Business
Company Update
Company Update.
About this update from Aquila European Renewables Plc Registered
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION, RELEASE, OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN, OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL OR TO U.S. PERSONS. THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER TO ISSUE OR SELL, OR ANY SOLICITATION OF ANY OFFER TO SUBSCRIBE OR PURCHASE, ANY INVESTMENTS IN ANY JURISDICTION.\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.\nFor immediate release\n \nLEI: 213800UKH1TZIC9ZRP41 \n20 June 2024\nAquila European Renewables plc\nCompany Update\nAs outlined in the Chairman's Letter in the 2022 Annual Report and again on 30 May 2023, the Board of Aquila European Renewables plc (\"AERI\" or the \"Company\") committed to explore a number of different initiatives to help address the issues facing the sector and secure recognition in the Company's share price of the real underlying value of its portfolio.\nThe Company then announced on 22 December 2023, that it was also considering broader options for the future of the Company, including the possible combination with another listed investment company by way of a section 110 scheme of reconstruction under the Insolvency Act 1986 (the \"Section 110 Review\"). Despite engaging with multiple parties as part of the Section 110 Review, AERI announced on 10 May 2024 that the Section 110 Review had been terminated in response to shareholder feedback. At the same time, AERI confirmed that it was continuing with a review of broader options including the potential sale of some or all of the assets of the Company for cash.\nSince the Company's announcement on 22 December 2023 the Board has w...