Sharechat Logo

Infratil Limited (NZX: IFT) Confirms Support for Acquisition Proposal for Tilt

Monday 15th March 2021

Text too small?

Infratil welcomes the announcement today by Tilt Renewables Limited (Tilt) that it has entered into a Scheme Implementation Agreement (SIA) with Powering Australian Renewables (PowAR) and Mercury NZ Limited (Mercury). Under the SIA, it is proposed that PowAR will effectively acquire Tilt’s Australian business and Mercury will acquire Tilt’s New Zealand business by way of a Scheme of Arrangement (Scheme), and Tilt shareholders will receive NZ$7.80 per share in cash (Transaction). Tilt’s announcement is attached.

As part of the Transaction, Infratil has entered into a binding Voting Deed with PowAR under which Infratil has committed to vote all the Tilt shares that it controls, representing 65.5% of Tilt shares on issue, in favour of the Scheme.

The Transaction follows Infratil’s announcement on 7 December 2020 that it had initiated a strategic review of its shareholding in Tilt. Jason Boyes, incoming Infratil CEO, said “We are very pleased with the outcome of the strategic review, which involved an extensive outreach program to identify potential bidders around the world, followed by a highly competitive auction process run by Tilt. We believe the price offered by PowAR and Mercury represents compelling value for Tilt and Infratil is pleased to support the transaction.”

Subject to any pre-completion dividends, Infratil’s gross proceeds from the sale of its 65.5% stake in Tilt will be approximately NZ$1,926.1 million. As at 30 September 2020, Infratil’s carrying value of Tilt was NZ$704.1 million and the sale price represents a ~99% premium to the Tilt share price prior to Infratil’s 7 December 2020 announcement.

Infratil’s investment in Tilt originated when Tilt was part of Trustpower and Infratil has been a strong supporter of the company’s growth since Tilt was demerged from Trustpower in 2016.

The Scheme is currently expected to take approximately 4 months to be implemented. Implementation of the Scheme remains subject to a number of conditions and termination events, which are summarised in Tilt’s announcement. The Voting Deed is attached to Infratil’s Substantial Product Holder Notice, a copy of which is also attached.

Please see the links below for details:

Infratil confirms support for acquisition proposal for Tilt from a consortium of Powering Australian Renewables and Mercury NZ

Tilt Announcement

SPH Notice and Voting Deed

Source: Infratil Limited



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
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:

NZME Limited (NZX: NZM) NZ Markets Disciplinary Tribunal Censures
Rua Bioscience Limited (NZX: RUA) Announces CCO with Global Pharma Experience
Cannasouth Limited (NZX: CBD) Supply Activity Added to Cannasouth Commercial Licence
Skellerup Holdings Limited (NZX: SKL) Upgrades FY21 Earnings Guidance
Napier Port Holdings Limited (NZX: NPH) 2021 Earnings Guidance Update
Comvita Limited (NZX: CVT) Full Year Guidance Update
Scott Technology Limited (NZX: SCT) Meat Industry Contract Win
PaySauce Limited (NZX: PYS) Quarterly Market Update
NZ Windfarms Limited (NZX: NWF) Agrees a New VVFPA for Q1 2022 to Q3 2022
Harmoney Corp Limited (NZX: HMY) 3Q21 Trading Update