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Greencoat Uk Wind GREENCOAT UK WIND Greencoat UK Wind PLC Share Issuance Programme 3 September 2020 SUMMARY Section A – Introduction and Warnings This Summary should be read as an introduction to the Securities Note and Registration Document (together with this Summary, the “Prospectus”). Any decision to invest in the securities should be based on consideration of the Prospectus as a whole by the investor. The investor could lose all or part of the invested capital. Where a claim relating to the information contained in a prospectus is brought before a court, the plaintiff investor might, under the national legislation of any sovereign state which is a member of the European Union, have to bear the costs of translating such prospectus before the legal proceedings are initiated. Civil liability attaches only to those persons who have tabled the summary including any translation thereof, but only if the summary is misleading, inaccurate or inconsistent when read together with the othe9r parts of the Prospectus or it does not provide, when read together with the other parts of the Prospectus, key information in order to aid investors when considering whether to invest in such securities. You are about to purchase a product that is not simple and may be difficult to understand. Name and ISIN of the Ordinary shares of one pence each in the capital of the Company securities: (the “Ordinary Shares”). The ISIN of the New Shares is GB00B8SC6K54 and the SEDOL is B8SC6K5. Identity of issuer: Greencoat UK Wind PLC (the “Company”), a public limited company incorporated in England and Wales with company registration number 08318092 and whose registered address is at 27-28 Eastcastle Street, London W1W 8DH. LEI: 213800ZPBBK8H51RX165. Identity of offeror of the Other than the Company, there are no other persons or entities securities: offering to sell Ordinary Shares in the programme under which the Company intends to issue new Ordinary Shares (“New Shares”) in tranches (the “Share Issuance Programme”). Identity of competent authority The Financial Conduct Authority (the “FCA”), 12 Endeavour approving prospectus: Square, London, E20 1JN. Telephone number: +44 20 7066 1000. Date of approval of Prospectus 3 September 2020 Section B – Key Information on the Issuer Who is the issuer of the securities? The Company is a public limited company incorporated in England and Wales (company number: 08318092, LEI: 213800ZPBBK8H51RX165), whose registered address is at 27-28 Eastcastle Street, London W1W 8DH, and is a closed-ended investment company with an indefinite life. The Company is registered as an investment company under section 833 Companies Act 2006 (as amended) (“CA 2006”) and is an investment trust under section 1158 of the Corporations Tax Act 2010 (as amended). The Company is also an alternative investment fund for the purposes of the Directive 2011/61/EU of the European Parliament and of the Council, as amended from time to time (“AIFMD”) and subject to the Listing Rules and the disclosure rules and the transparency rules made by the FCA under Part VI of the Financial Services and Markets Act 2000 (“FSMA”). An investment in the Company enables investors to gain exposure to a portfolio of wind energy electricity generation assets in the UK. The Company’s existing portfolio (the “Portfolio”) consists of interests in special purpose vehicles (“SPVs”) that hold particular wind farm assets and the Company intends to acquire further investments in accordance with the Company’s investment policy (“Further Investments”), which will also comprise all or part of an existing SPV that already holds a particular wind farm. The Company will invest mostly in operating UK wind farms. The Company’s aim is to provide investors with an annual dividend per Ordinary Share that increases in line with retail price index (“RPI”)inflation while preserving the capital value of its investment portfolio on a real basis over the long term through reinvestment of excess cashflow and the prudent use of gearing. The board of directors of the Company (the “Board”) comprises of Shonaid Jemmett- Page (Chairman), William Rickett C.B., Martin McAdam, Lucinda Riches C.B.E., and Caoimhe Giblin. Greencoat Capital LLP (the “Investment Manager”) has been appointed to act as the 1 alternative investment fund manager of the Company in compliance with the provisions of the AIFMD. As at the close of business on 21 August 2020 (being the latest practicable date prior to the publication of the Prospectus), the following parties were known to be the Company’s major Shareholders: Ordinary Shares Ordinary Shares currently held Shareholder currently held (%) Newton Investment Management 127,407,406 8.39 Rathbone Investment Management 84,426,500 5.56 Legal & General Investment Management 78,020,355 5.14 Investec Wealth & Investment Limited 74,074,659 4.88 FIL Investment International 66,939,002 4.41 Tilney Investment Management 51,286,072 3.38 Aviva Investors 50,879,327 3.35 M&G Investments 50,585,541 3.33 Insight Investment Management 49,250,818 3.24 Save as set out in the table immediately above, as at the close of business on 21 August 2020 (being the latest practicable date prior to the publication of the Prospectus), the Company is not aware of any person who, immediately following the initial admission of any New Shares to the Official List (premium listing) and admission of the New Shares to trading on the main market for listed securities of the London Stock Exchange (the “Initial Admission”), could, directly or indirectly, jointly or severally, exercise control over the Company or any person who would be directly or indirectly interested in three per cent. or more of the Company’s issued share capital. The statutory auditor for the Company and its subsidiaries (the “Group”) is BDO LLP of 55 Baker Street, London, W1U 7EU. What is the key financial information regarding the issuer? The selected historical financial information set out below, which has been prepared under IFRS, has been extracted without material adjustment from the audited financial statements of the Company for the three financial periods ended 31 December 2017, 2018, 2019 and, where applicable, from the unaudited financial statements for the Company for the six-month periods ended 30 June 2019 and 2020: Table 1: Additional information relevant to closed ended funds Total NAV Number of NAV per share Share Class (£m)* Shares* (p)* Historical performance Ordinary Shares 1,842.8 1,517,537,310 121.4 Financial period ended 31 December 2019 During the year, the Group achieved net cash generation (Group and wind farm SPVs) of £127.7 million, NAV growth of -1.4%, and declared total dividends of 6.94 pence per share. As at 31 December 2019, the Company’sNAV per share was 121.4 pence and its share price was 150.4 pence. Financial period ended 31 December 2018 During the year, the Group achieved net cash generation (Group and wind farm SPVs) of £117.3 million, NAV growth of 10.8%, and declared total dividends of 6.76 pence per share. As at 31 December 2018, the Company’s NAV per share was 123.1 pence and its share price was 126.0 pence. *This information is accurate as at 31 December 2019 2 Table 2: Income statement for closed ended funds As at As at As at As at As at 30 June 30 June 31 Dec 2019 31 Dec 2018 31 Dec 2017 2020 2019 (£’000) (£’000) (£’000) (£’000)* (£’000)* Total net income/net investment income or total income before operating expenses 89,236 232,236 81,744 53.423 40,528 Net profit/(loss) 43,294 202,381 59,868 32.469 16,658 Performance fee N/A N/A N/A N/A N/A Investment management fee 16,491 13,189 9,668 8,864 7,327 Earnings per share 3.14 18.54 7.59 2.14 1.34 *Unaudited Table 3: Balance sheet for closed ended funds As at As at As at As at As at 31 December 31 December 31 December 30 June 30 June 2019 2018 2017 2020* 2019* Total Net Assets (£m) 1,842.8 1,392.8 1,144.0 1,822.7 1,868.1 Leverage ratio (as a percentage of GAV) 25 26 19 26 24 *Unaudited The accountant’s reports on the historical financial information incorporated by reference in this Prospectus were unqualified. What are the key risks that are specific to the issuer? The key risk factors relating to the Group are: * if at any point the UK Government were to withdraw, reduce or change its support for renewable energy, including generation of electricity from wind, this may have a material adverse effect on the support of national or international authorities in respect of the promotion of the use of energy from renewable sources, including wind generation. If this reduces the value of the government subsidies that wind energy generators are entitled to, it may have a material adverse effect on the Group if applied retrospectively to current operating projects including those in the Portfolio. In addition, unexpected success in other areas of renewable energy (such as renewable heat) may reduce pressure on national governments to develop renewable electricity generation. This may affect the Company’s future investment opportunities; * a change of UK Government, or change in UK Government direction regarding renewable energy, could lead to future unfavourable renewable energy policies. Unfavourable renewable energy policies if applied retrospectively to current operating projects, including those in the Portfolio, could adversely impact the market price for renewable energy or the government subsidies earned from generating renewable energy; * a decline in the market price of electricity from the levels anticipated by the Company could materially adversely affect the Group’s revenues and financial condition.
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