Todays news (lots more in RNS)29 Dec 2010 13:38
Proposed sale of assets of aviation business 29-12-2010
Wed 29 Dec 2010 07:00
RNS Number : 6309Y
Gas Turbine Efficiency PLC
29 December 2010
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29 December, 2010
Gas Turbine Efficiency PLC
Proposed sale of assets of the aviation business
Update on current trading and strategy
Transaction highlights
· Asset Purchase Agreement signed with Pratt & Whitney covering sale of substantially all of GTE's technology and intellectual property for non-core aviation engine wash services business
· Subject to shareholder approval, GTE will receive total consideration of US$17.1 million, with US$14.8 million payable on Completion and the US$2.3 million balance paid one half 12 months after Completion and the remainder 18 months after Completion, provided there has been no material breach of the Asset Purchase Agreement by GTE