Shareholders approve Magma Energy, Plutonic Power deal

3 May 2011


Under the terms of the deal, each Plutonic shareholder will receive 2.38 shares of Magma for each Plutonic share held. Magma shareholders have also agreed to change the company’s name to Alterra Power Corp, and have agreed to increase the size of the board of directors of Magma to seven, and to elect Donald A. McInnes, Walter T. Segsworth and David S. O'Brien to the Magma board of directors

The new combined company will have a solid base of producing assets in three key renewable energy sectors – geothermal, hydro and wind – with options in the solar industry.

At the shareholder meetings, 99.91% of Magma shareholders voted in favour of the deal, with 73.47% of Plutonic shareholders approving the arrangement.

Completion of the deal remains subject to approval by the Supreme Court of British Columbia and certain other conditions.


Related Articles
Magma Energy and Plutonic Power Corp announce merger



Privacy Policy
We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.