George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE
Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc
Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRocView Video
Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors
Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investorsView Video

Latest Share Chat

Mercia Asset Management sells 16% stake in battery firm Faradion

Wed, 05th Jan 2022 12:48

(Alliance News) - Mercia Asset Management PLC announced on Wednesday it has sold its stake in Faradion Ltd to Reliance New Energy Solar Ltd for a total enterprise value of GBP100.0 million.

The Warwickshire-based asset manager held a 16% stake in Faradion and has received initial cash proceeds of GBP18.6million and a further GBP800,000 ring-fenced for three months.

The sale has generated an initial 4.2x return on Mercia's direct investment of GBP4.4million and a profit of GBP5.7 million above Mercia's GBP12.9 million direct investment in Faradion at September 30, the company explained.

The sale has also generated combined initial unrestricted cash returns of GBP30.4 million on a total investment cost of GBP3.6million for Mercia's managed funds, Mercia added.

Mercia made its first direct investment in Faradion in January 2017 and Mercia's managed funds have held equity stakes in Faradion since 2010.

Faradion is a Sheffield-based sodium-ion battery technology firm that provides energy storage. Reliance New Energy is a wholly owned subsidiary of Mumbai-based Reliance Industries Ltd, a conglomerate including energy, retail and telecommunications businesses.

Shares in Mercia were up 5.0% at 39.90 pence on Wednesday in London.

By Heather Rydings; heatherrydings@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

Related Shares

More News
22 Mar 2024 14:07

DIRECTOR DEALINGS: Hollywood Bowl COO Lewis sells 180,000 shares

(Alliance News) - The following is a round-up of share dealings by London-listed company directors and managers announced on Friday and not separately...

21 Mar 2024 19:05

EARNINGS AND TRADING: Getech confident; Aukett Swanke makes buy

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately report...

21 Mar 2024 13:38

Mercia Asset Management secures two new BBB mandates

(Sharecast News) - Mercia Asset Management announced an expanded role in bolstering regional business growth on Thursday, with the acquisition of two ...

14 Mar 2024 15:17

EARNINGS AND TRADING: Smarttech247 and Beeks in deal boosts

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

14 Mar 2024 13:22

Mercia Asset Management invests further in three portfolio firms

(Sharecast News) - Mercia Asset Management announced the completion of syndicated funding rounds into three existing direct investments on Thursday, t...

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.