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LONDON - Harmony (JO:HARJ) Energy Income Trust PLC (HEIT) announced today that its shareholders have approved the acquisition by Foresight BidCo, a company managed by Foresight Group LLP. The transaction, which is to be completed through a scheme of arrangement under the Companies Act 2006, received overwhelming support at the Court Meeting and General Meeting held earlier today.
At the Court Meeting, 99.89% of the votes cast by the Scheme Shareholders were in favor of the acquisition, representing over 60% of HEIT’s issued ordinary share capital. Following the Court Meeting, the General Meeting saw a similar level of support with 99.94% of HEIT Shares voted in favor of the Special Resolution to implement the scheme.
The voting results reflect a decisive step towards the completion of the acquisition, which is now subject to court sanction at a hearing scheduled for June 13, 2025. If the court approves, the acquisition is expected to become effective on June 17, 2025. Following the effective date, cash consideration payments to HEIT shareholders will be processed within 14 days.
The positive vote outcome satisfies Conditions 2.1 and 2.2 as set out in the Scheme Document, with the remaining conditions to be addressed in the coming weeks. The Scheme Document, which was published on May 6, 2025, contains full details of the transaction and the voting process.
This acquisition marks a significant move by Foresight Group LLP, expanding its portfolio through the indirect and complete control of HEIT by Foresight BidCo. The Scheme Document, which details the terms and conditions of the acquisition, is available on HEIT’s website, except for persons residing in restricted jurisdictions.
The information in this article is based on a press release statement.
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