Prospect acquires 10% stake in Pinnacle

Prospect Co., Ltd. announced Dec. 27, 2019 that it has acquired an aggregate of 18,000 common shares of Pinnacle Renewable Energy Inc., representing approximately 0.054 per cent of the issued and outstanding common shares (as reported in Pinnacle’s management’s discussion and analysis dated Nov. 12, 2019), through the facilities of the Toronto Stock Exchange.

Prior to the acquisition, Prospect beneficially owned and controlled less than 10 per cent of the common shares. As a result of the acquisition, Prospect beneficially owns and controls an aggregate of 3,348,600 common shares, representing approximately 10.053 per cent of the issued and outstanding common shares (as reported in Pinnacle’s management’s discussion and analysis dated Nov. 12, 2019).

Prospect acquired the common shares for investment purposes. Prospect will continue to review the performance and prospects for this investment and investment alternatives.

About Prospect:

Prospect Co. Ltd. is a Tokyo based real estate developer with operations in renewable energy. The company builds and sells condominiums in the Greater Tokyo area as well as having involvement in development projects in Hawaii. In the Renewable Energy segment Prospect owns solar power generation facilities across Japan and has a JV in Far East Russia with the Russian Forest Products Group to produce industrial wood pellets for export to Japan.