Sharechat Logo

Tilt Renewables Limited (NZX: TLT) TLT Board Recommends Acquisition Proposal from Consortium

Monday 15th March 2021

Text too small?

Tilt Renewables Limited has entered into a Scheme Implementation Agreement (SIA) with Powering Australian Renewables (PowAR) and Mercury NZ Limited (Mercury) (together, the Consortium) under which it is proposed that PowAR will effectively acquire Tilt Renewables’ Australian business and Mercury will acquire Tilt Renewables’ New Zealand business.

This transaction will be implemented by way of Scheme of Arrangement (the Scheme) where Tilt Renewables shareholders will receive NZ$7.80 per share in cash.

Tilt Renewables’ decision to enter into the SIA with the Consortium follows a competitive sale process during which Tilt Renewables received multiple binding proposals to acquire the company.

Bruce Harker, Chair of Tilt Renewables, said “This compelling acquisition proposal is a result of Tilt Renewables’ constant focus on delivering long-term value for shareholders and the Board is pleased that, with these new owners, the transition to renewables in Australia and New Zealand will continue to accelerate.”

PowAR has entered into a voting deed with Infratil. Under the terms of the deed, subject to customary conditions, Infratil has agreed to vote its entire 65.5% shareholding in Tilt Renewables in favour of the Scheme.

Mercury, currently Tilt Renewables’ second largest shareholder, behind Infratil, with a 19.92% shareholding has agreed to vote its entire shareholding in favour of the Scheme, as a separate interest class.

In the absence of a superior proposal, and subject to the Scheme Consideration being within or above the Independent Adviser’s value range, the Non-Conflicted Directors of Tilt Renewables intend to vote their shares in favour of the proposed Scheme and recommend that other shareholders also vote in favour.

Tilt Renewables shareholders will have the opportunity to vote on the Scheme at a meeting likely to be held in around four months’ time. Therefore, Tilt Renewables shareholders do not need to take any action at this time. The Scheme is subject to customary conditions, some regulatory approvals (including Overseas Investment Office (NZ) and Foreign Investment Review Board (AU)), shareholder approval and ultimately High Court approval in New Zealand.

Please see the link below for details:

Board recommends acquisition proposal from a consortium of Powering Australian Renewables and Mercury NZ


Source: Tilt Renewables Limited

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

GSH Appointment of new Chairman
Greenfern secures agreement to supply medicinal cannabis
Rua on track to export to Germany by year end
Seeka releases Sustainability Report
NZL - Completion of Retail Offer
28th June 2022 Morning Report
Green Cross Health Limited 2022 Annual Report / NOM
Me Today completes Rights Issue
Channel confirms timing of Board Chair succession