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    DRX   GB00B1VNSX38

DRAX GROUP PLC

(DRX)
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Drax : UK's Drax to complete Pinnacle Renewable purchase on April 13

04/07/2021 | 02:55am EDT
FILE PHOTO: Sunset over Drax power station in North Yorkshire

OSLO (Reuters) - British power producer Drax said on Wednesday it would complete its purchase of Canada-based Pinnacle Renewable Energy Inc on April 13 after clearing a final regulatory hurdle.

The Supreme Court of British Columbia had granted the final order for the acquisition on April 6, Drax said.

This meant all the conditions to complete the acquisition had now been satisfied or waived, it added.

Drax and Pinnacle shareholders have approved the transaction.

Pinnacle Renewable Energy produces sustainable fuel for renewable electricity generation and the deal values the company at C$741 million ($588 million) including debt.

($1 = 1.2606 Canadian dollars)

(Reporting by Nora Buli; editing by Jason Neely)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
DRAX GROUP PLC -1.73% 540.5 Delayed Quote.46.67%
PINNACLE RENEWABLE ENERGY INC. -0.09% 11.29 End-of-day quote.24.20%
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Financials
Sales 2021 4 626 M 6 375 M 6 375 M
Net income 2021 100 M 138 M 138 M
Net Debt 2021 1 039 M 1 432 M 1 432 M
P/E ratio 2021 21,4x
Yield 2021 3,41%
Capitalization 2 194 M 3 029 M 3 024 M
EV / Sales 2021 0,70x
EV / Sales 2022 0,59x
Nbr of Employees 2 897
Free-Float 96,4%
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Mean consensus BUY
Number of Analysts 9
Last Close Price 550,00 GBX
Average target price 616,67 GBX
Spread / Average Target 12,1%
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Managers and Directors
Dwight Daniel Willard Gardiner Chief Executive Officer & Executive Director
Andrew Keith Skelton Chief Financial Officer & Director
Philip Gotsall Cox Chairman
David Nussbaum Senior Independent Non-Executive Director
Nicola Hodson Independent Non-Executive Director
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