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APR board urges investors to back $253 mln buyout offer

Published 2015-12-17, 02:34 a/m
© Reuters. APR board urges investors to back $253 mln buyout offer
FFH
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APREN
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Dec 17 (Reuters) - APR Energy Plc's APREN.L board on
Thursday urged shareholders to back a 165 million pound ($253
million) buyout offer made by a consortium including its biggest
shareholder, as the power plant supplier continues to operate in
a precarious financial situation.
The company, which rents out turbines and generators to
cover electricity shortfalls, said it had received a number of
suggestions from shareholders over possible alternative ways to
stabilise its finances, but did not find any of these capable of
execution.
After a year dogged by the loss of projects in conflict
zones, APR in October received a 175 pence-per-share cash offer
from a group comprising Fairfax Financial Holdings Ltd FFH.TO ,
ACON Equity Management LLC and Albright Capital Management LLC.

"The board of APR Energy may not be in a position to
negotiate alternative arrangements to permit the APR's financial
survival in its current form, whether under a quoted holding
company or otherwise," the company said in a statement.

The independent APR Energy directors continue to recommend
that APR shareholders accept the offer, it said.

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