The implementation date for the plan, at which the payment of the system`s thinking to system investors and the transfer of Scheme Shares to the bidder, is June 26, 2020. Windlab and the Federation have entered into a process that gives the Federation an exclusive period until February 21 to complete its due diligence and negotiate an agreement to implement the system and other transaction documents. March 4 (Renewables Now) – Australian wind farm development and management company Windlab Ltd (ASX:WND) on Wednesday announced an agreement to be acquired by investment vehicle Wind Acquisition 1 Pty Ltd and Squadron Wind Energy Development Pty Ltd for AUD 1.0 ($0.661/EUR 0.592) per share. The Federation`s offer is to acquire 100% of the share capital issued by Windlab through an arrangement at an offer price of $1.00 per share in cash. Windlab Limited (ASX:WND) confirmed that the NSW Supreme Court has authorized the arrangement to finalize windlab`s acquisition by Wind Acquisition 2 Pty Ltd. Some of the strengths of the agreement are: the offer is non-binding and subject to conditions, including due diligence, required administrative, judicial and shareholder approvals, and the conclusion of transaction documentation acceptable to both parties (including an agreement to implement the system). “Subject to the conclusion of an independent expert that the proposal is in the best interests of shareholders who are not related to the Federation, and in the absence of a comprehensive proposal, Windlab`s directors intend to unanimously recommend the proposal to Windlab shareholders if they reach a binding agreement on the implementation of the proposal,” the company said. Today, the NSW Supreme Court authorized an agreement to acquire Windlab Limited (ASX: WND) by Squadron Energy Pty Ltd and Federation Asset Management Pty Ltd. The settlement was adopted by an overwhelming majority of Windlab shareholders at the meeting on Friday, June 5, 2020, with 98.95% of the vote for the transaction.
Windlab said in today`s announcement that its directors intend to recommend the offer as it offers shareholders the opportunity to realize their investment in Windlab with a significant increase. Squadron Wind Energy is part of the Minderoo Group. In Windlab`s announcement of the revision, it said it would consider the introduction of potential capital partners as well as other ownership models. Windlab Limited is a wind energy development company originally created to commercialize the world`s first atmospheric modelling and wind mapping (WindScape™) technology, developed at CSIRO in Australia. Windlab uses this proprietary technology to identify and develop high-quality wind farm sites, reducing the risk and uncertainty associated with wind development. Windlab`s Board of Directors recommended that shareholders vote in favour of the Scheme Implementation Agreement (SIA). One of the reasons for this recommendation is that the proposed price represents an increase of 38.9% over the company`s closing price on January 17, the day before Windlab announced that it had received an initial proposal from the consortium. KPMG Corporate Finance was tasked with drafting independent expert assessment of the offer to determine whether the transaction is in the best interests of Windlab shareholders.