VNR.PR.A: Progress Towards Acquisition

Valener Inc. has announced:

On March 27, 2019, a definitive arrangement agreement (the “arrangement agreement”) was signed wherein Noverco Inc., a private company and indirect controlling partner of Énergir, L.P. (“Noverco”), has committed to acquire all of Valener’s issued and outstanding common shares and issued and outstanding Series A preferred shares (the “arrangement”). Since that date, the key events involving the arrangement were as follows:

Suspension of the dividend reinvestment plan, as required by the arrangement agreement, on March 29, 2019;
Approval by the Federal Energy Regulatory Commission on May 31, 2019;
Special Meeting held on June 11, 2019 and during which Valener’s common shareholders and Series A preferred shareholders approved the arrangement at over 90% of submitted votes;
Final order approving the arrangement issued on June 14, 2019 by the Quebec Superior Court; and
Public hearing before the Vermont Public Utility Commission (“VPUC”) held on July 23, 2019. The decision might be issued in the coming weeks.
Detailed information about the arrangement is presented in the arrangement agreement and in the management information circular of Énergir Inc., in its capacity as a General Partner of Énergir, L.P., acting as manager of Valener Inc., dated April 24, 2019. These documents are available on SEDAR at and on Valener’s website at

The proposed acquisition at par was announced in March and approved by holders in June.

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.

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