TOKYO, Dec. 27, 2019 /CNW/ - Prospect Co., Ltd. ("Prospect") announced today that it has acquired (the "Acquisition") an aggregate of 18,000 common shares ("Common Shares") of Pinnacle Renewable Energy Inc. ("Pinnacle"), representing approximately 0.054% of the issued and outstanding Common Shares (as reported in Pinnacle's management's discussion and analysis dated November 12, 2019), through the facilities of the Toronto Stock Exchange.
Prior to the Acquisition, Prospect beneficially owned and controlled less than 10% of the Common Shares. As a result of the Acquisition, Prospect beneficially owns and controls an aggregate of 3,348,600 Common Shares, representing approximately 10.053% of the issued and outstanding Common Shares (as reported in Pinnacle's management's discussion and analysis dated November 12, 2019).
Prospect acquired the Common Shares for investment purposes. Prospect will continue to review the performance and prospects for this investment and investment alternatives. As part of the ongoing review of its investment in Pinnacle, Prospect may explore from time to time a variety of alternatives it deems appropriate, including (i) increasing or decreasing its position in Pinnacle through, among other things, the acquisition or disposition of securities of Pinnacle through the open market or in privately negotiated transactions or otherwise, (ii) entering into transactions that increase or hedge its economic exposure to such securities without affecting its beneficial ownership of such securities and/or (iii) continuing to hold its current position. Prospect may explore from time to time other alternatives with respect to its investment in Pinnacle, including, but not limited to, developing plans or intentions or taking actions itself or with joint actors which relate to or would result in one or more of the transactions or matters referred to in paragraphs (a) through (k) of Item 5 of Prospect's Early Warning Report filed on SEDAR. Prospect may also engage with management and/or the board of Pinnacle from time to time concerning the foregoing and its business, management, operations, capitalization, financial condition, governance, strategy and future plans. Although the foregoing reflects activities presently contemplated by Prospect with respect to its investment in Pinnacle, the foregoing is subject to a number of factors, including but not limited to, the price of Pinnacle securities, Pinnacle's business and financial condition and prospects, conditions in the securities markets and general economic and industry conditions, the availability of funds, the evaluation of other investment opportunities available to Pinnacle, and is subject to change at any time, and there can be no assurance that Prospect will take any of the actions referred to above.
This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires a report to be filed under Pinnacle's profile on SEDAR (www.sedar.com) containing additional information respecting the foregoing matters. A copy of such report may be obtained by contacting Andrea Johnston at Pinnacle Renewable Energy Inc., 350-3600 Lysander Lane, Richmond, British Columbia, V7B 1C3 (tel: (604) 270-9613; email: [email protected]).
Prospect Co. Ltd. is a Tokyo based real estate developer with operations in renewable energy. The company builds and sells condominiums in the Greater Tokyo area as well as having involvement in development projects in Hawaii. In the Renewable Energy segment Prospect owns solar power generation facilities across Japan and has a JV in Far East Russia with the Russian Forest Products Group to produce industrial wood pellets for export to Japan.
Prospect Co. Ltd. is listed on the Tokyo Stock Exchange Second Section (ticker: 3528). As of December 27, 2019, Prospect's market capitalisation was JPY 12,970,000,000 ($155,000,000).
SOURCE Prospect Co., Ltd.