Battery Energy Storage System (Bess) Investor Harmony Energy Income Trust has reached an agreement on the financial conditions of a possible acquisition.
According to a legal statement published today (March 17), Harmony Energy Income Trust (Heit) has reached an agreement with Foresight Group for the latter to possibly acquire the entire share capital of Heit for 84.0p per share, which forms a total of £ 190.8 million. This represents a premium of 29% on the final advantage price of 65.2 p on March 14, 2025, and a premium of 76% on the stock price in May 2024, on the last working day immediately before the news about a potential sale of assets was announced.
In a statement of results that was released at the end of February 2025, with regard to the year until 31 October 2024, Heit’s Net Active value (NAV) was set up at £ 201.05 million, or 88.52 pence per ordinary share. As such, this takeover bid represents a decrease in the potential that was seen in the fall of last year. The NAV van Heit is in a decrease in the year, according to the application for results, whereby the NAV fell by 23.3%, or 26.89% per ordinary share, since October 31, 2023.
Heit notes that there is still no certainty that ultimately an offer will be made for the company by looking ahead, and adds that further announcements will be made as applicable.
Harmony Energy has made considerable progress by selling his entire portfolio, after he announced at the end of December that it had reached the final phase of the sale of his entire portfolio.
At the time, the company noted that it had gone to the final phase of negotiations with an unnamed preferred bidder on an exclusive basis for a possible sale, after he had received an “encouraging” number of bids in the second phase of drawing up an assets sales in October 2024.
In the announcement of the statutory statutory statutory, however, that his board is of the opinion that this offer for the acquisition of the company is a better value for shareholders than a potential sale of assets. As such, the board has indicated that if it should make a strong offer for the company that is in accordance with these conditions, it will recommend that you vote for such an offer to its shareholders.
