16 June 2014

REN shares admitted to trading at EURONEXT Lisbon on june 17th

Euronext announced today that the sale of the 11% of the share capital of REN-Redes Energéticas Nacionais, SGPS, S.A. still held by the Portuguese State, generated proceeds of EUR 157 million. The 58,740,000 shares offered for sale will be admitted to trading in the regulated market Euronext Lisbon on June 17th, allowing the company's free-float to increase from the current 20% to 30%.

The price of the second phase of the reprivatisation of REN was set at EUR 2.68. The company's shares closed today at EUR 2.72, which means a market capitalization of approximately EUR 1,500 million, considering the 534 million shares corresponding to its share capital.

The Portuguese State decided to sell the remaining 11% which it still held in the company led by Rui Vilar through a Public Offering (IPO) in the national market and a direct institutional sale aimed at national and foreign qualified investors.

Of the 58,740,000 shares offered for sale, 11,748,000 shares were allocated to the IPO, including 587,400 shares offered to the employees and 11,160,600 shares offered to the general public. The Direct Institutional Sale was of 46,992,000 shares. Approximately 1,7 million shares of the IPO tranche were reallocated to the institutional sale.

Following the IPO, REN raised 2,155 new shareholders.

'We are very pleased with the success of REN's Offering, a transaction which underlines the importance of the Portuguese capital markets and Euronext Lisbon as a supporting tool for privatizations open to all the investors', said Luís Laginha de Sousa, Chairman and CEO of Euronext Lisbon. 'The increase in REN's free float created by this transaction is also a positive element for the market as a whole', he added.

'The complete privatization of REN´s capital closes a cycle that began with the autonomization of the transport function in the energy value chain. Today we reach a full independence between the concession grantor State and the concession grantee REN, and therefore the conclusion of the institutional model', said Emílio Rui Vilar, CEO of REN. 'I am pleased with the outcome of the transaction because, in addition to the clear demonstration of investors' confidence, it allowed the increase in the free-float and stock liquidity, which is a positive sign to the shareholders and a greater challenge to both the management and employees', he added.


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