Drax Group Satisfied conditions for proposed acquisition of Pinnacle Renewable Energy

Forestry

On 8 February 2021, Drax Group plc (LON:DRX) announced that it had entered into an agreement to acquire the entire issued share capital of Pinnacle Renewable Energy Inc.. On 31 March 2021, Drax announced that the Acquisition had been approved by Drax Shareholders at the General Meeting and Pinnacle announced that the Acquisition had been approved by Pinnacle Shareholders.

Drax Group has now announced that on 6 April 2021 the Supreme Court of British Columbia granted the Final Order. All of the conditions to the Completion of the Acquisition have now been satisfied or waived (other than conditions which can only be satisfied at Completion) and Completion is expected to occur on 13 April 2021.

Capitalised terms used but not defined in this announcement have the meanings given to them in the Circular.

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