Back

HEIT

0.00%
NEUTRAL

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