Active Energy Group PLC Completion of agreement for the sale of Lumberton (9285Q)
July 01 2022 - 1:00AM
UK Regulatory
TIDMAEG
RNS Number : 9285Q
Active Energy Group PLC
01 July 2022
The information contained within this announcement is deemed by
the Company to constitute inside information for the purposes of
Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations
2019/310.
Active Energy Group Plc / EPIC: AEG / Sector: Alternative
Energy
1 July 2022
Active Energy Group Plc
("Active Energy", "AEG" or the "Company")
Completion of the sale and purchase agreement for the sale of
the Lumberton site
Active Energy, the London quoted international biomass based
renewable energy business, is pleased to announce it has completed
the sale and purchase agreement for the sale of its Lumberton site
in North Carolina (the "Lumberton Site"), following completion of
due diligence by the purchaser and the negotiation of final terms.
The purchaser is Phoenix Lumberton Industrial Investors LLC, a
company owned by Phoenix Investors LLC, a US-based commercial real
estate firm, whose core business is the revitalisation of former
manufacturing facilities throughout the United States.
The gross consideration for the Lumberton Site is $4.65 million,
before the deduction of deferred maintenance fees and transaction
expenses.
The sale of the Lumberton site was announced on 31 March
2021.
Principal terms of the transaction
-- Sale of the Lumberton Site for $4.65 million (before deferred
maintenance fees and transaction expenses) to Phoenix Lumberton
Industrial Investors LLC.
-- After the deduction of deferred maintenance fees for the
Lumberton Site, Active Energy will receive $ 4.2 million.
-- After deduction of transaction expenses, Active Energy will
receive net cash proceeds of $3.92 million, receipt of which is due
within the next 7 working days.
-- Net book value of the Lumberton Site at 31 December 2021 was
$4.29 million. The site was acquired by AEG in March 2019 for a
consideration of $3.33 million.
Michael Rowan, CEO of Active Energy, said:
"We are pleased to report the completion of the sale of
Lumberton and of the forthcoming receipt of funds. I would like to
thank the team at Lumberton for all their hard efforts in recent
months to ensure the successful completion of the sale at the
Lumberton Site."
ENDS
Enquiries
Active Energy Group Michael Rowan (Chief info@aegplc.com
Plc Executive Officer)
Andrew Diamond ( Chief
Financial Officer)
Allenby Capital Limited Nick Naylor / James Office: +44 (0)20
Nominated Adviser Reeve / Freddie Wooding 3328 5656
and Sole Broker (Corporate Finance)
Amrit Nahal (Sales/Corporate
Broking)
Camarco Georgia Edmonds / Tom aeg@camarco.co.uk
Financial PR Adviser Huddart / Emily Hall Office: +44 (0)20
3757 4980
About Active Energy Group:
Active Energy Group plc is a London listed (AIM: AEG) renewable
energy company focused on the production and development of next
generation biomass products that have the potential to transform
the traditional coal fired-power industry and existing renewable
biomass industry.
The Company has developed a proprietary technology which
transforms waste biomass material into high-value renewable fuels.
Its patented product CoalSwitch(R) is a leading drop-in renewable
fuel that can be co-fired with coal, completely replace coal as an
alternative feedstock without requiring significant plant
modifications or replace existing biomass feedstock resources.
Active Energy's immediate strategic focus is the production and
commercialisation of CoalSwitch(R) and further CoalSwitch(R) fuel
blends that utilise other waste wood and residual materials.
CoalSwitch(R) is a registered trademark belonging to Active
Energy Group plc.
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END
DISWPUCUQUPPPPU
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