Finavera Gains 40% After Announcing Talks With 3 Buyers
Finavera Wind Energy Inc. (FVR), the Vancouver-based wind-farm developer proposing to build projects in Canada and Ireland, rose the most in almost 11 months after saying it’s in talks with three potential buyers.
Finavera gained 40 percent to 34 Canadian cents at the close in Toronto, the biggest climb since Nov. 11. As of Sept. 28, the company had declined 44 percent this year.
Finavera, which has a market value of C$12.5 million ($12.7 million), “intends to move expeditiously to explore transaction proposals and consummate a transaction in the near term,” according to a statement today. Finavera appointed Capital West Partners LLC to review offers.
The decision to put itself up for sale means it won’t complete an agreement, announced in July, to sell its Wildmare wind project in British Columbia to Innergex Renewable Energy Inc. (INE) for C$22 million, according to the statement.
The falling share price “has resulted in a significant difference between our market capitalization and our inherent value,” Chief Executive Officer Jason Bak said in the statement.
To contact the editor responsible for this story: Susan Warren at email@example.com