Harmony Energy Income Trust "minded to accept" possible Foresight bid

(Alliance News) - Harmony Energy Income Trust PLC on Monday said it has agreed to a possible GBP190.8 million takeover by Foresight Group LLP.

The cash approach values each HEIT share at 84 pence, a 29% premium to Friday's closing price in London of 65.2p. In response, the stock jumped 22% to 79.31p on Monday morning.

Foresight Group Holdings Ltd shares were up 2.7% to 377.00p.

London-based HEIT is an investment company that invests in battery energy storage systems in the UK.

HEIT had previously said it was in exclusive talks with a preferred bidder. Last Tuesday, it said these discussions were continuing.

Foresight Group, also based in London, is a sustainability-led investment manager of alternative assets, including renewable energy, with a focus on infrastructure and private equity.

Foresight said HEIT's battery energy storage system portfolio is "highly complementary" with its existing investments in renewable energy and storage.

HEIT said it concluded that the possible cash offer would deliver a superior outcome for shareholders and, as such, "would be minded to recommend" such an offer.

Foresight said 12% of HEIT shareholders have indicated they support any bid.

Foresight has until April 14 to launch a firm offer to buy HEIT.

By Jeremy Cutler, Alliance News reporter

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