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NTR reacts to reports of asset sale

Friday, August 29 16:57:32

Renewable energy group, NTR, today reacted to media reports of an imminent radical restructure of the group, including the sell-off of its wind energy assets.

The Irish Times reported that such a plan was agreed by its three major shareholders and presented to the company's senior executives on July 29th - a day before NTR's board of directors met.

The report said that the plan involved an agreement to sell NTR's wind assets in the United States, which would be followed by a tender offer that would allow One51 and Pageant Holdings to sell their stock with Woodford Capital, which is controlled by NTR chairman Tom Roche and his family, becoming a majority shareholder. Woodford holds 38 per cent of NTR's shares, with One51 owning 23.56 and Pageant holding almost 10 per cent.

NTR today said that, at the end of June, the Board was made aware of a proposal that discussions would take place between the three shareholders, as well as an indication of what the parties were seeking to agree.

"The Board was not however a party to those discussions on the understanding that it would review and consider any proposal that may be brought by the shareholders should they come to an agreed position. It was understood that if the shareholders were to put forward an agreed proposal to the Board, the Board would then independently review any such proposal and determine whether or not it would be in the best interests of the Company and its shareholders. In the event, while the three shareholders independently wrote to the Board regarding their respective positions at the end of July and there appeared to be commonality of views between the three shareholder groups, it was clear that no agreed proposal could be or was put to the Board for consideration by the three shareholders," a statement said.

"The Board is concerned about the fuelling of speculation that appears to be taking place which has the potential to undermine the continuation of the strong progress the Company has made over the past year. The Board has no further comment to make on these matters at this time," it added.

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