Pinnacle Renewable Energy obtains final order approving arrangement with Drax Group
April 7, 2021
CANADA (News release) -- Pinnacle Renewable Energy Inc. obtained a final order from the Supreme Court of British Columbia, Canada, approving the plan of arrangement under the Business Corporations Act (British Columbia), pursuant to which Drax Group plc through its wholly-owned subsidiary, Drax Canadian Holdings Inc., will acquire all of the issued and outstanding common shares of the Company for C$11.30 in cash per share.
All of the conditions to the completion of the arrangement have now been satisfied or waived, excluding any conditions that, by their terms, cannot be satisfied or waived until the effective date of the arrangement. Completion of the arrangement is expected to occur on April 13, 2021.
Pinnacle is the second largest producer of industrial wood pellets in the world. The Company operates nine production facilities in Western Canada and one in Alabama, with one additional facility under construction in Alabama and more in development.