial Placing, she will hold c. 49,505 Ordinary Shares, representing c. 0.01% of the enlarged issued Ordinary Share capital of the Company (assuming 100 million New Shares are issued pursuant to the Initial Placing).

Rónán Murphy, Chairman of Greencoat Renewables, commented:

"We are very pleased with the progress made over the past twelve months, achieving the operational and strategic targets we laid out at IPO. The secondary market for operating wind assets in Ireland continues to grow apace, with an increasing number of opportunities large and small. We believe Greencoat Renewables is uniquely well positioned to take advantage of this market opportunity.

While the Company expects to continue to expand its portfolio, shareholder returns remain paramount and we have a disciplined approach to acquisitions to ensure we continue to deliver a progressive dividend policy and an attractive overall return."

Background to, and Reasons for, the Share Issuance Programme

Delivery of Strategy

Greencoat Renewables listed in July of 2017 in an oversubscribed IPO, raising gross proceeds of EUR270 million. Since listing, the Company has delivered on its stated strategy at IPO:

-- Paid a pro rata 6 cent annual dividend for period since listing in 2017, and announced a 6 cent target dividend for the 2018 full year;

-- Three additional wind generation asset investments completed, acquiring Lisdowney, Tullynamoyle 2, and Dromadda More wind farms, increasing installed capacity from 137MW to 194MW, representing overall portfolio growth of >40%;

-- Put in place a Revolving Credit Facility to refinance project finance debt and fund acquisitions; and

   --    Maintained operational performance of the portfolio in line with management expectations.

Irish Market Background

Ireland remains an attractive location for investment in wind assets, with a reliable wind resource and robust regulatory regime underpinned by REFIT 2. The introduction of the new I-SEM market structure in October 2018 is expected to allow the Irish electricity market to be integrated within a pan European market and to allow increasing volumes of renewable electricity to be generated while ensuring all renewable generators are balanced or focused on being balanced.

Strength of Acquisition Pipeline in Ireland

The Company has a significant pipeline of opportunities to acquire wind farms in Ireland, and the Company wishes to ensure that it is in a position to capitalise on these opportunities as and when they become available. The Company is therefore proposing the Share Issuance Programme under which it will be able to issue New Shares to take advantage of such investment opportunities as they arise, by way of drawing on the Revolving Credit Facility (having repaid some or all of its existing borrowings from the proceeds of the Initial Placing) and, then, subsequent placings.

The Irish secondary market for wind assets remains very active, with over 4GW of assets on schedule to be operational by 2020. The past 18 months has seen over 500MW of operating assets being acquired from a wide range of sellers from large scale utilities to smaller local developers. Through its expertise and relationships, Greencoat Renewables is very well placed to transact across the market and it has in excess of 200MW of an acquisition pipeline under consideration.

Benefits of the Share Issuance Programme

The Directors believe that the Share Issuance Programme will confer the following benefits for Shareholders and the Company:

(i) allows the Company to repay part or all of its borrowings under its existing loan facilities, enabling it to take advantage of the significant pipeline of opportunities presently under consideration;

(ii) the phased issuance of equity allows the Company to manage its leverage and ensure that it is appropriate, based on the portfolio at the time; and

(iii) receiving the approval of Shareholders for the full issuance of New Shares under the Share Issuance Programme allows the Company to raise further tranches of equity more quickly and cost-efficiently within the 12 month authorisation period.

NAV per Share Accretive

The Placing Price represents a discount of 2.4% to the closing price per Ordinary Share of EUR1.05 on Euronext Dublin and 3.6% to the closing price per Ordinary Share of EUR1.063 on the London Stock Exchange on 6 July 2018 (each closing price adjusted for the 1.5 cent per Ordinary Share dividend payable with respect to the quarter ended 30 June 2018). The Placing Price represents a premium of 4.3% to the last reported NAV of 96.8 cent per Ordinary Share as at 30 June 2018.

Proposed Share Issuance Programme

Under the Share Issuance Programme, Greencoat Renewables intends to, subject to shareholder approval, issue up to 250 million New Shares.

-- The Share Issuance Programme is being implemented to raise additional capital over a 12 month period to provide the Company with greater financial capacity to take advantage of the strong pipeline of opportunities available to the Company.

-- As part of the Share Issuance Programme, subject to shareholder approval, the Company will issue approximately 100 million Placing Shares pursuant to the Initial Placing at a Placing Price of EUR1.01 per Placing Share (ex-dividend). The final size of the Initial Placing is expected to be announced on, or around, 24 July 2018 and may vary from the number detailed in this Announcement.

-- The net proceeds from the Initial Placing will be used towards repaying borrowings under the Company's Revolving Credit Facility, allowing the Company to make acquisitions whilst maintaining leverage (currently 43%) within the target range.

-- New Shares may be allotted and issued under the Share Issuance Programme for a period of 12 months commencing on the date of passing of the resolutions at the EGM (or any earlier date on which the Share Issuance Programme is fully subscribed or that the Board, in its sole discretion, determines).

-- The Company may, at its discretion, agree to or stipulate additional conditions to any Subsequent Placings. If any of these conditions are not met, the issue of the relevant tranche of New Shares pursuant to the Share Issuance Programme will not proceed.

Notice of EGM

-- The Initial Placing and Share Issuance Programme are not underwritten, and are conditional on, inter alia, shareholder approval at the EGM to be held on 1 August 2018.

-- A Circular setting out full details of the proposals to be considered at the EGM in respect of the Share Issuance Programme, and which includes a notice of the EGM, has been dispatched to Company shareholders today.

-- The EGM will be held at Davy House, 49 Dawson Street, Dublin 2, Ireland on 1 August 2018 at 9 a.m. Further details are set out below.

   --    An electronic copy of the Circular will shortly be available on the Company's website http://www.greencoat-renewables.com/.

AIFMD Disclosures

The Company is categorised as an externally managed alternative investment fund for the purposes of the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) ("AIFMD"). The attention of all Shareholders and any prospective investors in the Company, through the Share Issuance Programme or otherwise, is drawn to those disclosures required to be made under AIFMD from time to time and which are available on the Company's website: http://www.greencoat-renewables.com/investors/disclosures/aifmd.

Details of the Initial Placing

The Initial Placing is being conducted, subject to the satisfaction of certain conditions set out in the Appendix to this Announcement (which forms part of this Announcement) through a non-pre-emptive institutional placing which will be launched immediately following this Announcement and will be made available to Placees.

J&E Davy (trading as Davy) and RBC Europe Limited (trading as RBC Capital Markets) are acting as Joint Bookrunners in respect of the Initial Placing.

Davy and RBC, being the Joint Bookrunners, will today commence the Bookbuild process in respect of the Initial Placing to determine demand for participation in the Initial Placing. No commissions will be paid to Placees or by Placees in respect of any Placing Shares. The book will open with immediate effect. Members of the public are not entitled to participate in the Initial Placing.

The Joint Bookrunners have entered into the Placing Agreement with the Company and the Investment Manager under which, subject to the conditions set out therein, the Joint Bookrunners agree to use their respective reasonable endeavours to procure Placees for the Placing Shares at the Placing Price as set out in the Placing Agreement.

The final number of Placing Shares will be decided at the close of the Bookbuild by the Company and the Joint Bookrunners.

All Placees who participate in the Intial Placing will be required to make bids for Placing Shares at the Placing Price. The timing of the closing of the book, pricing and allocations are at the discretion of the Company, Davy and RBC. Details of the number of Placing Shares will be announced as soon as practicable after the close of the Bookbuild.

The Placing Shares, when issued, will be fully paid and will rank pari passu in all respects with the existing Ordinary Shares of the Company, including the right to receive all dividends and other distributions declared, made or paid after the date of issue. The Company currently has 270,000,000 Ordinary Shares in issue.

Applications for Admission to Trading

The Company will apply to Euronext Dublin and to the London Stock Exchange for the Placing Shares to be admitted to trading on ESM and AIM respectively. It is expected that settlement of the Placing Shares will occur, Admission will become effective and that dealings will commence in the Placing Shares at 8.00 a.m. on 2 August 2018. The Initial Placing is conditional, among other things, upon Admission becoming effective and the Placing Agreement not being terminated in accordance with its terms. The Appendix sets out further information relating to the Bookbuild and the terms and conditions of the Initial Placing.

By choosing to participate in the Initial Placing and by making an oral and legally binding offer to acquire Placing Shares, investors will be deemed to have read and understood this Announcement in its entirety and to be making such offer on the terms and subject to the conditions in it, and to be providing the representations, warranties, indemnities, acknowledgements and undertakings contained in the Appendix.

This Announcement should be read in its entirety. In particular, you should read and understand the information provided in the "Important Notice" section of this Announcement.

This Announcement contains inside information for the purposes of the Market Abuse Regulation (EU) No 596/2014 ("MAR").

The person responsible for arranging release of this Announcement on behalf of the Company is Bertrand Gautier.

For further information on the Announcement, please contact:

Greencoat Renewables PLC: +44 20 7832 9400

Bertrand Gautier

Paul O'Donnell

Tom Rayner

   Davy (Joint Bookrunner, Nomad and ESM Adviser)                            +353 1 6796363

Fergal Meegan

Ronan Veale

Barry Murphy

RBC (Joint Bookrunner) +44 20 7653 4000

Matthew Coakes

Duncan Smith

Jonathan Hardy

FTI Consulting (Media Enquiries) +353 1 765 0886

Jonathan Neilan

Melanie Farrell

About Greencoat Renewables PLC

Greencoat Renewables PLC is an investor in euro-denominated renewable energy infrastructure assets and is focused on the acquisition and management of operating wind farms in Ireland. It is managed by Greencoat Capital LLP, an experienced investment manager in the listed renewable energy infrastructure sector.

Greencoat Capital LLP is a leading European renewable investment manager EUR3bn of assets under management across a number of funds in wind and solar infrastructure and private equity, and overseen by a strong and experienced independent board.

For more information about Greencoat Renewables PLC, please visit http://www.greencoat-renewables.com/

For more information about Greencoat Capital LLP, please visit http://www.greencoat-capital.com

IMPORTANT NOTICE

This Announcement, including the Appendix, and the information contained herein is not for release, publication or distribution, directly or indirectly, in whole or in part, in or into or from the United States, Canada, Australia, New Zealand, Japan, the Republic of South Africa or any other jurisdiction where to do so might constitute a violation of the relevant laws or regulations of such jurisdiction.

This Announcement does not constitute or form part of any offer to sell, or any solicitation of an offer to buy, securities in the United States. Securities may not be offered or sold in the United States absent (i) registration under the Securities Act or (ii) an available exemption from registration under the Securities Act. The Placing Shares have not been and will not be registered under the Securities Act or under the securities laws of any state or other jurisdiction of the United States and may not be offered, sold, resold or delivered, directly or indirectly, in or into the United States absent registration except pursuant to an exemption from or in a transaction not subject to the registration requirements of the Securities Act. No public offering of the Placing Shares is being made in the United States.

This Announcement does not constitute an offer to sell or issue or a solicitation of an offer to buy or subscribe for Placing Shares in any jurisdiction including, without limitation, the United States, Canada, Australia, Japan, the Republic of South Africa or any other jurisdiction in which such offer or solicitation is or may be unlawful (a "Prohibited Jurisdiction"). This Announcement and the information contained herein are not for publication or distribution, directly or indirectly, to persons in a Prohibited Jurisdiction unless permitted pursuant to an exemption under the relevant local law or regulation in any such jurisdiction. No action has been taken by the Company, the Joint Bookrunners or any of their respective affiliates that would permit an offer of the Placing Shares or possession or distribution of this Announcement or any other publicity material relating to such Placing Shares in any jurisdiction where action for that purpose is required. Persons receiving this Announcement are required to inform themselves about and to observe any such restrictions.

This Announcement and any offer if made subsequently is subject to the Alternative Investment Fund Managers Directive ("AIFMD") as implemented by Member States of the European Economic Area. This Announcement and any offer if made subsequently is directed only at professional investors in the following member states: Ireland, the United Kingdom, Belgium, France, Germany, the Netherlands, Spain and Sweden (together the "Eligible Member States"). The Investment Manager has not registered a passport for marketing under the passporting programme set out in the AIFMD in any other member state (each an "Ineligible Member State"). This Announcement may not be distributed in any Ineligible Member State and no offers subsequent to it may be made or accepted in any Ineligible Member State. The attention of all prospective investors is drawn to disclosures required to be made under the AIFMD which are set out on the Company's website (including as set out in its most recent annual report and accounts).

This Announcement is directed at and is only being distributed to: (A) persons in member states of the European Economic Area who are "qualified investors", as defined in article 2.1(e) of the Prospective Directive (Directive 2003/71/EC) as amended, (B) if in the United Kingdom, persons who (i) have professional experience in matters relating to investments who fall within the definition of "investment professionals" in article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended (the "FPO") or fall within the definition of "high net worth companies, unincorporated associations etc" in article 49(2)(a) to (d) of the FPO and (ii) are "qualified investors" as defined in section 86 of FSMA or (C) otherwise to persons to whom it may otherwise lawfully be communicated (each, a "Relevant Person"). No other person should act or rely on this Announcement and persons distributing this Announcement must satisfy themselves that it is lawful to do so. By accepting the terms of this Announcement, you represent and agree that you are a Relevant Person.

The distribution of the Placing Shares in Switzerland will be exclusively made to, and directed at, regulated qualified investors (the "Regulated Qualified Investors"), as defined in Article 10(3)(a) and (b) of the Swiss Collective Investment Schemes Act of 23 June 2006, as amended ("CISA"). Accordingly, the Company has not been and will not be registered with the Swiss Financial Market Supervisory Authority ("FINMA") and no Swiss representative or paying agent has been appointed in Switzerland. This Announcement and/or any other offering materials relating to the Placing Shares may be made available in Switzerland solely to Regulated Qualified Investors.

Persons (including, without limitation, nominees and trustees) who have a contractual or other legal obligation to forward a copy of this Announcement should seek appropriate advice before taking any action.

Any indication in this Announcement of the price at which the Ordinary Shares of the Company have been bought or sold in the past cannot be relied upon as a guide to future performance. Persons needing advice should consult an independent financial adviser. No statement in this Announcement is intended to be a profit forecast and no statement in this Announcement should be interpreted to mean that earnings per share of the Company for the current or future financial years would necessarily match or exceed the historical published earnings per share of the Company.

The Placing Shares to be issued pursuant to the Initial Placing and the Share Issuance Programme will not be admitted to trading on any stock exchange other than AIM and ESM.

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.

This Announcement has been issued by and is the sole responsibility of the Company. Neither of the Joint Bookrunners, nor any of their respective affiliates accept any responsibility whatsoever for the contents of the information contained in this Announcement or for any other statement made or purported to be made by or on behalf of the Joint Bookrunners or any of their respective affiliates in connection with the Company, the Placing Shares or the Share Issuance Programme. The Joint Bookrunners and each of their respective affiliates accordingly disclaim all and any liability, whether arising in tort, contract or otherwise in respect of any statements or other information contained in this Announcement and no representation or warranty, express or implied, is made by the Joint Bookrunners or any of their respective affiliates as to the accuracy, completeness or sufficiency of the information contained in this Announcement.

Davy, which is regulated in Ireland by the Central Bank of Ireland is acting as a Joint Bookrunner for the Company and no-one else in connection with the Share Issuance Programme and the Initial Placing and is not, and will not be, responsible to anyone other than the Company for providing the protections afforded to its clients nor for providing advice in relation to the Share Issuance Programme, the Initial Placing and/or any other matter referred to in this Announcement.

RBC, which is authorised in the United Kingdom by the Prudential Regulatory Authority and regulated by the FCA and the Prudential Regulatory Authority, which is authorised and regulated in the United Kingdom by the FCA is acting for the Company and for no one else in connection with the Share Issuance Programme and the Initial Placing and is not, and will not be, responsible to anyone other than the Company for providing the protections afforded to its clients nor for providing advice in relation to the Share Issuance Programme, the Initial Placing and/or any other matter referred to in this Announcement.

In connection with the Initial Placing, each of the Joint Bookrunners and any of their respective affiliates, acting as investors for their own accounts, may purchase Placing Shares and in that capacity may retain, purchase, sell, offer to sell or otherwise deal for their own accounts in such Placing Shares and other securities of the Company or related investments in connection with the Initial Placing or otherwise.

This Announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the Placing Shares. Any investment decision to buy Placing Shares in the Initial Placing must be made solely on the basis of publicly available information, which has not been independently verified by the Joint Bookrunners.

This Announcement contains (or may contain) certain forward-looking statements with respect to certain of the Company's current expectations and projections about future events and the Company's future financial condition and performance. These statements, which sometimes use words such as "aim", "anticipate", "believe", "may", "will", "should", "intend", "plan", "assume", "estimate", "expect" (or the negative thereof) and words of similar meaning, reflect the directors' current beliefs and expectations and involve known and unknown risks, uncertainties and assumptions, many of which are outside the Company's control and difficult to predict, that could cause actual results and performance to differ materially from any expected future results or performance expressed or implied by the forward-looking statement. Statements contained in this Announcement regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The information contained in this Announcement speaks only as of the date of this Announcement and is subject to change without notice and the Company does not assume any responsibility or obligation to, and does not intend to, update or revise publicly or review any of the information contained herein, whether as a result of new information, future events or otherwise, except to the extent required by Euronext Dublin, the London Stock Exchange, the Central Bank of Ireland, the FCA or by applicable law. No statement in this Announcement is or is intended to be a profit forecast or profit estimate or to imply that the earnings of the Company for the current or future financial years will necessarily match or exceed the historical or published earnings of the Company.

The price of shares and the income from them may go down as well as up and investors may not get back the full amount invested on disposal of shares acquired. Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser.

This Announcement does not constitute a recommendation concerning any investor's options with respect to the Initial Placing. The price of shares and any income expected from them may go down as well as up and investors may not get back the full amount invested upon disposal of the shares. Past performance is no guide to future performance. The contents of this Announcement are not to be construed as legal, business, financial or tax advice. Each investor or prospective investor should consult his, her or its own legal adviser, business adviser, financial adviser or tax adviser for legal, financial, business or tax advice.

Information to Distributors

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the Product Governance Requirements) may otherwise have with respect thereto, the Placing Shares have been subject to a product approval process, which has determined that the Placing Shares are: (i) compatible with an end target market of investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "Target Market Assessment"). Notwithstanding the Target Market Assessment, Distributors should note that: the price of the Placing Shares may decline and investors could lose all or part of their investment; the Placing Shares offer no guaranteed income and no capital protection; and an investment in the Placing Shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is

without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Initial Placing. Furthermore, it is noted that, notwithstanding the Target Market Assessment, the Joint Bookrunners will only procure investors who meet the criteria of professional clients and eligible counterparties.

For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Placing Shares.

Each distributor is responsible for undertaking its own target market assessment in respect of the Placing Shares and determining appropriate distribution channels.

DEFINITIONS USED IN THIS ANNOUNCEMENT

"Admission" means admission of the Placing Shares to trading on AIM and ESM under the Share Issuance Programme;

"AIFMD" means Alternative Investment Fund Managers Directive (Directive 2011/61/EU);

"AIM" means the Alternative Investment Market, a market regulated by the London Stock Exchange;

"Announcement" means this announcement and the Appendix;

"Board" means the board of Directors or a duly constituted committee thereof;

"Bookbuild" means a bookbuilding process in respect of the Initial Placing;

"Circular" means a circular setting out full details of the proposals to be considered at the EGM in respect of the Share Issuance Programme, including the notice of EGM;

"Davy" means J&E Davy, trading as Davy including its affiliate Davy Corporate Finance and other affiliates, or any of its subsidiary undertakings;

"Directors" means the directors from time to time of the Company and Director is to be construed accordingly;

"ESM" means the Enterprise Securities Market, a market regulated by Euronext Dublin;

"Euronext Dublin" means the Irish Stock Exchange plc trading as Euronext Dublin;

"EGM" means the extraordinary general meeting of the Company to consider the Proposals, convened for 9.00 a.m. on 1 August 2018 or any adjournment thereof, notice of which is set out in the Circular;

"Joint Bookrunners" and each a "Joint Bookrunner" means Davy and RBC;

"Initial Placing" means the placing of the Placing Shares pursuant to the first tranche of Share Issuance Programme;

"Investment Manager" means Greencoat Capital LLP;

"IPO" means the Company's initial offering and listing of its Ordinary Shares on the AIM of the LSE and the ESM of Euronext Dublin in July 2017, raising EUR270 million through the issue of 270 million Ordinary Shares at an issue price of EUR1.00 per Ordinary Share;

"London Stock Exchange" or "LSE" means the London Stock Exchange plc;

"MAR" means Market Abuse Regulation (EU) No 596/2014;

"New Shares" means the new Ordinary Shares to be issued pursuant to the Share Issuance Programme;

"Ordinary Share" means an ordinary share of EUR0.01 each in the capital of the Company;

"Placees" means new and existing eligible investors under the Share Issuance Programme;

"Placing Agreement" means the placing agreement between the Company, the Investment Manager and the Joint Bookrunners dated 9 July 2018;

"Placing Price" means EUR1.01 per Placing Share;

"Placing Shares" means approximately 100 million New Shares that the Company is seeking to issue in the Initial Placing;

"Prohibited Jurisdiction" means any jurisdiction including, without limitation, the United States, Canada, Australia, Japan, the Republic of South Africa or any other jurisdiction in which such offer or solicitation of New Shares is or may be unlawful;

"Q2 Dividend" means the 1.5 cent per Ordinary Share dividend payable by the Company with respect to the quarter ended 30 June 2018;

"RBC" means RBC Europe Limited (trading as RBC Capital Markets);

"Revolving Credit Facility" means the revolving credit facility entered into by the Company on 19 December 2017;

"Share Issuance Programme" means the proposed placing of up to 250 million New Shares pursuant to the Initial Placing and, if applicable, any subsequent placings prior to the closing date of the Share Issuance Programme; and

"Shareholder" means a registered holder of an Ordinary Share.

APPIX

TERMS AND CONDITIONS OF THE INTIAL PLACING

IMPORTANT INFORMATION FOR PLACEES ONLY

MEMBERS OF THE PUBLIC ARE NOT ELIGIBLE TO TAKE PART IN THE INITIAL PLACING. THIS ANNOUNCEMENT AND THE TERMS AND CONDITIONS SET OUT AND REFERRED TO HEREIN ARE DIRECTED ONLY AT PERSONS SELECTED BY THE JOINT BOOKRUNNERS WHO ARE:

(A) Persons in the following Member States of the European Economic Area: Ireland, the United Kingdom, Belgium, France, Germany, the Netherlands, Spain and Sweden (together, the "Eligible Member States") who are "professional investors" for the purposes of directive 2011/61/EU as amended (the "alternative investment fund managers directive" or "AIFMD") AND

(B) IF IN THE UNITED KINGDOM, PERSONS WHO (I) HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS WHO FALL WITHIN THE DEFINITION OF "INVESTMENT PROFESSIONALS" IN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 AS AMED (THE "FPO") OR FALL WITHIN THE DEFINITION OF "HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS ETC" IN ARTICLE 49(2)(A) TO (D) OF THE FPO AND (II) ARE "QUALIFIED INVESTORS" AS DEFINED IN SECTION 86 OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 ("FSMA") OR

(C) OTHERWISE PERSONS TO WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS "RELEVANT PERSONS"). THIS ANNOUNCEMENT AND THE TERMS AND CONDITIONS SET OUT HEREIN MUST NOT BE ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS.

DISTRIBUTION OF THIS ANNOUNCEMENT IN CERTAIN JURISDICTIONS MAY BE RESTRICTED OR PROHIBITED BY LAW. PERSONS DISTRIBUTING THIS ANNOUNCEMENT MUST SATISFY THEMSELVES THAT IT IS LAWFUL TO DO SO.

THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, CANADA, NEW ZEALAND, JAPAN, ANY INELIGIBLE MEMBER STATE OR ANY JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT (AND THE INFORMATION CONTAINED HEREIN) DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, CANADA, NEW ZEALAND, JAPAN, ANY INELIGIBLE MEMBER STATE OR IN ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL (EACH A "PROHIBITED JURISDICTION").

THE PLACING SHARES (AS DEFINED BELOW) HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE US SECURITIES ACT OF 1933 (THE "SECURITIES ACT"), OR UNDER THE APPLICABLE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES, AND MAY NOT BE OFFERED, SOLD, TAKEN UP, RESOLD, TRANSFERRED OR DELIVERED, DIRECTLY OR INDIRECTLY WITHIN, INTO OR IN THE UNITED STATES, EXCEPT PURSUANT TO AN APPLICABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE WITH THE SECURITIES LAWS OF ANY RELEVANT STATE OR OTHER JURISDICTION OF THE UNITED STATES. THERE WILL BE NO PUBLIC OFFER OF THE PLACING SHARES IN THE UNITED STATES.

This Announcement and any offer if made subsequently is subject to the Alternative Investment Fund Managers Directive as implemented by Member States of the European Economic Area. This Announcement and any offer if made subsequently is directed only at professional investors in the Eligible Member States. The Investment Manager has not registered a passport for marketing under the passporting programme set out in the AIFMD in any other member state (each an "Ineligible Member State"). This Announcement may not be distributed in any Ineligible Member State and no offers subsequent to it may be made or accepted in any Ineligible Member State. The attention of all prospective investors is drawn to disclosures required to be made under the AIFMD which are set out on the Company's website (including as set out in its most recent annual report and accounts).

This Announcement and the information contained herein are not for publication or distribution, directly or indirectly, to persons in a Prohibited Jurisdiction unless permitted pursuant to an exemption under the relevant local law or regulation in any such jurisdiction. No action has been taken by Greencoat Renewables PLC (the "Company" or "Greencoat Renewables"), the Joint Bookrunners or any of their respective Affiliates (as defined below) that would permit an offer of the Placing Shares or possession or distribution of this Announcement or any other publicity material relating to such Placing Shares in any jurisdiction where action for that purpose is required. Persons receiving this Announcement are required to inform themselves about and to observe any such restrictions. Any investment or investment activity to which this Announcement and the information contained herein relate is available only to Relevant Persons.

Information to distributors

Notwithstanding the Target Market Assessment, distributors should note that: the price of the Placing Shares may decline and investors could lose all or part of their investment; the Placing Shares offer no guaranteed income and no capital protection; and an investment in the Placing Shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Initial Placing. Furthermore, it is noted that, notwithstanding the Target Market Assessment, the Joint Bookrunners will only procure investors who meet the criteria of professional clients and eligible counterparties.

Each distributor is responsible for undertaking its own target market assessment in respect of the Placing Shares and determining appropriate distribution channels.

By participating in the Initial Placing, each person who is invited to and who chooses to participate in the Initial Placing (a "Placee") by making or accepting an oral offer to take up Placing Shares is deemed to have read and understood this Announcement in its entirety (including this Appendix) and to be providing the representations, warranties, undertakings, agreements and acknowledgements contained herein.

EACH PLACEE SHOULD CONSULT WITH ITS OWN ADVISERS AS TO LEGAL, REGULATORY, TAX, BUSINESS AND RELATED ASPECTS OF AN ACQUISITION OF PLACING SHARES.

Details of the Placing Agreement and the Placing Shares

The Company has today entered into a placing agreement (the "Placing Agreement") with the Joint Bookrunners and the Investment Manager. Pursuant to the Placing Agreement, the Joint Bookrunners have, subject to the terms set out therein, severally agreed to use their respective reasonable endeavours, as agents of the Company, to procure Placees for the Placing Shares (the "Initial Placing"). No element of the Initial Placing is underwritten.

The Placing Shares will, when issued be subject to the articles of association of the Company, be credited as fully paid and will rank pari passu in all respects with each other and with the existing Ordinary Shares in the capital of the Company, including the right to receive dividends (but excluding for the avoidance of doubt, the Q2 Dividend) and other distributions declared, made or paid in respect of the Ordinary Shares after the date of issue of the Placing Shares.

The Placing Shares will be issued free of any encumbrance, lien or other security interest.

Completion of the Initial Placing is conditional, inter alia, upon the passing of the Resolutions set out in the Circular.

Application for listing and admission to trading

The Company will apply to Euronext Dublin and to the London Stock Exchange for the Placing Shares to be admitted to trading on ESM and AIM respectively ("Admission"). It is expected that Admission will become effective on or around 8.00 a.m. (Dublin/London time) on 2 August 2018, and that dealings in the Placing Shares will commence at that time.

Bookbuild

Commencing today, the Joint Bookrunners will be conducting a bookbuilding process (the "Bookbuilding Process") to determine demand for participation in the Initial Placing by Placees. This announcement gives details of the terms and conditions of, and the mechanics of participation in, the Initial Placing.

Participation in, and principal terms of, the Bookbuilding Process

Participation in the Initial Placing will only be available to persons who may lawfully be, and are, invited to participate by the Joint Bookrunners (or either of them). The Joint Bookrunners and their respective Affiliates are entitled to participate as Placees in the Bookbuilding Process.

The books will open with immediate effect. The Bookbuilding Process is expected to close not later than 5 p.m. (Dublin/London time) on 23 July 2018, but may be closed earlier at the discretion of the Joint Bookrunners. A further announcement will be made following the close of the Bookbuilding Process detailing the number of Placing Shares which are being placed (the "Placing Results Announcement"). The Joint Bookrunners may, in agreement with the Company, accept bids that are received after the Bookbuilding Process has closed.

A bid in the Bookbuilding Process will be made on the terms and conditions in this Announcement and will be legally binding on the Placee on behalf of which it is made and, except with the Joint Bookrunners' consent, will not be capable of variation or revocation after the close of the Bookbuilding Process.

A Placee who wishes to participate in the Bookbuilding Process should communicate its bid by telephone to the usual sales contact at Davy or RBC. Each bid should state the number of Placing Shares which the prospective Placee wishes to subscribe for at the Initial Placing Price. If successful, the relevant Joint Bookrunner will re-contact and confirm orally to Placees following the close of the Bookbuilding Process the size of their respective allocations and a trade confirmation will be dispatched as soon as possible thereafter. The relevant Joint Bookrunner's oral confirmation of the size of allocations and each Placee's oral commitments to accept the same will constitute an irrevocable legally binding agreement upon such person (who will at that point become a Placee) in favour of the Company and such Joint Bookrunner pursuant to which each such Placee will be required to accept the number of Initial Placing Shares allocated to the Placee at the Initial Placing Price and otherwise on the terms and subject to the conditions set out herein and in accordance with the Company's articles of association. Each Placee's allocation and commitment will be evidenced by a trade confirmation issued to such Placee by the Joint Bookrunner. The terms of this Appendix will be deemed incorporated in that trade confirmation. Each such Placee will have an immediate, separate, irrevocable and binding obligation, owed to the relevant Joint Bookrunner, to pay it or (as it may direct) one of its Affiliates in cleared funds an amount equal to the product of the Initial Placing Price and the number of Placing Shares allocated to such Placee. By participating in the Bookbuild, each Placee agrees that its rights and obligations in respect of the Initial Placing will terminate only in the circumstances described below and will not be capable of rescission or termination by the Placee after confirmation (oral or otherwise) by a Joint Bookrunner.

The Joint Bookrunners reserve the right to scale back the number of Placing Shares to be subscribed by any Placee in the event of an oversubscription under the Initial Placing. The Manager also reserves the right not to accept offers to subscribe for Placing Shares or to accept such offers in part rather than in whole. The acceptance of offers shall be at the absolute discretion of the Joint Bookrunners. The Joint Bookrunners shall be entitled to effect the Initial Placing by such alternative method to the Bookbuilding Process as they shall in their absolute discretion determine. The Company reserves the right (upon agreement with the Joint Bookrunners) to reduce or seek to increase the amount to be raised pursuant to the Initial Placing.

To the fullest extent permissible by law, neither Joint Bookrunner, nor any holding company thereof, any subsidiary thereof, any subsidiary of any such holding company, any branch, affiliate or associated undertaking of any such company nor any of their respective directors, officers and employees (each an "Affiliate") nor any person acting on their behalf shall have any liability to Placees (or to any other person whether acting on behalf of a Placee or otherwise). In particular, neither Joint Bookrunner, nor any of their respective Affiliates nor any person acting on their behalf shall have any liability (including, to the extent legally permissible, any fiduciary duties), in respect of its conduct of the Bookbuilding Process or of such alternative method of effecting the Initial Placing as the Joint Bookrunners and the Company may determine. No commissions will be paid to Placees or by Placees in respect of any Placing Shares.

Each Placee's obligations will be owed to the Company and to the relevant Joint Bookrunner. Following the oral confirmation referred to above, each Placee will also have an immediate, separate, irrevocable and binding obligation, owed to the Company and the relevant Joint Bookrunner as agent of the Company, to pay to the relevant Joint Bookrunner (or as it may direct) in cleared funds an amount equal to the product of the Initial Placing Price and the number of Placing Shares such Placee has agreed to acquire. The Joint Bookrunners will procure the allotment of the Placing Shares to each Placee following each Placee's payment to the Manager of such amount.

All obligations of the Joint Bookrunners under the Initial Placing will be subject to fulfilment of the conditions referred to below under "Conditions of the Placing".

Conditions of the Initial Placing

The Initial Placing is conditional upon the Placing Agreement becoming unconditional and not having been terminated in accordance with its terms.

The obligations of the Joint Bookrunners under the Placing Agreement are conditional, inter alia, on:

1. none of the representations and warranties on the part of the Company and the Investment Manager contained in the Placing Agreement being untrue or inaccurate, in any material respect, or misleading on and as of the date of the Placing Agreement and at all times between the date of the Placing Agreement and Admission, as though they had been given and made by reference to the facts and circumstances then subsisting;

2. the performance by the Company and the Investment Manager of their respective obligations and undertakings under the Placing Agreement insofar as they fall to be performed prior to Admission;

3. the Resolutions having been duly passed at the EGM; and

4. Admission occurring not later than 8.00 a.m. (Dublin/London time) on 2 August 2018 or such later time as the Company and the Joint Bookrunners may agree in writing (but in any event not later than 8.00 a.m. (Dublin/London time) on 9 August 2018).

If (a) any condition is not satisfied in all respects (or to the extent permitted under the Placing Agreement waived by the Joint Bookrunners), or (b) the Placing Agreement is terminated in the circumstances specified below, the Initial Placing will lapse and each Placee's rights and obligations hereunder shall cease and determine at such time and no claim may be made by a Placee in respect thereof. Neither the Joint Bookrunners, nor the Company, nor any of their respective Affiliates shall have any liability to any Placee (or to any other person whether acting on behalf of a Placee or otherwise) in respect of any decision it may make as to whether or not to waive or to extend the time and/or date for the satisfaction of any condition in the Initial Placing Agreement or in respect of the Initial Placing generally.

By participating in the Initial Placing, each Placee agrees that its rights and obligations hereunder terminate only in the circumstances described below under "Right to terminate under the Placing Agreement", and will not be capable of rescission or termination by the Placee.

Right to terminate under the Placing Agreement

The Joint Bookrunners may, at any time before Admission, terminate the Placing Agreement by giving notice to the Company and the Investment Manager if, inter alia:

1. there has been a breach, by the Company or the Investment Manager, of any of the representations, warranties or undertakings in the Placing Agreement which, in the good faith opinion of either of the Joint Bookrunners, is material; or

2. it comes to the notice of the Joint Bookrunners that any statement contained in this Announcement, or any other document or announcement issued or published by or on behalf of the Company in connection with the Initial Placing, is or has become untrue, incorrect or misleading and which, in the good faith opinion of either of the Joint Bookrunners, is material; or

3. in the reasonable opinion of either of the Joint Bookrunners there shall have been a material adverse change (whether or not foreseeable at the date of the Placing Agreement) in the condition (financial, operational, legal or otherwise) or in the trading position, earnings, management, business affairs, solvency, credit rating or prospects of the Company, the Group or Investment Manager, whether or not arising in the ordinary course of business; or

4. there occurs, in the good faith opinion of either of the Joint Bookrunners, any material adverse change in the financial markets in the United States, the United Kingdom or in any member or associate member of the European Union or the international financial markets, any outbreak or escalation of hostilities, war, act of terrorism, declaration of emergency or martial law or other calamity or crisis or event or any change or development involving a prospective change in national or international political, financial, economic, monetary or market conditions or currency exchange rates or controls, the effect of which (either singly or together) is such as to make it in the good faith judgement of either of the Joint Bookrunners impracticable or inadvisable to market the Placing Shares or to enforce contracts for sale of or subscription for the Placing Shares, or which may prejudice the success of the Initial Placing or dealings in Placing Shares in the secondary market.

By participating in the Initial Placing, each Placee agrees with the Joint Bookrunners that the exercise (or the refraining from exercise) by the Joint Bookrunners of any right of termination or other discretion under the Placing Agreement shall be within the absolute discretion of the Joint Bookrunners and that the Joint Bookrunners need not make any reference to the Placees in this regard and that, to the fullest extent permitted by law, the Joint Bookrunners shall have no liability whatsoever to the Placees in connection with any such exercise.

Lock-up

The Company has undertaken to the Joint Bookrunners that, between the date of the Placing Agreement and 180 days after Admission, it will not, without the prior written consent of the Joint Bookrunners enter into certain transactions involving or relating to the Ordinary Shares, subject to certain carve-outs agreed between the Joint Bookrunners and the Company.

By participating in the Initial Placing, Placees agree that the exercise by the Joint Bookrunners of any power to grant consent to waive the undertaking by the Company of a transaction which would otherwise be subject to the lock-up under the Placing Agreement shall be within the absolute discretion of the Joint Bookrunners and that they need not make any reference to, or consultation with, Placees and that they shall have no liability to Placees whatsoever in connection with any such exercise of the power to grant consent.

No prospectus or admission document

No prospectus or admission document has been or will be prepared in relation to the Initial Placing and no such prospectus or admission document is required (in accordance with the Directive 2003/71/EC as amended (the "Prospectus Directive") and the AIM Rules and ESM Rules respectively) to be published and Placees' commitments will be made solely on the basis of the information contained in this Announcement and any information previously published by or on behalf of the Company by notification to a Regulatory Information Service. Each Placee, by accepting a participation in the Initial Placing, agrees that the content of this Announcement is exclusively the responsibility of the Company and confirms to the Joint Bookrunners and the Company that it has neither received nor relied on any information, representation, warranty or statement made by or on behalf of the Joint Bookrunners (other than the amount of the relevant Placing participation in the oral confirmation given to Placees and the trade confirmation referred to below), any of their respective Affiliates, nor any persons acting on their behalf or the Company and neither the Joint Bookrunners nor any of their respective Affiliates, any persons acting on their behalf, nor the Company will be liable for the decision of any Placee to participate in the Initial Placing based on any other information, representation, warranty or statement which the Placee may have obtained or received (regardless of whether or not such information, representation, warranty or statement was given or made by or on behalf of any such persons). By participating in the Initial Placing, each Placee acknowledges to and agrees with the Joint Bookrunners for itself and as agent for the Company that, except in relation to the information contained in this Announcement, it has relied on its own investigation of the business, financial or other position of the Company in deciding to participate in the Initial Placing. Nothing in this paragraph shall exclude the liability of any person for fraudulent misrepresentation.

Registration and settlement

Settlement of transactions in the Placing Shares (ISIN IE00BF2NR112) following Admission will take place within the CREST system, using the DVP mechanism, subject to certain exceptions. The Joint Bookrunners reserve the right to require settlement for and delivery of the Placing Shares to Placees by such other means that they deem necessary, if delivery or settlement is not possible or practicable within the CREST system within the timetable set out in this announcement or would not be consistent with the regulatory requirements in the Placee's jurisdiction.

Each Placee allocated Placing Shares in the Initial Placing will be sent a trade confirmation stating the number of Placing Shares allocated to it, the Placing Price, the aggregate amount owed by such Placee to the Manager and settlement instructions. Placees should settle against CREST ID: 189 for Davy and CREST ID: 388 for RBC. It is expected that such trade confirmation will be despatched on 24 July 2018 and that this will also be the trade date. Each Placee agrees that it will do all things necessary to ensure that delivery and payment is completed in accordance with either the standing CREST or certificated settlement instructions which it has in place with the Joint Bookrunners.

It is expected that settlement will be on 2 August 2018 on a DVP basis in accordance with the instructions set out in the trade confirmation unless otherwise notified by the Joint Bookrunners.

Interest is chargeable daily on payments not received from Placees on the due date in accordance with the arrangements set out above at the rate of two percentage points above the base rate of LIBOR as determined by the Joint Bookrunners.

Each Placee is deemed to agree that if it does not comply with these obligations, the Joint Bookrunners may sell any or all of the Placing Shares allocated to the Placee on such Placee's behalf and retain from the proceeds, for the Joint Bookrunners' own account and profit, an amount equal to the aggregate amount owed by the Placee plus any interest due. The Placee will, however, remain liable for any shortfall below the aggregate amount owed by such Placee and it may be required to bear any stamp duty or stamp duty reserve tax (together with any interest or penalties) which may arise upon the sale of such Placing Shares on such Placee's behalf.

If Placing Shares are to be delivered to a custodian or settlement agent, the Placee should ensure that the trade confirmation is copied and delivered immediately to the relevant person within that organisation.

Insofar as Placing Shares are registered in the Placee's name or that of its nominee or in the name of any person for whom the Placee is contracting as agent or that of a nominee for such person, such Placing Shares will, subject as provided below, be so registered free from any liability to stamp duty or stamp duty reserve tax. If there are any circumstances in which any other stamp duty or stamp duty reserve tax is payable in respect of the issue of the Placing Shares, neither the Joint Bookrunners nor the Company shall be responsible for the payment thereof. Placees will not be entitled to receive any fee or commission in connection with the Initial Placing.

Representations and Warranties

By participating in the Initial Placing, each Placee (and any person acting on such Placee's behalf):

1. represents and warrants that it has read and understood this Announcement in its entirety (including this Appendix) and acknowledges that its participation in the Initial Placing will be governed by the terms of this announcement (including this Appendix);

2. acknowledges that no prospectus, admission document or offering document has been or will be prepared in connection with the Initial Placing; and it has not received and will not receive a prospectus, admission document or other offering document in connection with the Bookbuilding Process, the Initial Placing or the Placing Shares;

3. agrees to indemnify on an after-tax basis and hold harmless each of the Company, the Joint Bookrunners, their respective Affiliates and any person acting on their behalf from any and all costs, claims, liabilities and expenses (including legal fees and expenses) arising out of or in connection with any breach of the representations, warranties, acknowledgements, agreements and undertakings in this Announcement and further agrees that the provisions of this Announcement shall survive after completion of the Initial Placing;

4. acknowledges that the Placing Shares of the Company will be admitted to trading on ESM and AIM, and the Company is therefore required to publish certain business and financial information in accordance with the rules and practices of Euronext Dublin, the London Stock Exchange and the Market Abuse Regulation (EU Regulation No. 596/2014 (the "MAR") (collectively, the "Exchange Information") and that the Placee is able to obtain or access the Exchange Information without undue difficulty;

5. acknowledges that neither the Joint Bookrunners, nor any of their respective Affiliates nor any person acting on their behalf has provided, and will not provide it with any material or information regarding the Placing Shares or the Company; nor has it requested the Joint Bookrunners, nor any of their respective Affiliates nor any person acting on their behalf to provide it with any such material or information;

6. acknowledges that the content of this announcement is exclusively the responsibility of the Company and that neither the Joint Bookrunners, nor any of their respective Affiliates nor any person acting on their behalf will be responsible for or shall have any liability for any information, representation or statement relating to the Company contained in this Announcement or any information previously published by or on behalf of the Company and neither the Joint Bookrunners, nor any of their respective Affiliates nor any person acting on their behalf will be liable for any Placee's decision to participate in the Initial Placing based on any information, representation or statement contained in this Announcement or otherwise. Each Placee further represents, warrants and agrees that the only information on which it is entitled to rely and on which such Placee has relied in committing to subscribe for the Placing Shares is contained in this Announcement and any Exchange Information, such information being all that it deems necessary to make an investment decision in respect of the Placing Shares, and that it has relied on its own investigation with respect to the Placing Shares and the Company in connection with its decision to subscribe for the Placing Shares and acknowledges that it is not relying on any investigation that the Joint Bookrunners, any of their respective Affiliates or any person acting on their behalf may have conducted with respect to the Placing Shares or the Company and none of such persons has made any representations to it, express or implied, with respect thereto;

7. acknowledges that it has knowledge and experience in financial, business and international investment matters as is required to evaluate the merits and risks of subscribing for the Placing Shares. It further acknowledges that it is experienced in investing in securities of this nature and is aware that it may be required to bear, and is able to bear, the economic risk of, and is able to sustain, a complete loss in connection with the Initial Placing. It has had sufficient time to consider and conduct its own investigation with respect to the offer and subscription for the Placing Shares, including the tax, legal and other economic considerations and has relied upon its own examination and due diligence of the Company and its affiliates taken as a whole, and the terms of the Initial Placing, including the merits and risks involved;

8. represents and warrants that it if it has received any inside information (for the purposes of the MAR or other applicable law) about the Company in advance of the Initial Placing, it has not (a) dealt (or attempted to deal) in the securities of the Company; (b) encouraged, recommended or induced another person to deal in the securities of the Company; or (c) unlawfully disclosed such information to any person, prior to the information being made publicly available;

9. acknowledges that it has not relied on any information relating to the Company contained in any research reports prepared by the Joint Bookrunners, their respective Affiliates or any person acting on their behalf and understands that (i) neither the Joint Bookrunners, nor any of their respective Affiliates nor any person acting on their behalf has or shall have any liability for public information or any representation; (ii) neither the Joint Bookrunners, nor any of their respective Affiliates nor any person acting on their behalf has or shall have any liability for any additional information that has otherwise been made available to such Placee, whether at the date of publication, the date of this Announcement or otherwise; and that (iii) neither the Joint Bookrunners, nor any of their respective Affiliates nor any person acting on their behalf makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of such information, whether at the date of publication, the date of this Announcement or otherwise;

10. represents and warrants that (i) it is entitled to acquire the Placing Shares under the laws and regulations of all relevant jurisdictions which apply to it; (ii) it has fully observed such laws and regulations and obtained all such governmental and other guarantees and other consents and authorities which may be required thereunder and complied with all necessary formalities; (iii) it has all necessary capacity to commit to participation in the Initial Placing and to perform its obligations in relation thereto and will honour such obligations; (iv) it has paid any issue, transfer or other taxes due in connection with its participation in any territory; and (v) it has not taken any action which will or may result in the Company, the Joint Bookrunners, any of their respective Affiliates or any person acting on their behalf being in breach of the legal and/or regulatory requirements of any territory in connection with the Initial Placing;

11. it and each account it represents is not, and at the time the Placing Shares are subscribed for, neither it nor the beneficial owner of the Placing Shares will be, a citizen, resident or national of Australia, the Republic of South Africa, Canada, Japan, New Zealand, any Ineligible Member State or any jurisdiction in which it would be unlawful to make or accept an offer of the Placing Shares and acknowledges that the Placing Shares have not been and will not be registered under the securities legislation of Australia, the Republic of South Africa, Canada, Japan, New Zealand or any Ineligible Member State and, subject to certain exceptions, may not be offered, sold, transferred, taken up, renounced, distributed or delivered, directly or indirectly, within or into those jurisdictions;

12. it will not distribute, forward, transfer or otherwise transmit this Announcement or any other materials concerning the Initial Placing (including any electronic copies thereof), in or into the United States, Australia, the Republic of South Africa, Canada, Japan, New Zealand or any Ineligible Member State;

13. represents and warrants that it understands that the Placing Shares have not been and will not be registered under the Securities Act or under the securities laws of any state or other jurisdiction of the United States and may only be acquired in "offshore transactions" as defined in and pursuant to Regulation S under the Securities Act or in transactions exempt from or not subject to the registration requirements of the Securities Act;

14. represents and warrants that its acquisition of the Placing Shares has been or will be made in an "offshore transaction" as defined in and pursuant to Regulation S under the Securities Act;

15. represents and warrants that it will not offer or sell, directly or indirectly, any of the Placing Shares in the United States except in accordance with Regulation S or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act;

16. understands that upon the initial issuance of, and until such time as the same is no longer required under the Securities Act or applicable securities laws of any state or other jurisdiction of the United States, any certificates representing the Placing Shares (to the extent such Placing Shares are in certificated form), and all certificates issued in exchange therefore or in substitution thereof, shall bear a legend setting out the restrictions relating to the transfer of the certificated security including with respect to restrictions relating to the United States federal securities laws;

17. represents and warrants that, if it is a financial intermediary, as that term is used in Article 3(2) of the Prospectus Directive, the Placing Shares purchased by it in the Initial Placing will not be acquired on a non-discretionary basis on behalf of, nor will they be acquired with a view to their offer or resale to, persons in an Ineligible Member State or an Eligible Member State which has implemented the Prospectus Directive other than to persons (i) who are: "qualified investors" as defined in Article 2.1(e) of the Prospectus Directive or who otherwise fall within Article 3(2) of the Prospectus Directive (and which circumstances do not result in any requirement for the publication of a prospectus pursuant to Article 3 of the Prospectus Directive) and in each case (ii) who, if they are in Ireland, the United Kingdom, Belgium, France, Germany, the Netherlands, Spain or Sweden are also professional investors for the purposes of AIFMD or in circumstances in which the prior consent of the Joint Bookrunners has been given to the offer or resale;

18. represents and warrants that it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of section 21 of FSMA) relating to the Placing Shares in circumstances in which it is permitted to do so pursuant to section 21 of FSMA (to the extent applicable to it);

19. represents and warrants that it has complied and will comply with all applicable provisions of FSMA with respect to anything done by it in relation to the Placing Shares in, from or otherwise involving the United Kingdom;

20. represents and warrants that it has complied with its obligations under the Criminal Justice Act 1993, section 118 of FSMA, MAR and in connection with money laundering and terrorist financing under the Proceeds of Crime Act 2002 (as amended), the Terrorism Act 2000, the Terrorism Act 2006, the Money Laundering Regulations 2007 (the "Regulations") and the Money Laundering Sourcebook of the FCA and, if making payment on behalf of a third party, that satisfactory evidence has been obtained and recorded by it to verify the identity of the third party as required by the Regulations. If within a reasonable time after a request for verification of identity, the Joint Bookrunners have not received such satisfactory evidence, the Joint Bookrunners may, in their absolute discretion, terminate the Placee's participation in the Initial Placing in which event all funds delivered by the Placee to the Joint Bookrunners will be returned without interest to the account of the drawee bank or CREST account from which they were originally debited;

21. if in the United Kingdom, represents and warrants that it is (a) a person falling within Article 19(5) of the FPO or (b) a person falling within Article 49(2)(a) to (d) of the FPO and undertakes that it will acquire, hold, manage or dispose of any Placing Shares that are allocated to it for the purposes of its business;

22. if in Ireland, the United Kingdom, Belgium, France, Germany, the Netherlands, Spain or Sweden, represents and warrants that it is a qualified investor as defined in section 86(7) of FSMA, being a person falling within Article 2.1(e)(i), (ii) or (iii) of the Prospectus Directive;

23. represents and warrants that it is not located in an Ineligible Member State and, if it is located in the Republic of Ireland, United Kingdom, Belgium, France, Germany, the Netherlands, Spain or Sweden, represents and warrants that it is a professional investor for the purposes of the AIFMD;

24. if in Switzerland, represents and warrants that it is a person falling within the definition of "regulated qualified investor" as defined in Article 10(3)(a) and (b) of the Swiss Collective Investment Schemes Act of 23 June 2006, as amended;

25. undertakes that it (and any person acting on its behalf) will pay for the Placing Shares acquired by it in accordance with this Announcement on the due time and date set out herein against delivery of such Placing Shares to it, failing which the relevant Placing Shares may be placed with other Placees or sold as the Joint Bookrunners may, in their absolute discretion, determine and it will remain liable for any shortfall below the net proceeds of such sale and the placing proceeds of such Placing Shares and may be required to bear any stamp duty or stamp duty reserve tax (together with any interest or penalties due pursuant to the terms set out or referred to in this Announcement) which may arise upon the sale of such Placee's Placing Shares on its behalf;

26. acknowledges that neither the Joint Bookrunners, nor any of their respective Affiliates nor any person acting on their behalf is making any recommendations to it or advising it regarding the suitability or merits of any transaction it may enter into in connection with the Initial Placing, and acknowledges that neither the Joint Bookrunners, nor any of their respective Affiliates nor any person acting on their behalf has any duties or responsibilities to it for providing advice in relation to the Initial Placing or in respect of any representations, warranties, undertakings or indemnities contained in the Placing Agreement or for the exercise or performance of any of the Joint Bookrunners' rights and obligations thereunder, including any right to waive or vary any condition or exercise any termination right contained therein;

27. undertakes that (i) the person whom it specifies for registration as holder of the Placing Shares will be (a) the Placee or (b) the Placee's nominee, as the case may be, (ii) neither the Joint Bookrunners nor the Company will be responsible for any liability to stamp duty or stamp duty reserve tax resulting from a failure to observe this requirement and (iii) the Placee and any person acting on its behalf agrees to acquire the Placing Shares on the basis that the Placing Shares will be allotted to the CREST stock account of one of the Joint Bookrunners which will hold them as settlement agent as nominee for the Placee until settlement in accordance with its standing settlement instructions with payment for the Placing Shares being made simultaneously upon receipt of the Placing Shares in the Placee's stock account on a delivery versus payment basis;

28. acknowledges that these terms and conditions and any agreements entered into by it pursuant to these terms and conditions, and any non-contractual obligations arising out of or in connection with such agreements, shall be governed by and construed in accordance with the laws of Ireland and it submits (on behalf of itself and on behalf of any person on whose behalf it is acting) to the exclusive jurisdiction of the Irish courts as regards any claim, dispute or matter arising out of any such contract, except that enforcement proceedings in respect of the obligation to make payment for the Placing Shares (together with any interest chargeable thereon) may be taken by the Joint Bookrunners or the Company in any jurisdiction in which the relevant Placee is incorporated or in which any of its securities have a quotation on a recognised stock exchange;

29. acknowledges that it irrevocably appoints any director of either Joint Bookrunners as its agent for the purposes of executing and delivering to the Company and/or its registrars any documents on its behalf necessary to enable it to be registered as the holder of any of the Placing Shares agreed to be taken up by it under the Initial Placing;

30. represents and warrants that it is not a resident of any Prohibited Jurisdiction and acknowledges that the Placing Shares have not been and will not be registered nor will a prospectus be cleared in respect of the Placing Shares under the securities legislation of any Prohibited Jurisdiction and, subject to certain exceptions, may not be offered, sold, taken up, renounced, delivered or transferred, directly or indirectly, within any Prohibited Jurisdiction;

31. represents and warrants that any person who confirms to the Joint Bookrunners on behalf of a Placee an agreement to subscribe for Placing Shares and/or who authorises the Manager to notify the Placee's name to the Company's registrar, has authority to do so on behalf of the Placee;

32. acknowledges that the agreement to settle each Placee's acquisition of Placing Shares (and/or the acquisition of a person for whom it is contracting as agent) free of stamp duty and stamp duty reserve tax depends on the settlement relating only to an acquisition by it and/or such person direct from the Company of the Placing Shares in question. Such agreement assumes that the Placing Shares are not being acquired in connection with arrangements to issue depositary receipts or to issue or transfer the Placing Shares into a clearance service. If there were any such arrangements, or the settlement related to other dealing in the Placing Shares, stamp duty or stamp duty reserve tax may be payable, for which neither the Company nor the Joint Bookrunners will be responsible. If this is the case, the Placee should take its own advice and notify the Joint Bookrunners accordingly;

33. acknowledges that the Placing Shares will be issued and/or transferred subject to the terms and conditions set out in this Announcement (including this Appendix);

34. acknowledges that when a Placee or any person acting on behalf of the Placee is dealing with a Joint Bookrunners, any money held in an account with such Joint Bookrunners on behalf of the Placee and/or any person acting on behalf of the Placee will not be treated as client money within the meaning of the relevant rules and regulations of that Joint Bookrunners. The Placee acknowledges that the money will not be subject to the protections conferred by the client money rules; as a consequence, this money will not be segregated from the Joint Bookrunners money in accordance with the client money rules and will be used by the Joint Bookrunners in the course of its business; and the Placee will rank only as a general creditor of the Joint Bookrunners (as the case may be);

35. acknowledges and understands that the Company, the Joint Bookrunners, and others will rely upon the truth and accuracy of the foregoing representations, warranties, agreements, undertakings and acknowledgements;

36. acknowledges that the basis of allocation will be determined by the Company and Joint Bookrunners at their absolute discretion. The right is reserved to reject in whole or in part and/or scale back any participation in the Initial Placing;

37. acknowledges and understands that the Placing Shares shall not qualify for the Q2 Dividend;

38. irrevocably authorises the Company and the Joint Bookrunners to produce this Announcement pursuant to, in connection with, or as maybe required by any applicable law or regulation, administrative or legal proceeding or official inquiry with respect to the matters set forth herein; and

39. that its commitment to subscribe for Placing Shares on the terms set out herein will continue notwithstanding any amendment that may in future be made to the terms of the Initial Placing and that Placees will have no right to be consulted or require that their consent be obtained with respect to the Company's conduct of the Initial Placing.

The acknowledgements, agreements, undertakings, representations and warranties referred to above are given to each of the Company and the Joint Bookrunners (for their own benefit and, where relevant, the benefit of its Affiliates and any person acting on their behalf) and are irrevocable.

No claim shall be made against the Company, the Joint Bookrunners, their respective Affiliates or any other person acting on behalf of any of such persons by a Placee to recover any damage, cost, charge or expense which it may suffer or incur by reason of or arising from the carrying out by it of the work to be done by it pursuant hereto or the performance of its obligations hereunder or otherwise in connection with the Initial Placing.

The acknowledgements, agreements, undertakings, representations and warranties referred to above may be waived or modified in whole or in part in respect of any Placee with the prior agreement of the Company and the Joint Bookrunners.

No Irish or UK stamp duty or stamp duty reserve tax should be payable to the extent that the Placing Shares are issued or transferred (as the case may be) into CREST to, or to the nominee of, a Placee who holds those shares beneficially (and not as agent or nominee for any other person) within the CREST system and registered in the name of such Placee or such Placee's nominee.

Any arrangements to issue or transfer the Placing Shares into a depositary receipts system or a clearance service or to hold the Placing Shares as agent or nominee of a person to whom a depositary receipt may be issued or who will hold the Placing Shares in a clearance service, or any arrangements subsequently to transfer the Placing Shares, may give rise to stamp duty and/or stamp duty reserve tax, for which neither the Company nor the Joint Bookrunners will be responsible and the Placee to whom (or on behalf of whom, or in respect of the person for whom it is participating in the Initial Placing as an agent or nominee) the allocation, allotment, issue or delivery of Placing Shares has given rise to such stamp duty or stamp duty reserve tax undertakes to pay such stamp duty or stamp duty reserve tax forthwith and to indemnify on an after-tax basis and to hold harmless the Company and the Joint Bookrunners in the event that any of the Company and/or the Joint Bookrunners have incurred any such liability to stamp duty or stamp duty reserve tax.

In addition, Placees should note that they will be liable for any capital duty, stamp duty and all other stamp, issue, securities, transfer, registration, documentary or other duties or taxes (including any interest, fines or penalties relating thereto) payable outside Ireland and the UK by them or any other person on the acquisition by them of any Placing Shares or the agreement by them to acquire any Placing Shares.

All times and dates in this Announcement may be subject to amendment. The Joint Bookrunners shall notify the Placees and any person acting on behalf of the Placees of any such changes.

This Announcement has been issued by the Company and is the sole responsibility of the Company.

Each Placee, and any person acting on behalf of the Placee, acknowledges that the Joint Bookrunners do not owe any fiduciary or other duties to any Placee in respect of any representations, warranties, undertakings or indemnities in the Placing Agreement.

Each Placee and any person acting on behalf of the Placee acknowledges and agrees that the Joint Bookrunners or any of its their respective may, at their absolute discretion, agree to become a Placee in respect of some or all of the Placing Shares.

The rights and remedies of the Joint Bookrunners and the Company under these terms and conditions are in addition to any rights and remedies which would otherwise be available to each of them and the exercise or partial exercise or partial exercise of one will not prevent the exercise of others.

Each Placee may be asked to disclose in writing or orally to the Joint Bookrunners:

   (a)     if he is an individual, his nationality; or

(b) if he is a discretionary fund manager, the jurisdiction in which the funds are managed or owned.

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 or visit www.rns.com.

END

IOEBRGDRUSGBGII

(END) Dow Jones Newswires

July 09, 2018 02:00 ET (06:00 GMT)

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