Altius Renewable Royalties Files Meeting Materials Concerning Arrangement Agreement with Northampton
Altius Renewable Royalties (ARR) has filed meeting materials for a special shareholder meeting on November 19, 2024, regarding a proposed arrangement under the Business Corporations Act (Alberta). The board of directors has unanimously recommended minority shareholders vote FOR the arrangement resolution, which requires 66 2/3% approval from ARR shareholders and a simple majority from minority shareholders, excluding Altius Minerals votes. Supporting Shareholders, holding approximately 81% of ARR Shares (53% excluding Altius Minerals), have agreed to vote in favor. The transaction is expected to close around end of November 2024, subject to shareholder approval and court order.
Altius Renewable Royalties (ARR) ha presentato i materiali per una riunione speciale degli azionisti il 19 novembre 2024, riguardo a un accordo proposto ai sensi della Legge sulle Corporazioni Commerciali (Alberta). Il consiglio di amministrazione ha raccomandato all'unanimità agli azionisti di minoranza di votare a FAVORE della risoluzione dell'accordo, che richiede un approvazione del 66,67% da parte degli azionisti ARR e una semplice maggioranza dagli azionisti di minoranza, escludendo i voti di Altius Minerals. Gli Azionisti Sostenitori, che detengono circa l'81% delle azioni ARR (53% escludendo Altius Minerals), hanno concordato di votare a favore. Si prevede che la transazione si chiuda intorno alla fine di novembre 2024, soggetta all'approvazione degli azionisti e all'ordine del tribunale.
Altius Renewable Royalties (ARR) ha presentado los materiales para una reunión especial de accionistas el 19 de noviembre de 2024, sobre un acuerdo propuesto bajo la Ley de Corporaciones Comerciales (Alberta). La junta directiva ha recomendado unánimemente a los accionistas minoritarios que voten a FAVOR de la resolución del acuerdo, que requiere un aprobación del 66,67% de los accionistas de ARR y una mayoría simple de los accionistas minoritarios, excluyendo los votos de Altius Minerals. Los Accionistas de Apoyo, que poseen aproximadamente el 81% de las acciones de ARR (53% excluyendo Altius Minerals), han acordado votar a favor. Se espera que la transacción se cierre a finales de noviembre de 2024, sujeta a la aprobación de los accionistas y a la orden judicial.
Altius Renewable Royalties (ARR)는 2024년 11월 19일에 있을 특별 주주 총회를 위한 회의 자료를 제출했습니다. 이는 앨버타주 상법에 따른 제안된 계약과 관련이 있습니다. 이사회는 소수 주주들이 해당 계약 결의안에 대해 찬성 투표를 할 것을 만장일치로 권장하였으며, 이는 ARR 주주들로부터 66 2/3%의 승인을 필요로 합니다 그리고 알티우스 미네랄의 투표를 제외한 소수 주주들로부터 단순 다수를 요구합니다. 지지하는 주주들은 약 81%의 ARR 주식을 보유하고 있으며 (알티우스 미네랄 제외 시 53%), 찬성 투표를 하기로 합의했습니다. 이 거래는 주주 승인과 법원의 명령을 조건으로 2024년 11월 말경에 마무리될 것으로 예상됩니다.
Altius Renewable Royalties (ARR) a déposé des documents en vue d'une assemblée générale extraordinaire des actionnaires le 19 novembre 2024, concernant un arrangement proposé en vertu de la Loi sur les sociétés commerciales (Alberta). Le conseil d'administration a à l'unanimité recommandé aux actionnaires minoritaires de voter POUR la résolution de l'arrangement, nécessitant une approbation de 66 2/3% des actionnaires d'ARR et une simple majorité des actionnaires minoritaires, à l'exclusion des votes d'Altius Minerals. Les Actionnaires de soutien, détenant environ 81% des actions d'ARR (53% hors Altius Minerals), ont convenu de voter en faveur. La transaction devrait être finalisée vers la fin novembre 2024, sous réserve de l'approbation des actionnaires et d'une ordonnance judiciaire.
Altius Renewable Royalties (ARR) hat Unterlagen für eine außerordentliche Hauptversammlung der Aktionäre am 19. November 2024 eingereicht, bezüglich eines vorgeschlagenen Arrangements nach dem Gesellschaftsgesetz von Alberta. Der Vorstand empfiehlt einstimmig den Minderheitsaktionären, für den Beschluss über das Arrangement zu stimmen, welcher eine Zustimmung von 66 2/3% der ARR-Aktionäre und einer einfachen Mehrheit von Minderheitsaktionären erfordert, wobei die Stimmen von Altius Minerals ausgeschlossen sind. Unterstützende Aktionäre, die etwa 81% der ARR-Aktien halten (53% ohne Altius Minerals), haben zugestimmt, für den Vorschlag zu stimmen. Es wird erwartet, dass die Transaktion Ende November 2024 abgeschlossen wird, vorbehaltlich der Genehmigung der Aktionäre und einer gerichtlichen Anordnung.
- Strong shareholder support with 81% of shares committed to voting in favor
- Unanimous board recommendation for the arrangement
- Independent Special Committee approval after receiving legal and financial advice
- None.
All $ references in US unless otherwise indicated
ST. JOHN’S,
At the Special Meeting, holders (“Shareholders”) of the common shares of the Company (“ARR Shares”) and their duly appointed proxyholders will be asked to consider and if thought fit, to pass a special resolution (the “Arrangement Resolution”) relating to the proposed plan of arrangement under the Business Corporations Act (
The Meeting Materials contain important information regarding the Arrangement Resolution and related matters. After receiving the report of the Special Committee (which was comprised of independent directors) and which received advice from its legal and financial advisors, and considering the reasons outlined in the Circular, the board of directors of the Company (with conflicted directors abstaining) has unanimously determined that the Arrangement Resolution is in the best interest of ARR’s minority Shareholders and has unanimously recommended that ARR’s minority Shareholders vote FOR the Arrangement Resolution. As a reminder to Shareholders, the transaction will require the approval of: (i) 66 2/
Voting Support Agreements
Altius Minerals, the directors and executive officers of the Company and Altius Minerals, and certain other Shareholders of the Company (collectively, the “Supporting Shareholders”) have each entered into Support Agreements to vote their ARR Shares in favour of the Arrangement, subject to certain customary exceptions.
The Supporting Shareholders hold, collectively, approximately
Materials and Expected Closing Timing
Shareholders should carefully review all Meeting Materials as they contain important information concerning the Arrangement and the rights and entitlements of the Shareholders thereunder. The Meeting Materials have been filed by the Company on SEDAR+ and are available thereat under the Company's profile at www.sedarplus.ca, and on the Company's website at www.arr.energy/investors/#Events.
The hearing of the application for the final order is anticipated to take place before a justice of the Court of King’s Bench of
About Altius Renewable Royalties Corp.
ARR is a renewable energy royalty company whose business is to provide long-term, royalty level investment capital to renewable power developers, operators, and originators. ARR has 35 renewable energy royalties representing approximately 2.6 GW of renewable power on operating projects and an additional approximate 5.6 GW on projects in construction and development phase, across several regional power pools in the
About Northampton Capital Partners LLC:
Northampton Capital Partners LLC (“Northampton”) is an alternative asset management firm focused on infrastructure investments in the middle market, targeting the energy, digital, and other critical infrastructure sectors.
Forward-Looking Information
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. This information includes, but is not limited to, statements concerning our objectives, our strategies to achieve those objectives, as well as statements made with respect to management's beliefs, plans, estimates, projections and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “expects”, “estimates”, “outlook”, “forecasts”, “projection”, “prospects”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Forward-looking information in this news release includes, among other things, statements relating to the Transaction, anticipated meeting date and final order hearing date and timing for completion of the Transaction. Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that the Company considered appropriate and reasonable as of the date such statements are made in light of its experience, current conditions and expected future developments, including assumptions: that any conditions precedent to the closing of the Transaction can be satisfied, and that there will be no undue delays with respect to the Transaction.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of ARR to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others: failure to obtain the required shareholder and court approvals or satisfying other closing conditions to effect the Transaction; the risk that the Transaction may involve unexpected costs, liabilities or delays; risks related to the diversion of management's attention from ARR’s ongoing business operations; the risk that the Transaction may not close when planned or at all or on the terms and conditions set forth in the Arrangement Agreement; the risk of the expected benefits from the Transaction not being realized; and general business, economic and competitive uncertainties, as well as those factors discussed in the section entitled “Risk Factors” in the Company’s Annual Information Form for the year ended December 31, 2023, Management’s Discussion and Analysis for the year ended December 31, 2023, as well as Management’s Discussion and Analysis for the interim period ended June 30, 2024.
Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to management of the Company or that it presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, shareholders should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this news release represents the Company’s expectations as of the date of this news release (or as the date they are otherwise stated to be made) and is subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws in
View source version on businesswire.com: https://www.businesswire.com/news/home/20241025437917/en/
For further information, please contact:
Flora Wood
Email: Flora@arr.energy
Tel: 1.877.576.2209
Direct: 1.416.346.9020
Ben Lewis
Email: Ben@arr.energy
Tel: 1.877.576.2209
Source: Altius Renewable Royalties Corp.
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