Clipper Windpower Plc has announced that United Technologies Corporation has bought 84.3 million ordinary shares in Clipper, raising gross proceeds of £126.5 million (US$206 million). The newly issued shares were admitted to trading on 12 January.
The background to the deal is that in December last year Clipper announced the signing of an agreement for an equity investment into Clipper by UTC, a manufacturer of high technology products and services to the building systems and aerospace industries.
The investment represents a stake of approximately 39.3 per cent of the issued share capital of the Company (as enlarged by the new share Subscription and with the conclusion of a partial share offer on the same day brought UTC's holding to 49.5%. The US$206 million of proceeds significantly strengthen Clipper’s balance sheet, enabling the company to 'enhance its operations and pursue its strategic initiatives.'
Under the terms of the agreement, Kenneth Brown, Joseph G. Michels and Finn M. Hansen resigned from the Clipper board of directors. They will be replaced in non-executive capacities by Ronald E. Bruehlman, Peter Christman, An-Ping Hsieh, Robert Leduc and Dr. J. Michael McQuade, all of whom have been nominated by UTC.
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