Interesting news17 Mar 2025 10:03
Today 07:00
RNS Number : 8329A
Harmony Energy Income Trust PLC
17 March 2025
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
THIS IS AN ANNOUNCEMENT UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE") AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE. THERE CAN BE NO CERTAINTY THAT AN OFFER WILL BE MADE.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION WILL BE CONSIDERED TO BE IN THE PUBLIC DOMAIN.
For immediate release
17 March 2025
Harmony Energy Income Trust plc
("HEIT" or the "Company")
Joint Statement Regarding a Possible Cash Offer for HEIT by Foresight
The Board of Harmony Energy Income Trust plc ("HEIT" or the "Company") and Foresight Group LLP, on behalf of one or more funds managed by Foresight Group LLP and its affiliates ("Foresight") announce that they have reached agreement on the financial terms of a potential acquisition of the entire share capital of HEIT by Foresight under which HEIT shareholders would be entitled to receive:
84.0 pence per share (the "Possible Cash Offer").
The Possible Cash Offer values the ordinary share capital of HEIT at £190.8 million and represents:
· a 29% premium to the closing share price of 65.2 pence on 14 March 2025, being the last business day prior to the date of this announcement; and
· a 76% premium to the closing share price of 47.8 pence on 29 May 2024, being the last business day prior to the date of the announcement of HEIT's asset sale process.
Foresight is a leading investment manager in real assets and providing capital for growth with extensive experience of investing in energy transition, renewables and infrastructure projects, and is an experienced and knowledgeable investor in UK battery storage assets. Foresight recognises HEIT's leading platform and considers HEIT's battery energy storage system ("BESS") portfolio to be highly complementary with Foresight's strategic mandate and Foresight's existing investments in renewable energy and storage.
As previously announced, the Company has made substantial progress through its ongoing asset sale process towards the conclusion of a definitive agreement to sell its entire portfolio to a third party. However, having carefully considered the Possible Cash Offer with its advisers, the HEIT Board has concluded that the Possible Cash Offer, on balance, delivers a superior outcome for shareholders. As a result, the HEIT Board has indicated to Foresight that, should a firm offer be made on the financial terms set out above, it would be minded to recommend such an offer to HEIT shareholders, subject to the agreement of the other terms of the offer.
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