LONDON (Alliance News) - Specialist engineer Pressure Technologies PLC on Tuesday said it expects to complete the sale of subsidiary PT Biogas Holdings Ltd, trading as Greenlane Biogas, to Creation Capital Corp later this week.
Creation Capital announced it has received sufficient orders to achieve the USD6 million minimum amount for the acquisition, with the subscription receipt offering "expected to complete this week", Pressure Technologies said.
Back in April, when the sale was first announced, Creation Capital agreed to pay GBP11.1 million for the business, which it will then spin out as a separate-listed entity in Toronto.
Completion of the sale was conditional upon Creation Capital executing a successful private placement and securing approvals from TSX Venture Exchange.
Pressure Technologies shares were trading 17% higher at 114.86 pence each on Tuesday.
Pressure Tech (PRES)