LEF25 Oct 2011 21:26
LEF transfers a £5.9 million investment into waste infrastructure fund
LEF has exchanged its 65,677 B shares in New Earth Solutions Group Limited ("NESG") in consideration for the issue of an equivalent value of shares in New Earth Recycling & Renewables (Infrastructure) plc ("NERR") at a subscription value of £5,882,689 ("the Transaction").
LEF invested £5.0 million in September 2009 and immediately prior to the Transaction valued the investment at £5,882,689. The Transaction brings LEF closer to the infrastructure by a direct interest in the physical assets of NESG, while maintaining exposure to the upside of NESG and New Earth Energy ("NEE"), via NERR's investment in both companies.
NERR is an open-ended fund with a net asset value currently in excess of £80.0 million and registered as a specialist fund with the Isle of Man Financial Supervision Commission (Isle of Man Company Number: 123613C), which was created principally to finance the recycling facilities of NESG.