Harmony Energy Income Trust Announces Recommended Acquisition by Drax
Why we think this is neutral
This RNS announcement is a general update on a recommended acquisition, which does not contain any of the mandatory news types specified. Therefore, a neutral sentiment score is assigned.
Key Points
- Recommended cash acquisition of HEIT by Drax BESS Holdco Limited
- Acquisition to be implemented by a court-sanctioned scheme of arrangement
- Offer price of 88.0 pence per HEIT share, representing a premium of approximately 35% to the closing price on 14 March 2025
Summary
The investment company announces a recommended cash acquisition by Drax BESS Holdco Limited, to be implemented by a court-sanctioned scheme of arrangement.
Harmony Energy Income Trust Plc (HEIT) has announced that the boards of HEIT and Drax BESS Holdco Limited have reached agreement on the terms of a recommended cash acquisition, pursuant to which Drax Bidco will acquire the entire issued ordinary share capital of HEIT. The acquisition will be implemented by way of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006.
Key Dates
7 May 2025
Court Meeting and General Meeting
17 June 2025
Effective Date of the Scheme
GENERAL UPDATE