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LONDON - Harmony (JO:HARJ) Energy Income Trust PLC (HEIT) has proposed the adjournment of a Court Meeting and General Meeting previously scheduled for May 7, 2025, to discuss a takeover offer from Drax (LON:DRX) Bidco. This move follows a unanimous recommendation by HEIT’s directors in favor of a superior cash offer from PP Bidco Limited, a company controlled by funds managed by Foresight Group LLP, known as the Foresight Offer.
The Foresight Offer, which aims to acquire all issued and to-be-issued share capital of HEIT, is seen by the company’s directors as more beneficial to shareholders and the company as a whole compared to the previous Drax Offer, announced on March 25, 2025. The directors have urged shareholders to refrain from taking any action in relation to the Drax Offer and advised against attending the Drax Meetings, which are set to be formally adjourned.
HEIT’s directors have unanimously withdrawn their recommendation of the Drax Offer and instead are advocating for the resolutions to implement the Foresight Offer. A further announcement regarding the adjournment of the Drax Meetings will be made in due course.
The decision to support the Foresight Offer reflects the board’s assessment of the best interests of shareholders and the company. This development is significant for investors, as it could potentially alter the ownership and future direction of HEIT. The information for this article is based on a press release statement.
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