NORTHAMPTON CAPITAL PARTNERS ENTERS INTO ARRANGEMENT AGREEMENT WITH ALTIUS RENEWABLE ROYALTIES CORP.
Northampton Capital Partners has entered into an arrangement agreement to acquire the public float of Altius Renewable Royalties Corp. (ARR) for C$12.00 per share. The transaction will be implemented through a court-approved plan of arrangement, requiring approval from 66 2/3% of ARR shareholders and a simple majority of minority shareholders. Upon completion, Northampton will hold 43% of ARR shares, while Altius Minerals will retain 57%. Supporting shareholders, holding approximately 81% of ARR shares, have agreed to vote in favor of the deal. The transaction is expected to close in Q4 2024, subject to customary approvals and conditions.
Northampton Capital Partners ha stipulato un accordo di acquisizione per ottenere il flottante pubblico di Altius Renewable Royalties Corp. (ARR) al prezzo di 12,00 CAD per azione. La transazione sarà attuata attraverso un piano di disposizione approvato dal tribunale, che richiederà l'approvazione di 66 2/3% degli azionisti di ARR e di una semplice maggioranza degli azionisti di minoranza. Al termine dell'operazione, Northampton deterrà il 43% delle azioni di ARR, mentre Altius Minerals manterrà il 57%. Gli azionisti favorevoli, che detengono circa l'81% delle azioni di ARR, hanno concordato di votare a favore dell'affare. La transazione dovrebbe concludersi nel Q4 2024, subordinatamente alle approvazioni e condizioni consuete.
Northampton Capital Partners ha firmado un acuerdo para adquirir el flotante público de Altius Renewable Royalties Corp. (ARR) a C$12.00 por acción. La transacción se llevará a cabo a través de un plan de arreglo aprobado por la corte, que requiere la aprobación de 66 2/3% de los accionistas de ARR y una mayoría simple de los accionistas minoritarios. Una vez finalizada, Northampton poseerá el 43% de las acciones de ARR, mientras que Altius Minerals retendrá el 57%. Los accionistas de apoyo, que poseen aproximadamente el 81% de las acciones de ARR, han acordado votar a favor del acuerdo. Se espera que la transacción se cierre en Q4 2024, sujeto a las aprobaciones y condiciones habituales.
노샘프턴 캐피탈 파트너스는 알티우스 재생 가능 로열티 주식회사(ARR)의 공모주를 주당 12.00 캐나다 달러에 인수하기 위한 협약을 체결했습니다. 이 거래는 법원 승인 계획을 통해 시행될 예정이며, ARR 주주의 66 2/3%와 소수 주주의 단순 과반수의 승인을 요구합니다. 거래 완료 후, 노샘프턴은 ARR 주식의 43%를 보유하게 되고, 알티우스 미네랄스는 57%를 유지합니다. 약 ARR 주식의 81%를 보유한 지지 주주들은 거래에 찬성 투표를 하기로 동의했습니다. 이 거래는 2024년 4분기에 종료될 것으로 예상되며, 기존 승인을 받고 조건을 충족해야 합니다.
Northampton Capital Partners a conclu un accord pour acquérir la flottante publique de Altius Renewable Royalties Corp. (ARR) au prix de 12,00 CAD par action. La transaction sera mise en œuvre par un plan d'arrangement approuvé par le tribunal, nécessitant l'approbation de 66 2/3 % des actionnaires d'ARR et d'une majorité simple des actionnaires minoritaires. À l'issue de la transaction, Northampton détiendra 43 % des actions d'ARR, tandis que Altius Minerals conservera 57 %. Les actionnaires soutenants, détenant environ 81 % des actions d'ARR, ont accepté de voter en faveur de l'accord. La transaction devrait se conclure au Q4 2024, sous réserve des approbations et conditions habituelles.
Northampton Capital Partners hat eine Vereinbarung zur Übernahme des öffentlichen Floats von Altius Renewable Royalties Corp. (ARR) zum Preis von 12,00 CAD pro Aktie getroffen. Die Transaktion wird durch einen gerichtlich genehmigten Plan zur Regelung umgesetzt, der die Zustimmung von 66 2/3 % der ARR-Aktionäre und einer einfachen Mehrheit der Minderheitsaktionäre erfordert. Nach Abschluss wird Northampton 43 % der ARR-Aktien halten, während Altius Minerals 57 % behalten wird. Unterstützende Aktionäre, die ungefähr 81 % der ARR-Aktien halten, haben zugestimmt, für den Deal zu stimmen. Es wird erwartet, dass die Transaktion im Q4 2024 abgeschlossen wird, vorbehaltlich üblicher Genehmigungen und Bedingungen.
- Acquisition offer at C$12.00 per share for ARR's public float
- Strong shareholder support with 81% of ARR shares committed to voting in favor
- Potential for increased resources and support for ARR's business growth
- Reduction in public float and potential decrease in liquidity for remaining shareholders
- Possible loss of independence for ARR as it becomes majority-owned by Altius Minerals and Northampton
The Northampton Purchaser will acquire all of the issued and outstanding common shares of the Company (the "ARR Shares"), other than those ARR Shares indirectly owned by Altius Minerals, by way of a statutory plan of arrangement under the Business Corporations Act (
Geoffrey Strong, Chief Executive Officer of
The Arrangement Agreement
Under the terms of the Arrangement Agreement, each ARR shareholder (other than Altius Minerals) (the "ARR Minority Shareholders") will receive cash consideration of
The Transaction will be implemented by way of a court-approved plan of arrangement under the Business Corporations Act (
Voting Support Agreements
Altius Minerals, the directors and officers of the Company and Altius Minerals, and certain shareholders of the Company (collectively, the "Supporting Shareholders") have each entered into Support Agreements to vote their ARR Shares in favor of the Transaction, subject to certain customary exceptions.
The Supporting Shareholders hold, collectively, approximately
Advisors and Counsel
National Bank Financial Inc. is acting as the independent valuator and financial advisor to the Special Committee of ARR in connection with the Transaction.
McCarthy Tétrault LLP and Pierce Atwood LLP are acting as counsel to ARR.
Kirkland & Ellis LLP and Mintz LLP are acting as counsel to
About Northampton Capital Partners LLC:
Northampton Capital Partners LLC is an alternative asset management firm focused on infrastructure investments in the middle market, targeting the energy, digital, and other critical infrastructure sectors.
For further information, please contact:
Don McCarthy
Partner, Chief Operating Officer & Chief Compliance Officer
Email: dmccarthy@northamptonllc.com
Christine McCartin
Vice President of Investor Relations
Email: cmccartin@northamptonllc.com
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
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
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 our 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, timing for completion of the Transaction, required approvals, the satisfaction of certain closing conditions and the expectations regarding the prospects and operations of ARR's business. Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such statements are made in light of our 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 actual results, performance or achievements 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 the Company's attention from its 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 we have 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 us or that we presently believe 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 our 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, we disclaim 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
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SOURCE Northampton Capital Partners LLC
FAQ
What is the offer price for Altius Renewable Royalties Corp. (ATRWF) shares in the Northampton Capital Partners deal?
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