Trading Emissions PLC Update on Sale of Solar Assets (4616N)
09 August 2017 - 4:00PM
UK Regulatory
TIDMTRE
RNS Number : 4616N
Trading Emissions PLC
09 August 2017
Trading Emissions PLC
Update on Sale of Solar Assets
Following the announcement made on 31 July 2017, Trading
Emissions PLC (the "Company") is pleased to confirm the completion
of the sale of a further portion of the Italian solar portfolio,
held through the Company's subsidiary, TEP (Solar Holdings) Limited
("TEPS"), to a member of the Sonnedix group ("Sonnedix") .
The aggregate net proceeds from the sale, after allowing for
transaction and other costs, are estimated to be in the order of
EUR3 million.
Although no new escrow arrangement is required, certain claims
following the sale may be made against the sums that were placed in
escrow pursuant to the sales of other TEPS assets to Sonnedix
announced on 2 September 2016 and 15 December 2016. Of the EUR3
million currently held in escrow, EUR1 million will be released on
14 December 2017 and the remaining EUR2 million will be released on
14 December 2018, subject to no claims having been received
pursuant to indemnities provided by TEPS. To date, there have been
no claims against the amounts held in escrow.
Sonnedix is an independent solar power producer with plants at
various stages of maturity located globally.
The Company was represented and advised in this transaction by
ValeCap Srl and Orrick, Herrington & Sutcliffe LLP.
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
DISFMGGRMRDGNZZ
(END) Dow Jones Newswires
August 09, 2017 02:00 ET (06:00 GMT)
Ft Tre (LSE:TRE)
Historical Stock Chart
From Apr 2024 to May 2024
Ft Tre (LSE:TRE)
Historical Stock Chart
From May 2023 to May 2024