Trading Emissions PLC Disposal - Librandello Sale (7648I)
September 02 2016 - 1:00AM
UK Regulatory
TIDMTRE
RNS Number : 7648I
Trading Emissions PLC
02 September 2016
Trading Emissions PLC
Librandello Sale
Trading Emissions PLC (the "Company") is pleased to announce the
sale of a portion of its Italian solar portfolio.
The Company's ultimately wholly owned subsidiary, TEP (Solar
Holdings) Limited ("TEPS"), has entered into a sales and purchase
agreement ("SPA") with a member of the Sonnedix group ("Sonnedix")
in respect of the sale of its entire interest in two Italian
subsidiaries, Etuno Srl and Solar Energy Italia 6 Srl (also known
as Librandello), comprising three ground-mounted solar photovoltaic
plants located in Basciano and Cupello in Abruzzo and Chiaramonte
Gulfi in Sicily respectively, with combined capacity of 11.2MW (the
"Investments").
The aggregate net proceeds from the sale of the Investments,
after allowing for transaction costs, are estimated to be EUR8.5
million. Under the terms of the SPA, completion and receipt of the
sales proceeds are subject to various conditions precedent being
fulfilled by TEPS no later than 14 December 2016. Of the payment by
Sonnedix at completion, EUR3 million will be deposited in escrow,
to be released to TEPS as to EUR1 million on the first anniversary
after completion and the remaining EUR2 million on the second
anniversary after completion, subject to no claims having been
received pursuant to indemnities provided by TEPS customary for
this type of transaction.
Sonnedix (http://www.sonnedix.com/) is an independent solar
power producer with plants at various stages of maturity located
globally, including Italy.
The Company was represented and advised in this transaction by
ValeCap Srl (http://www.valecap.com/) and Orrick, Herrington &
Sutcliffe LLP (http://www.orrick.com).
The Company's financial statements are prepared in accordance
with IFRS 10 and all subsidiaries are measured at fair value
through profit or loss. As the Investments were not consolidated
into the Company's financial statements for the periods ended 31
December 2015 and 30 June 2015, no operating profits or losses were
attributed to the Company. The Company disclosed in its interim
financial statements for the period ended 31 December 2015 a fair
value of its private equity portfolio of GBP16.1 million
(equivalent, at that date, to EUR21.8 million). The Investments
comprised part of the Company's private equity portfolio.
The net proceeds to be received by TEPS from Sonnedix will be
paid to the Company. In accordance with the Company's investment
policy, all cash not required to meet operating costs will be
distributed to shareholders.
Enquires:
FIM Capital Limited +44 (0) 1624 681250
(Philip Scales)
Liberum Capital Limited +44 (0) 20 3100 2222
(Steve Pearce/ Henry Freeman / Josh Hughes)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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