Scirocco Energy PLC - Leeds, England-based investor focused on opportunities in the energy transition market - Completes divestment of its 50% interest in Energy Acquisitions Group Ltd to OrbeNovo Capital, a private equity firm specialising in energy and industrial investments. The transaction has a gross enterprise value of GBP2.6 million before adjustments, as well as a further contingent consideration of up to GBP150,000. The acquisition will result in a firm net consideration of GBP702,000 payable to Scirocco, which the company expects to receive on Wednesday. The GBP150,000 consideration will be paid in tranches, subject to EAG completing the acquisition of certain "target anaerobic digestion sites" in its deal pipeline.
Commenting on the acquisition, Chair Alastair Ferguson said: "I am pleased to announce the completion of the divestment of our interests in EAG. The board is presently progressing its review of a range of potential options available to deliver value to shareholders and these funds will provide additional optionality to underpin that review process. The company is in a strong position in terms of having a clean structure, zero debt and a strong and growing cash position. We look forward to providing further updates on that review process as appropriate."
Current stock price: 0.29 pence per share, down 2.2% in London on Wednesday.
12-month change: up 33%
By Hugh Cameron, Alliance News reporter
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