Rene bates12/27/2023 He piloted, then crashed and walked away from an airplane that he had no license to fly (as the FAA noted in their resulting Cease and Desist letter). He was also an ordained minister.Īmong the many hats he wore, René was a schoolteacher, a rodeo clown, pick-up man and producer, a cowboy-for-hire, a ranch manager, and general rabble-rouser. René was a lifelong member of Rhea’s Mill Baptist Church in McKinney, Texas. He married Sheryl Lynn Darcey on Jin McKinney, Texas. René was the first in his family to go to college and earned his bachelor’s degree and master’s degree in Education from East Texas State University in Commerce. He was a graduate of Arlington High School. When his family relocated to Arlington in the mid-50s, René knew that living in a city was not for him, but neither was being poor. His stories of picking cotton alongside his father (and getting in trouble for loading his sacks with stones), of trips to town in a buggy, and barely having the means to get by, helped to define his strong work ethic, deep sense of ambition and drive to succeed. Growing up in rural Texas in the 1940s was not an easy life. The son of a sharecropper, he came of age under harsh circumstances usually only found in books and movies. René lived a life that most of us can only imagine. Seventy-seven years later, he passed away peacefully at his home in McKinney, only 10 miles from where he was born, but worlds apart in so many ways. Bates and Ruth Katherine (Gunter) Bates in New Hope, Texas. Prior to the transaction with Con Edison, the geographical footprint of RWE’s operating base included much of Texas, with projects also in New York, Pennsylvania, North Carolina, Georgia, Ohio, Indiana, Illinois, Oklahoma and Arizona.René was born on Jin his family’s home to Fred E. This underlines our strategy to be one of leading drivers of the global energy transition.“ “I am delighted that QIA is supporting RWE’s accelerated growth ambitions with their capital commitment. “Our equity capital measure is the basis for financing the acquisition of Con Edison CEB and of the additional green growth in the years to come,” says Markus Krebber, CEO of RWE AG. RWE maintains its plan to pay a dividend of EUR 0.90 per share for fiscal 2022. The mandatory convertible bond will have an aggregate principal amount of EUR 2,427.6 million and will be converted into new ordinary bearer shares, expected to represent just under 10% of RWE AG’s existing share capital (approximately 9.09% post conversion). Equity will be raised via issuance of a mandatory convertible bond to a subsidiary of QIA (Qatar Investment Authority). Furthermore, with EBITDA of around $600 million from year one on, the acquisition is earnings accretive.Ĭlosing of the transaction is subject to customary regulatory approvals and is expected to take place in the first half of 2023.įinancing of the acquisition and the additional growth are funded through debt instruments and an equity capital measure undertaken by RWE AG. At a multiple Enterprise Value/EBITDA of 11x, this represents an attractive price. RWE and Con Edison have agreed on a purchase price based on an enterprise value of $6.8 billion.
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