Turbo Power Systems Inc Ultimate parent company update (7947W)
August 24 2015 - 1:00AM
UK Regulatory
TIDMTPS
RNS Number : 7947W
Turbo Power Systems Inc
24 August 2015
Turbo Power Systems Inc
("TPS" or the "Company")
Ultimate parent company update
TPS (AIM: TPS), the innovative high-speed electrical machines
and power electronic systems provider, announces a change of
ultimate parent company.
Hitherto the Company's ultimate parent company has been Vale
Soluções em Energia S.A. ("VSE"), the Brazilian energy solutions
company, which through Tao Sustainable Power Solutions (UK) Ltd
("TAO") owns 89.4% of the current issued share capital of the
Company.
As noted in the Annual Report 2014, VSE's major shareholders
have been Vale S.A. ("Vale") Brazil's largest mining company, and
Banco Nacional de Desenvolvimento Econômico e Social ("BNDES"),
Brazil's National Development Bank.
VSE has informed the Company that Vale purchased BNDES'
shareholding interest in VSE, which received final antitrust
approval on 18 August 2015. Additionally, Vale purchased the
minority interest that Sygma Group S.A. ("Sygma") had in VSE. Both
share transfers are scheduled to complete during the week
commencing 24 August 2015.
Once completed Vale will own 100% of the issued share capital of
VSE.
Accordingly, Vale will be the ultimate parent company of
TPS.
On 20 February 2015 shareholders were informed that the Board
was conducting a Strategic Review of the Company's business and as
part of this review is looking at a potential sale of the Company.
Lincoln International LLP is assisting the Board in this process.
This change in the ownership of VSE is not part of the Board's
Strategic Review.
Further announcements on the Strategic Review will be made in
due course, as appropriate. In the meantime there can be no
certainty that any potential transaction in relation to the Company
will proceed, or as to the terms of any such transaction. As
previously advised, the Company may discontinue the Strategic
Review process at any time.
The Company is a Canadian Business Corporation, carrying on the
business under the Business Corporation Act of Yukon, Canada and is
not subject to the provisions of the UK City Code on Takeovers and
Mergers.
For further information, please contact:
Turbo Power Systems
Fernando Senhora, Chairman Tel: +55 12 3321 2591
Carlos Neves, CEO Tel: +44 (0)191 482
Charles Rendell, CFO 9200
finnCap (NOMAD, broker and UK financial Tel: +44 (0)20 7220
advisor) 0500
Ed Frisby, Emily Watts
Kreab (financial public relations) Tel: +44 (0)20 7074
Robert Speed 1800
This information is provided by RNS
The company news service from the London Stock Exchange
END
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