Infigen Energy’s share register was raided Tuesday night by UAC Energy, which was acquiring up to 17.1 per cent of the $582m company with a view to launch a takeover of the business.
UAC Energy, an Australian renewable energy investor, revealed after the market closed that it was buying shares at 80c each, which is a 35.6 per cent premium to the company’s last closing share price of 59c.
Working on the transaction is Credit Suisse.
UAC and its backers already have a stake below 5 per cent in renewable energy investor Infigen, according to a term sheet sent to investors.
It said that the acquirer’s intention was to secure ownership of 9.9 per cent of the group and an economic interest of up to 7.2 per cent through a Credit Suisse Total Return Swap derivative.
Should it secure at least 10 per cent of the stock, UAC’s board will decide whether or not to propose a control transaction involving Infigen.
UAC is an Australian company that is 75 per cent owned by AC Energy Group and 25 per cent owned by UPC Renewables Australia. It trades as UPC\AC Renewables Australia.
AC Energy is a wholly owned subsidiary of Ayala Corporation, listed on the Philippines Stock Exchange with a market capitalisation of approximately $13.8bn.
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