TIDMCORO

RNS Number : 2707K

Coro Energy PLC

24 August 2023

24 August 2023

Coro Energy Plc

("Coro" or the "Company")

Sale of Interest in ion Ventures Holdings Ltd

Coro Energy PLC, the South East Asian energy company with a natural gas and clean energy portfolio, announces that it has agreed to sell its 18.76% shareholding in ion Ventures Holdings Ltd ("ion") to SLT1 LLC a privately owned entity based in the USA for a cash consideration of GBP1.25 million ($1.59 million), of which GBP1 million will be paid immediately, and the remaining GBP250,000 will be paid by the 31 March 2024. The shareholding was acquired by Coro for GBP500,000 ($662,000) in 2020.

ion made a loss in 2022 of $404k, Coro's share being $82k. The net book value of the assets being disposed in the 2022 accounts was $259k, being the original consideration less share of losses since acquiring the shareholding.

The proceeds will be used to further progress Coro's renewable portfolio in South East Asia, Duyung and for working capital.

Michael Carrington, Managing Director of Coro Renewables, commented:

"ion Ventures has successfully delivered its strategy and we have been delighted to have been a supportive investor. This investment was Coro's first step into the clean energy space and was a useful bridge to establishing our own operated renewables portfolio. With operated positions in both the Philippines and Vietnam, this minority, non-operated investment is now no longer part of our strategy and we are pleased to exit at a multiple of our entry cost."

For further information please contact:

 
 Coro Energy plc                             Via Vigo Consulting Ltd 
  James Parsons, Executive Chairman 
  Ewen Ainsworth, Chief Financial Officer 
 Cenkos Securities plc (Nominated Adviser)   Tel: 44 (0)20 7397 8900 
  Adrian Hadden 
  Ben Jeynes 
  Katy Birkin 
 Vigo Consulting (IR/PR Advisor)             Tel: 44 (0)20 7390 0230 
  Patrick d'Ancona 
  Finlay Thomson 
 WH Ireland (Broker)                         Tel: 44 (0)20 7220 1670 / 44 
  Harry Ansell                                (0)113 946 618 
  Katy Mitchell 
 
 Gneiss Energy Limited (Financial Advisor)   Tel: 44 (0)20 3983 9263 
  Jon Fitzpatrick 
  Doug Rycroft

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the EU Market Abuse Regulation 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented from time to time. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

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END

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August 24, 2023 02:00 ET (06:00 GMT)

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