Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Tilt Renewables directors argue against Dundonnell deal

Tilt Renewables Limited (‘Tilt Renewables’) yesterday announced that it will be entering a Support Agreement with the Victoria Government in Australia for approximately 37% of the output from the fully permitted Dundonnell Wind Farm (“Dundonnell”).

“This announcement re-confirms the view of the Independent Directors that the offer of $2.30 (“Offer”) materially undervalues the current operational assets and the strong pipeline of future projects. The Offer is inadequate and not fair to our minority shareholders. Do not accept the Offer,” says Fiona Oliver, Chair of the Independent Directors Committee.

“The Dundonnell announcement is great news for Tilt Renewables and all our shareholders. It is expected that upon completion in mid to late 2020 Dundonnell will contribute approximately A$40 - $50 million of ongoing free cash flow before debt service annually. This is significant. It will provide attractive, additional shareholder returns. A final investment decision to proceed is expected in late CY2018 with construction expected to begin early in CY2019.”

“The success of Dundonnell confirms the value of Tilt Renewables’ development pipeline, the execution capability of management, and Tilt Renewables’ market leading position in renewable energy in Australia and New Zealand. Beyond Dundonnell, we have a significant pipeline of exciting development projects that we expect to deliver further strong shareholder returns.” said Fiona Oliver, Chair of the Independent Directors Committee.

On 17 September, Tilt Renewables will publish a Target Company Statement and it will include more detail on the Independent Directors’ position regarding the Offer and an independent valuation report by Northington Partners. Shareholders will have plenty of time to decide whether to accept or reject the Offer after receiving the Target Company Statement. The Offer must remain open until the end of 15 October and is able to be extended.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Climate Summary: NZ’s Equal-2nd Warmest Year On Record

Annual temperatures were above average (+0.51°C to +1.20°C above the annual average) across the majority of New Zealand... 2018 was the equal 2nd-warmest year on record for New Zealand, based on NIWA’s seven-station series which began in 1909. More>>

ALSO:

GDP: Economic Growth Dampens In The September Quarter

Gross domestic product (GDP) rose 0.3 percent in the September 2018 quarter, down from 1.0 percent in the previous quarter, Stats NZ said today... GDP per capita was flat in the September 2018 quarter, following an increase of 0.5 percent in the June 2018 quarter. More>>

ALSO:

Up $1.20: $17.70 Minimum Wage For 2019

Coalition Government signals how it will move toward its goal of a $20 p/h minimum wage by 2021... “Today we are announcing that the minimum wage will increase to $17.70 an hour on 1 April 2019." More>>

ALSO:

Retail: IKEA To Open In New Zealand

Inter IKEA Systems B.V. is today announcing its intentions to grant the Ingka Group exclusive rights to explore expansion opportunities in New Zealand. More>>