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BRIEF-Tilt Renewables Approve Acquisition Proposal From Powering Australian Renewables, Mercury NZ

Published 15/03/2021, 06:45 am
© Reuters.
TLT
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March 15 (Reuters) - Tilt Renewables Ltd TLT.NZ :

* TLT BOARD RECOMMENDS ACQUISITION PROPOSAL FROM CONSORTIUM

* TILT RENEWABLES SHAREHOLDERS WILL RECEIVE NZ$7.80 PER SHARE IN CASH

* ENTERED SCHEME IMPLEMENTATION AGREEMENT WITH POWERING AUSTRALIAN RENEWABLES AND MERCURY NZ

* INFRATIL HAS AGREED TO VOTE ITS ENTIRE 65.5% SHAREHOLDING IN TILT RENEWABLES IN FAVOUR OF SCHEME

* MERCURY, CURRENTLY SECOND LARGEST SHAREHOLDER, HAS AGREED TO VOTE ITS ENTIRE SHAREHOLDING IN FAVOUR OF SCHEME

* SHAREHOLDERS WILL HAVE OPPORTUNITY TO VOTE ON SCHEME AT A MEETING LIKELY TO BE HELD IN AROUND FOUR MONTHS' TIME

* SCHEME CONSIDERATION IMPLIES ENTERPRISE VALUE OF NZ$3,124 MILLION

* MERCURY, HAS AGREED TO VOTE ITS 19.92% SHAREHOLDING IN FAVOUR OF THE SCHEME

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