Business
Offer for Harmony Energy Income Trust Plc
Offer for Harmony Energy Income Trust Plc.
About this update from Drax Group Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO 596/2014 (INCORPORATED INTO UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 AS AMENDED BY VIRTUE OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\nFOR IMMEDIATE RELEASE\n \n25 March 2025\nRECOMMENDED CASH ACQUISITION\nof\nHarmony Energy Income Trust Plc (\"HEIT\")\nby\nDrax BESS Holdco Limited (\"Drax Bidco\")\nto be effected by means of a scheme of arrangement\nunder Part 26 of the Companies Act 2006\n \nSummary\n· The board of directors of each of Drax Bidco and HEIT are pleased to announce that they have reached agreement on the terms of a recommended cash acquisition pursuant to which Drax Bidco, a wholly-owned subsidiary undertaking of Drax, will acquire the entire issued ordinary share capital of HEIT (the \"Acquisition\"). The Acquisition is intended to be effected by means of a scheme of arrangement under Part 26 of the Companies Act.\n· Under the terms of the Acquisition, HEIT Shareholders shall be entitled to receive:\nfor each Scheme Share: 88.0 pence in cash\n· The Consideration per Scheme Share values the entire issued share capital of HEIT at approximately £199.9 million and represents a premium of approximately:\no 5 per cent. to the Foresight possible offer of 84.0 pence per HEIT Share on 17 March 2025 (being the date of the Foresight Rule 2.4 Announcement); \no 35 per cent. to the Closing Price of 65.2 pence per HEIT Share on 14 March 2025 (being the last Business Day prior to the date of the Foresight Rule 2.4 Announcement); \no 11 per cent. to the Closing Price of 79.2 pence per HEIT Share on 24 March 2025 (being the last Business Day prior to the date of this announcement);\no 84 per cent. ...