Enviva Announces Unitholder Approval of Corporate Conversion

Source: www.gulfoilandgas.com 12/17/2021, Location: North America

Enviva Partners, LP announced that unitholders voted on and overwhelmingly approved the proposed conversion (the “Conversion”) of Enviva from a limited partnership to a corporation named Enviva Inc. (the “Corporation”) at the virtual special meeting of its unitholders (the “Special Meeting”) held on December 17, 2021. Of the votes received at the Special Meeting, 99.75% were cast in favor of the Conversion.

Based on the unitholder approval of the Conversion, Enviva intends to “check the box” to be treated as a corporation for federal income tax purposes on December 29, 2021. Subsequently, the Conversion is expected to be completed on December 31, 2021, whereby each outstanding Enviva common unit will be exchanged for one share of common stock of Enviva Inc. Enviva Inc.’s common stock, to be listed on the New York Stock Exchange under the same “EVA” ticker symbol, is expected to begin trading on January 3, 2022.

“We thank all unitholders who voted and appreciate the strong support we received in favor of our transformational change to Enviva Inc.,” said John Keppler, Chairman and Chief Executive Officer. “Enviva operates at the epicenter of the international energy transition and global efforts to decarbonize, and this conversion marks the start of a new and exciting chapter in Enviva’s journey. As we enter 2022, investors worldwide, including many index-linked funds, will be able to participate in the significant accretion we see ahead of us in a dividend-paying corporate structure and business that aspires to lead industry in every critical ESG metric. We believe the transition to Enviva Inc. will further unlock value for equity holders as our cost of capital continues to decline, enabling us to even more effectively deliver on the tremendous current and future contracted growth opportunities that we are developing around the world.”

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