Tilt Renewables Ltd (NZX & ASX: TLT) will remain a listed company, for the time being, based on an update on the unwelcomed full takeover bid by key shareholders Infratil Ltd (NZX & ASX: IFT) and Mercury NZ Ltd (NZX & ASX: MCY).
Tilt said on Monday that the takeover offer has now closed with the joint venture of Infratil and Mercury not being successful in reaching the 90% compulsory ownership threshold.
The chairwoman of independent directors on Tilt, Fiona Oliver, said the shareholding of the company was now Infratil 65%, Mercury 20% and all other shareholders 15%.
She reminded market watchers that on September 11 Tilt announced its successful bid into the Victorian Renewable Energy Auction Scheme to secure a 15 year offtake agreement with the Victorian State Government for around 37% of the output of our proposed Dundonnell wind farm Total capital cost had been reduced from the $A600 million assumed by the takeover companies to $A560 M.
In mid-October, Tilt announced a strategic relationship with Genesis Energy, with the intention of partnering in development of Tilt’s Waverley wind farm in South Taranaki.
On October 31 Tilt it had secured another 15-year offtake agreement for a further 50% of the Dundonnell capacity, adding to the 37% already agreed with the Victorian Government, and on November 14 the company reached the financial close of Dundonnell. Construction will commence in early 2019.