NTR, the tolling and infrastructure group, has confirmed that it will proceed with a €150 million share issue in September.
The company said it will issue about 28 million shares at a price close to the current share price of €5.30, valuing the company at €1.03 billion. The bulk of the shares will be placed with large existing shareholders including the Roche family. Smaller shareholders and non-shareholders will also have the opportunity to buy shares.
NTR is not listed on any stock exchange and its shares are traded unofficially by stockbrokers in what is known as the "grey market".
Addressing shareholders at its annual general meeting in Dublin yesterday, NTR chief executive, Jim Barry, said the share placing will provide the ongoing financial strength and flexibility to support the continued expansion of the group.
NTR said it expects the group's growth, and in particular, the business development opportunities now emerging as a result of the strategic refocusing of the business, will provide opportunities for some €2 billion to €2.5 billion in total capital expenditure across the group over the next three years.
Mr Barry said the share placing will be a three- to four-week process. The group is also reviewing its options in relation to its Irish broadband company, NTR Broadband, which it said has 25,000 customers. It is considering seeking an independent listing for the company to bring in new equity investors. A trade sale may also happen, he said. Given the amount of activity within the telecoms sector, the company could attract offers.
NTR has been repositioning itself diversifying from a purely toll roads business to an international renewable energy and sustainable waste management business. This comes as the Government intends to abolish toll collection at West Link.
NTR's businesses in the renewable energy and sustainable waste management side include the recycling-based waste management business Greenstar, a new bioenergy unit Bioverda and a wind energy subsidiary, Airtricity. Some €2 billion is expected to be spent over the next three years on growing these three businesses.
