Update on strategic review of shareholding in Tilt

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
4 February 2021



Update on strategic review of shareholding in Tilt Renewables

On 7 December 2020, Infratil advised that it had initiated a strategic review of its shareholding in Tilt
Renewables Limited (Tilt).

Infratil welcomes Tilt’s announcement that it has received a number of non-binding indicative
proposals to acquire the company, and that it will provide due diligence access to a number of parties,
to enable them to prepare binding proposals.

Marko Bogoievski, Infratil CEO, said “We have received strong interest in Tilt in response to our
strategic review announcement in December. This is the logical next step in what is a competitive
process, reflecting the strong demand globally for high quality renewable platforms like Tilt.”

No decision has been made in relation to Infratil’s shareholding in Tilt and we will continue to update
the market of any material developments.

A copy of the Tilt release is attached.



Any enquiries should be directed to:

Mark Flesher, Investor Relations, Infratil Limited
mark.flesher@infratil.com

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Tilt Renewables GPO Box 16080
Phone: +61 1300 660 623 Collins Street West
tiltrenewables.com Melbourne Victoria, 8007
Australia

 
 
NZX AND ASX ANNOUNCEMENT 
 
 
4 February 2021 
 
 
Non‐Binding Offers Received 
 
Tilt Renewables Limited (Tilt Renewables) advises that it has received a number of non‐binding indicative 
proposals to acquire the company, following the strategic review process being conducted by Tilt 
Renewables major shareholder, Infratil Limited (Infratil). 
 
The Board
 of Tilt Renewables has reviewed the proposals and decided to grant a number of parties access 
to due diligence material to enable these parties to prepare binding proposals.  
 
The Board notes that participation in Infratil’s strategic review process is not a prerequisite to it 
considering any proposals in respect of
 Tilt Renewables.  
 
There is no certainty that Tilt Renewables will receive binding proposals or that any proposals received 
will be recommended to shareholders by the Board. 
 
Tilt Renewables is being advised by Lazard as financial adviser and Russell McVeagh and Ashurst as legal 
advisers. 
 
 
ENDS 
 
 
 
 
For further information 
from Tilt Renewables, please contact: 
Steve Symons  
Chief Financial Officer 
Tilt Renewables 
Phone +61 419 893 746