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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
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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
Monday, 08 February 2021
Pinnacle Renewable Energy Inc. has announced that it has entered into an arrangement agreement with Drax Group and its wholly-owned subsidiary, Drax Canadian Holdings Inc., pursuant to which Drax will acquire all of the issued and outstanding common shares of Pinnacle in an all-cash transaction valued at C$831 million, including the assumption of net debt and Pinnacle s non-controlling interests in its joint ventures. Working forest in LaSalle BioEnergy catchment area, Louisiana (Drax)
Duncan Davies, Pinnacle s CEO, said Pinnacle s Board of Directors has unanimously determined that the transaction represents the best course of action for the company and its shareholders. On closing, the transaction will deliver immediate, significant and certain cash value to our shareholders. At the same time, the combination of Pinnacle and Drax will create a global leader in sustainable biomass with the vision, technical expertise and financial strength to he
Drax is pleased to announce that it has signed an agreement (the Acquisition Agreement ) with Pinnacle Renewable Energy Inc. (PL.TO) ( Pinnacle ), providing for the acquisition by Drax Canadian Holdings Inc., an indirect, wholly-owned subsidiary of Drax, of the entire issued share capital of Pinnacle (the Acquisition ). The Acquisition will be implemented by way of a statutory plan of arrangement in accordance with the laws of the Province of British Columbia, Canada, at a price of C$11.30 per share (representing a premium of 13% based on the closing market price as at 5 February 2021 of C$10.04 per share and valuing the fully diluted equity of Pinnacle at C$385 million (£226 million