NTR plc is planning to split its European wind business from the rest of the company, according to a statement issued by the company.
The Group issued a circular to its shareholders proposing the demerger of its European wind business from the other parts of the Group and a share redemption at €2.25 per share.
In order to demerge its European wind business and maximise the amount of the proposed redemption, both shareholder and High Court approval will be required.
It is proposed that the European wind business will be demerged from other parts of the Group into a new holding company. The new holding company will hold the European wind business following the demerger and will also hold cash to fund the share redemption.
According to the statement: “Immediately following the demerger, the existing shareholders in NTR plc will hold shares in the new holding company in the same proportion to the NTR shares that they hold at the time of the demerger. Shareholders may apply to have all (but not part) of their shareholding in the new holding company that holds the European wind business redeemed and to receive a redemption payment of €2.25 per share.”
Following the demerger, NTR plc will be renamed Altas plc. At the same time, the new holding company for the European wind business will be renamed NTR plc.