$UKW (+0.38%) The Annual General Meeting (AGM) of Greencoat UK Wind plc took place on April 24, 2025. All 17 resolutions put to the vote were approved with the required majority. Of particular note is the approval to continue as a going concern under resolution 17, despite 11.31% of shareholders voting in favor of termination. The Board plans to enter into dialog with these shareholders to better understand their concerns.
The capital allocation was also discussed at the Annual General Meeting. The company announced a further £100 million share buyback program, doubling the total volume of buybacks to £200 million. This measure is aimed at stabilizing the share price and increasing shareholder value.
Despite a challenging market environment with lower electricity prices and reduced wind availability, Greencoat UK Wind recorded strong cash generation of £278.7 million in 2024. The company paid a total dividend of 10 pence per share and plans to increase this to 10.35 pence per share in 2025, in line with RPI inflation.
In addition, the company sold 40% of its shares in the Dalquhandy and Douglas West onshore wind farms for £41 million. The proceeds were used to repay debt and finance further share buybacks.
Overall, Greencoat UK Wind is robust despite the current challenges and is focusing on strategic capital allocation in order to create long-term value for shareholders.