TIDMFCRM

RNS Number : 4823N

Fulcrum Utility Services Ltd

01 June 2022

1 June 2022

FULCRUM UTILITY SERVICES LIMITED

("Fulcrum" or "the Group")

Domestic Asset Sale Update

Further to its initial announcement on 23 December 2019, Fulcrum announces an update on the sale of its domestic customer gas connection assets and associated meters to E.S. Pipelines Limited ("ESP").

The Group is pleased to confirm the successful completion of tranche five of the domestic gas assets transfer to ESP for a total consideration of GBP2.1 million on 31 May 2022.

GBP2 million of this was received in cash today, 1 June 2022, with the retention balance of GBP0.1 million expected to be received on 30 November 2023.

The total gross consideration receivable by Fulcrum is expected to be c.GBP49 million. GBP30.7 million has been received to-date, leaving approximately GBP17.9 million to be received.

The arrangement with ESP also includes further milestone targets which, if achieved, would trigger additional enhanced payments of up to GBP3.8 million over the remaining term of the contract.

Enquiries:

 
Fulcrum Utility Services Limited                        +44 (0)114 280 
 Antony Collins, Chief Executive Officer                 4150 
 
 Cenkos Securities plc (Nominated adviser and broker) 
 Camilla Hume / Callum Davidson (Nomad) / Michael        +44 (0)20 7397 
 Johnson (Sales)                                         8900

Notes to Editors:

Fulcrum is a multi-utility infrastructure and services provider. The Group operates nationally with its head office in Sheffield, UK. It designs, builds, owns, and maintains utility infrastructure and offers smart meter exchange programmes. https://investors.fulcrum.co.uk/

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