Bagnall Energy is taking London-listed Downing Renewables & Infrastructure (DORE) private for 拢174.6m (鈧�204m).
Bagnall鈥檚 subsidiary, Polar Nimrod Topco, is offering DORE shareholders 102.62p per share through a court-sanctioned scheme of arrangement, in a deal that represents a 25.35% premium over the last closing price of 83p.
In March 2025, DORE received an unsolicited all-cash proposal from Bagnall, its largest shareholder with a 25.3% stake, to acquire all DORE鈥檚 outstanding ordinary shares not already held by Bagnall. Following negotiations, the terms of this proposal were revised and improved.
DORE is a UK investment trust that invests renewable energy infrastructure across the UK, Ireland and Northern Europe. Its portfolio includes hydropower, grid, grid services and solar assets.
Bagnall is a private investor with a portfolio of renewable energy infrastructure assets such as solar, wind, hydro and battery storage across the UK and Northern Europe. its portfolio comprises 8,649 renewable generation assets within 118 holdings.
James Watson, Bagnall鈥檚 chair, said: 鈥淲e are firm believers in the transformative power of renewable energy infrastructure, and the acquisition of DORE aligns perfectly with Bagnall鈥檚 long-term vision and commitment to the sector. However, given challenging public market conditions and DORE鈥檚 current lack of scale, we believe that the acquisition will enable it to achieve greater scale, success and operational efficiency.
鈥淔or too long, DORE鈥檚 true value has not been reflected in its share price, and today鈥檚 offer represents an attractive opportunity for DORE shareholders to immediately crystallise value.鈥�
Hugh Little, DORE鈥檚 chair, said: 鈥淒ORE has consistently delivered on its investment strategy resulting in a strong net asset value and dividend performance since its initial public offering. Despite this, and the proactive steps taken by the board to narrow its share price discount in recent years, the sustained horizon of economic and macro uncertainty has weighed on the share price, which has also limited the opportunities for further raising of new capital, and which may stretch into the mid to long term.
鈥淭he board of DORE considers the certainty of the offer by bidco [Polar Nimrod], at a significant premium to the closing share price, to be fair and in the best interest of shareholders.鈥�
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