Monday 15th March 2021 |
Text too small? |
Infratil welcomes the announcement today by Tilt Renewables Limited (Tilt) that it has entered into a Scheme Implementation Agreement (SIA) with Powering Australian Renewables (PowAR) and Mercury NZ Limited (Mercury). Under the SIA, it is proposed that PowAR will effectively acquire Tilt’s Australian business and Mercury will acquire Tilt’s New Zealand business by way of a Scheme of Arrangement (Scheme), and Tilt shareholders will receive NZ$7.80 per share in cash (Transaction). Tilt’s announcement is attached.
As part of the Transaction, Infratil has entered into a binding Voting Deed with PowAR under which Infratil has committed to vote all the Tilt shares that it controls, representing 65.5% of Tilt shares on issue, in favour of the Scheme.
The Transaction follows Infratil’s announcement on 7 December 2020 that it had initiated a strategic review of its shareholding in Tilt. Jason Boyes, incoming Infratil CEO, said “We are very pleased with the outcome of the strategic review, which involved an extensive outreach program to identify potential bidders around the world, followed by a highly competitive auction process run by Tilt. We believe the price offered by PowAR and Mercury represents compelling value for Tilt and Infratil is pleased to support the transaction.”
Subject to any pre-completion dividends, Infratil’s gross proceeds from the sale of its 65.5% stake in Tilt will be approximately NZ$1,926.1 million. As at 30 September 2020, Infratil’s carrying value of Tilt was NZ$704.1 million and the sale price represents a ~99% premium to the Tilt share price prior to Infratil’s 7 December 2020 announcement.
Infratil’s investment in Tilt originated when Tilt was part of Trustpower and Infratil has been a strong supporter of the company’s growth since Tilt was demerged from Trustpower in 2016.
The Scheme is currently expected to take approximately 4 months to be implemented. Implementation of the Scheme remains subject to a number of conditions and termination events, which are summarised in Tilt’s announcement. The Voting Deed is attached to Infratil’s Substantial Product Holder Notice, a copy of which is also attached.
Please see the links below for details:
No comments yet
Second St John withdrawal of labour takes effect tomorrow with further strikes likely
Sanford Appoints Independent Director
CRP ADVISES CLOSURE OF SHARE OFFER TO EXISTING INVESTOR
Devon Funds Morning Note - 14 August 2024
OCR 5.25% - Monetary restraint tempered as inflation converges on target
Consumers still need due diligence as new deposit takers emerge.
Woolworths strike: staff asked to dress up in Disney costumes for a week on their own dollar
Turners Invests in Quashed Online Insurance Platform
PGW Reports on Challenging Year
Arvida Announces Executive Team Changes