Polar Nimrod Topco, a wholly owned subsidiary of Bagnall Energy, has reached an agreement with Downing Renewables & Infrastructure (DORE) to acquire the entire issued and future issued share capital of DORE that the Bagnall Group does not already own via a scheme of arrangement.
Polar Nimrod will pay in cash 102.6016 pence for each scheme share. The offer price values the entire issued ordinary share capital of DORE at approximately £174.55 million ($234 million), a 23.62 percent premium to DORE’s closing share price of 83 pence per share.
Polar Nimrod has received indications of support from scheme shareholders, which represent an aggregate of approximately 16.76 percent of DORE's issued ordinary share capital and approximately 22.54 percent of the scheme voting shares.
Bagnall previously held 25.35 percent of DORE’s issued ordinary share capital
“DORE has consistently delivered on its investment strategy, resulting in a strong NAV and dividen
