ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--Altius Renewable Royalties (TSX:ARR) (OTCQX: ATRWF) (“ARR” or the “Company”) is pleased to report that leading independent proxy advisor firms Institutional Shareholder Services Inc. (“ISS”) and Glass, Lewis & Co (“Glass Lewis”) have recommended that ARR’s minority shareholders vote FOR the upcoming arrangement transaction among ARR and Royal Aggregator LP, an affiliate of Northampton Capital Partners LLC at the upcoming special meeting of shareholders (“Special Meeting”) to take place on November 19, 2024.
After receiving the report of the Special Committee (which was comprised of independent directors) and which received advice from its legal and financial advisors, and considering the reasons outlined in the Circular, the board of directors of the Company (with conflicted directors abstaining) has unanimously determined that the Arrangement Resolution is in the best interest of ARR’s minority Shareholders and has unanimously recommended that ARR’s minority Shareholders vote FOR the Arrangement Resolution. The management information circular (the “Circular”) contains important information regarding the Arrangement Resolution and shareholders are encouraged to review the details under the heading “Reasons for the Recommendation” in the Circular which can be found on ARR’s website at www.arr.energy/investors/#Events and on the Company’s profile at www.sedarplus.ca.
About Altius Renewable Royalties Corp.
ARR is a renewable energy royalty company whose business is to provide long-term, royalty level investment capital to renewable power developers, operators, and originators. ARR has 35 renewable energy royalties representing approximately 2.6 GW of renewable power on operating projects and an additional approximate 5.6 GW on projects in construction and development phase, across several regional power pools in the U.S. The Company also expects future royalties from indirect investments in Bluestar Energy Capital, Hodson Energy and Hexagon Energy, which increase the total project pipeline to approximately 18.7 GW. The Company combines industry expertise with innovative, partner-focused solutions to further the growth of the renewable energy sector as it fulfills its critical role in enabling the global energy transition.
Forward-Looking Information
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. This information includes, but is not limited to, statements concerning our objectives, our strategies to achieve those objectives, as well as statements made with respect to management's beliefs, plans, estimates, projections and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “expects”, “estimates”, “outlook”, “forecasts”, “projection”, “prospects”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Forward-looking information in this news release includes, among other things, statements relating to the Transaction, management’s assessment of the anticipated benefits to ARR Minority Shareholders of the proposed Transaction, anticipated meeting date, timing for completion of the Transaction, delisting from the TSX and ceasing to be a reporting issuer. Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that the Company considered appropriate and reasonable as of the date such statements are made in light of its experience, current conditions and expected future developments, including assumptions: that any conditions precedent to the closing of the Transaction can be satisfied, and that there will be no undue delays with respect to the Transaction.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of ARR to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others: failure to obtain the required shareholder and court approvals or satisfying other closing conditions to effect the Transaction; the risk that the Transaction may involve unexpected costs, liabilities or delays; risks related to the diversion of management's attention from ARR’s ongoing business operations; the risk that the Transaction may not close when planned or at all or on the terms and conditions set forth in the Arrangement Agreement; the risk of the expected benefits from the Transaction not being realized; and general business, economic and competitive uncertainties, as well as those factors discussed in the section entitled “Risk Factors” in the Company’s Annual Information Form for the year ended December 31, 2023, Management’s Discussion and Analysis for the year ended December 31, 2023, as well as Management’s Discussion and Analysis for the interim period ended June 30, 2024.
Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to management of the Company or that it presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, shareholders should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this news release represents the Company’s expectations as of the date of this news release (or as the date they are otherwise stated to be made) and is subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws in Canada. All of the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements.
