Bagnall acquisition of Downing Renewables clears Icelandic regulator

(Sharecast News) - Bagnall Energy said on Thursday that a key regulatory condition has been cleared for its planned takeover of Downing Renewables & Infrastructure Trust, with the deal still expected to complete in the second half of 2025 subject to remaining approvals. Bagnall's wholly-owned vehicle Polar Nimrod Topco received approval under Iceland's foreign direct investment regime, satisfying one of the conditions set out in the scheme document sent to DORE shareholders in July.

The acquisition, first announced in June, was being implemented via a court-sanctioned scheme of arrangement.

Completion remained conditional on clearance from Ofgem, the sanctioning of the scheme by the court, and the delivery of the court order to the Registrar of Companies.

Bagnall and DORE said they would continue to update the market on progress in meeting the remaining conditions.

Subject to the approvals, the scheme was expected to become effective during the second half of this year.

The current long-stop date for completion was 30 November.

At 1400 BST, shares in Downing Renewables & Infrastructure were up 0.43% at 102.44p.

Reporting by Josh White for Sharecast.com.