Drax Group PLC Update on Potential Acquisition of Pellet Plants (2834Y)
March 01 2017 - 12:27PM
UK Regulatory
TIDMDRX
RNS Number : 2834Y
Drax Group PLC
01 March 2017
1 March 2017
DRAX GROUP PLC
(Symbol: DRX)
Update on Process for Potential Acquisition of Distressed Pellet
Plants
Drax has been notified that the sellers of Texas Pellets(1) and
Louisiana Pellets(1) have delayed the processes(2) for the sale out
of bankruptcy of these assets, originally scheduled for 1 and 2
March. It is expected that these processes will continue during
March.
Drax previously notified the market of its participation in
these processes and had submitted initial cash bids for the
operating assets of Texas Pellets and Louisiana Pellets.
Drax remains an interested party in the acquisition of these
assets.
Enquiries:
Drax Investor Relations: Mark Strafford
+44 (0) 1757 612 491
Media:
Drax External Communications: Paul Hodgson
+44 (0) 1757 612 026
Website: www.drax.com
Notes:
(1) Texas Pellets, Inc. and German Pellets Texas, LLC
(collectively "Texas Pellets") is the owner and developer of a wood
biomass pellet manufacturing facility located in Woodville, Texas
and leases a five-silo pellet storage facility located at Port
Arthur, Texas.
Louisiana Pellets, Inc. and German Pellets Louisiana, LLC
(collectively "Louisiana Pellets") is the owner and developer of a
wood biomass pellet manufacturing facility located in Urania,
Louisiana.
(2) Texas Pellets and Louisiana Pellets are currently going
through "Chapter 11" bankruptcy processes in the United States and
are seeking purchasers for substantially all of their assets.
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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March 01, 2017 12:27 ET (17:27 GMT)
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