REG - Takeover Panel Drax Group Plc Foresight Group LLP Harmony Energy Inc. - Cancellation of Auction Procedure

Harmony Energy Income TrustAnnouncement

Today 17:00

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RNS Number : 4673J  Takeover Panel  20 May 2025

2025/4

OFFERS BY

 

DRAX BESS HOLDCO LIMITED

("DRAX BIDCO")

 

AND

 

PP BIDCO LIMITED

wholly controlled by two funds within the portfolio of funds managed by
Foresight Group LLP

("Foresight BIDCO")

 

for

 

HARMONY ENERGY INCOME TRUST PLC

("HEIT")

 

 

On 16 May 2025, the Panel Executive announced that, in accordance with Rule
32.5 of the Takeover Code, it had established an auction procedure (the
"Auction Procedure") for the resolution of the competitive situation in
relation to HEIT.

 

Following the announcement earlier today by Drax Bidco that it would not be
increasing the financial terms of its offer for HEIT at a price of 88p per
HEIT ordinary share and that its offer was final, the Auction Procedure
outlined in Panel Statement 2025/3 will not take place.

 

 

 

20 May 2025

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