30th Oct 2015 12:38
LONDON (Alliance News) - Infinis Energy PLC Friday said five institutional shareholders have signed non-binding letters of intent that suggests they will vote in favour of the proposed sale of the company.
Last week, one of Europe's largest private equity firms, Terra Firma, struck a deal to take over wind farm owner Infinis in an all cash deal that valued Infinis at around GBP555.0 million.
Monterey Capital II Sarl, a subsidiary of Terra Firma, already holds a 68.5% stake in Infinis Energy and has made an offer of 185.0 pence per share to acquire the remaining stake it does not already own.
On Friday, Infinis said Monetrey has received the letters of intent from five funds of Alliance Trust Sustainable Future ICVC. Those five funds collectively hold 6.4 million Infinis shares, representing around a 2.13% stake in the company.
Those five funds are Alliance Trust Sustainable Future Cautious Managed Fund, Alliance Trust Sustainable Future Defensive Managed Fund, Alliance Trust Sustainable Future Managed Fund, Alliance Trust UK Ethical Fund and Alliance Trust Sustainable Future UK Growth Fund.
When combined with existing undertakings, Monterey has secured irrevocable undertakings in respect of 7.4 million shares, representing a 2.46% stake in the company. That is up from only 0.33% last week.
Infinis has deemed the offer "fair and reasonable" and the board has unanimously approved the offer, recommending shareholders to accept the deal.
Infinis shares were down 0.1% to 182.0 pence per share on Friday.
By Joshua Warner; [email protected]; @JoshAlliance
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