Gold bars to be exempt from tariffs, White House clarifies
LONDON - Harmony (JO:HARJ) Energy Income Trust PLC (HEIT) has indefinitely adjourned the court and general meetings concerning the Drax (LON:DRX) Offer, following a unanimous board decision in favor of a superior bid from PP Bidco Limited. The adjournment, announced today, comes after HEIT’s directors recommended shareholders to vote for the Foresight Offer, which is set to acquire all issued and to-be-issued share capital of HEIT.
The new offer, presented by PP Bidco Limited—a company controlled by funds managed by Foresight Group LLP—was agreed upon on April 16, 2025, and is intended to be executed via a scheme of arrangement under Part 26 of the Companies Act 2006. The details of the Foresight Offer were circulated to shareholders on May 6, 2025. This offer is considered by HEIT’s directors to be in the best interests of both the shareholders and the company as a whole, compared to the previous cash offer from Drax Bidco, which was announced on March 25, 2025.
The recommendation for the Foresight Offer is a pivot from the initial support for the Drax Offer, which was withdrawn on April 16, 2025, in light of the new agreement. The required meetings for the Drax Offer, which were to be held to implement the scheme, were thus postponed with no new date provided.
HEIT has stated that further announcements will be made as necessary, indicating that the acquisition process is ongoing and subject to shareholder and regulatory approvals. The terms used in this announcement have been defined in the previously published Drax Scheme Document.
This development is based on a press release statement and represents a significant step in the acquisition process for HEIT, with potential implications for shareholders and the broader energy market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.