TIDMLCA

RNS Number : 1572E

Low Carbon Accelerator Limited

07 May 2013

Date: 7 May 2013

LOW CARBON ACCELERATOR LIMITED ("LCA" or "the Company")

Update on Sale and Purchase Agreement and proposed liquidation

Further to the Company's announcement of 7 March 2013, LCA is pleased to announce that the second payment from Sterling Planet of US$1m, under the Sale and Purchase Agreement between the two companies, has now been received.

The remaining payments are now set to be received on 17 May 2013 (US$1.2m) and 17 July 2013 (US$1.2m).

On 7 March 2013, the Company announced its intention to issue a Circular to shareholders to outline its plans for the distribution of capital, the liquidation of the Company and the cancellation of LCA's admission to trading on AIM. The Company now intends to issue its circular as soon as practicable following the receipt of the payment due on 17 May 2013.

On 27 April 2012, the Company announced it had given notice to terminate the investment management agreement with Low Carbon Investors Limited ("LCI"). The 12 month notice period ended on 12 April 2013. Since the LCA Board of Directors proposes to liquidate the Company as soon as practicable, it does not intend to appoint another investment manager. However, the Company will receive administrative support as required from Armstrong Asset Management Limited, a company founded by the previous executive management of LCI.

Enquiries:

 
 Admin Support provider   Steve Mahon 
                           Tel: +44 (0)20 7631 2630 
-----------------------  --------------------------- 
 Grant Thornton UK LLP    Philip Secrett, or Colin 
                           Aaronson 
                           Tel: +44 (0) 20 7383 5100 
-----------------------  ---------------------------

This information is provided by RNS

The company news service from the London Stock Exchange

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