Valener Inc. has announced:
Valener Inc. (« Valener ») (TSX : VNR) (TSX : VNR.PR.A) the public investment vehicle in Énergir, L.P. today announces the completion of the previously announced acquisition of all of Valener’s issued and outstanding common shares (the “Common Shares”) and all of Valener’s issued and outstanding Cumulative Rate Reset Preferred Shares, Series A (the “Preferred Shares”) by Noverco Acquisition, Inc., a wholly-owned subsidiary of Noverco Inc. Pursuant to the statutory plan of arrangement (the “Arrangement”) under Section 192 of the Canada Business Corporations Act, holders of Common Shares will receive $26.00 per Common Share in cash, without interest, and holders of Preferred Shares will receive $25.00 per Preferred Share in cash plus accrued and unpaid dividends, without interest.
DBRS has discontinued the rating:
DBRS Limited discontinued Valener Inc.’s (Valener or the Company) Cumulative Rate Reset Preferred Shares rating of Pfd-2 (low) following repayment of the only outstanding issue.
On March 27, 2019, Valener announced that Noverco Inc. (Noverco), the controlling partner and indirect 71% owner of Énergir, L.P., entered into a definitive arrangement agreement under which Noverco would indirectly acquire all issued and outstanding common shares as well as the Cumulative Rate Reset Preferred Shares of Valener (the Arrangement). Following completion of the Arrangement, Valener will no longer issue any public securities and the rating is therefore discontinued at the Company’s request.
The proposed acquisition at par was announced in March and approved by holders in June. The previous progress report was reported in early August. The company announced on September 23 that it had received its last required approval.
The issue commenced trading 2012-6-6 as a FixedReset, 4.35%+281, after being announced 2012-5-15. It reset to 4.62% effective 2017-10-15. I recommended against conversion and there was no conversion to FloatingResets. The issue is tracked by HIMIPref™ and has been assigned to the FixedReset subindex.
This entry was posted on Monday, September 30th, 2019 at 12:29 am and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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VNR.PR.A Acquisition Completed
Valener Inc. has announced:
DBRS has discontinued the rating:
The proposed acquisition at par was announced in March and approved by holders in June. The previous progress report was reported in early August. The company announced on September 23 that it had received its last required approval.
The issue commenced trading 2012-6-6 as a FixedReset, 4.35%+281, after being announced 2012-5-15. It reset to 4.62% effective 2017-10-15. I recommended against conversion and there was no conversion to FloatingResets. The issue is tracked by HIMIPref™ and has been assigned to the FixedReset subindex.
This entry was posted on Monday, September 30th, 2019 at 12:29 am and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.