The contents of this announcement have been prepared by and are the sole responsibility of Drax Group plc (the Company ). RBC Europe Limited ( RBC ), which is authorised by the Prudential Regulation Authority (the PRA ) and regulated in the United Kingdom by the Financial Conduct Authority ( FCA ) and the PRA, is acting exclusively for the Company and for no one else in connection with the Acquisition, the content of this announcement and other matters described in this announcement and will not regard any other person as its clients in relation to the Acquisition, the content of this announcement and other matters described in this announcement and will not be responsible to anyone other than the Company for providing the protections afforded to its clients nor for providing advice to any other person in relation to the Acquisition, the content of this announcement or any other matters referred to in this announcement.
Canadian wood pellet industry movements and update
March 9, 2021 March 9, 2021
Topics
Drax Group to acquire Pinnacle Renewable Energy
On Feb. 8, 2021, Pinnacle Renewable Energy Inc. announced that the company has entered into an arrangement agreement with Drax Group plc and its wholly-owned subsidiary, Drax Canadian Holdings Inc. will acquire all issued and outstanding common shares of Pinnacle in an all-cash transaction valued at C$831 million. The deal includes the assumption of net debt and Pinnacle’s non-controlling interests in its joint ventures.
For Drax, the transaction will aim to increase self-supply of biomass and reduce biomass production costs, reinforcing the company’s position as the world’s most prominent sustainable biomass generation and supply business. Pinnacle meanwhile recently reported record production volumes and the company’s best quarterly performance to date, reaching revenues of $131.7 million in 3Q 2020, a 42 per cent increa
Pinnacle Renewable Energy Announces Filing of Meeting Materials and Granting of Interim Order in respect of Arrangement with Drax Group
News provided by
Share this article
Share this article
VANCOUVER, BC, March 2, 2021 /CNW/ - Pinnacle Renewable Energy Inc. ( Pinnacle or the Company ) (TSX: PL), today announced it has filed and is in the process of mailing the management information circular (the Circular ) and related materials for the special meeting (the Meeting ) of the holders (the Shareholders ) of common shares (the Shares ) of the Company. At the Meeting, Shareholders will be asked to consider and, if deemed advisable, to pass a special resolution (the Arrangement Resolution ) approving the previously announced plan of arrangement under the