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Independent Proxy Advisory Firms Glass Lewis and ISS Recommend Pinnacle Shareholders Vote FOR the Arrangement with Drax Group

General News

Pinnacle Renewable Energy Inc. (“Pinnacle” or the “Company”) is pleased to announce that leading independent proxy advisory firms Glass, Lewis & Co. (“Glass Lewis”) and Institutional Shareholder Services Inc. (“ISS”) both recommend that holders (“Shareholders”) of common shares (“Shares”) of the Company vote for the special resolution (the “Arrangement Resolution”) approving the previously announced plan of arrangement under the Business Corporations Act (British Columbia), pursuant to which Drax Group plc (“Drax”) through its wholly-owned subsidiary, Drax Canadian Holdings Inc., will acquire all of the issued and outstanding Shares for C$11.30 in cash per Share (the “Arrangement”).


As previously announced, the special meeting of Shareholders (the “Meeting”) to vote on the Arrangement Resolution is scheduled to be held in a virtual-only format via live audio webcast at (case sensitive password: pinnacle2021) at 8:30 a.m. (Vancouver time) on March 31, 2021.

The board of directors of the Company (the “Board”), on the unanimous recommendation of an independent special committee of the Board (the “Special Committee”) and after receiving legal and financial advice, unanimously recommends that Shareholders vote for the Arrangement Resolution.

Shareholders are reminded to vote well before the proxy deadline of 8:30 a.m. (Vancouver time) on March 29, 2021.

Important information on the Arrangement and related matters, including the background to the Arrangement, the rationale for the recommendations made by the Special Committee and the Board, voting procedures and how to virtually attend the Meeting, is set out in Pinnacle’s management information circular dated March 1, 2021 (the “Circular”), which is available under the Company’s profile on SEDAR at and on the website of Pinnacle at Shareholders are urged to read the Circular in its entirety.

Shareholder Questions and Assistance

Shareholders who have questions regarding the Arrangement or require assistance with voting may contact D.F. King (Canada), Pinnacle’s proxy solicitation agent, by telephone at 1-800-290-1473 (toll free in North America) or 416-682-3825 (collect outside North America), or by email at

About Pinnacle

Pinnacle is the second largest producer of industrial wood pellets in the world. The Company’s products are used to displace fossil fuels in the production of baseload electrical power in key markets around the world. The Company operates nine production facilities in Western Canada and one in Alabama, with one additional facility under construction in Alabama and more in development. The Company also owns a port terminal in Prince Rupert, BC. Pinnacle has entered into long-term, take-or-pay contracts with utilities in the U.K., Europe and Asia that represent an average of 99% of its production capacity through 2026.


Duncan Davies – Investor Relations – – (877) 737-4344

Source: Pinnacle Renewable Energy Inc.