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8 Dec 2008 11:21
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8Β DecemberΒ 2008
CLEAN ENERGY BRAZIL PLC
("CEB" or the "Company")
Investment update - Usaciga
Clean Energy Brazil plc, an investment company focused onΒ Brazil's sugar cane/ethanol industry,Β announcesΒ anΒ updateΒ in relation to its investment in Usaciga.
Due to favourable weather conditions, Usaciga'sΒ current crushingΒ activities (which would usually be suspended during December to March due to rainfall)Β will be extendedΒ by two monthsΒ untilΒ the end ofΒ JanuaryΒ 2009. This will provideΒ Usaciga withΒ additional cash, as approximately 200,000Β furtherΒ tonnesΒ of caneΒ is expected toΒ be processedΒ during these two monthsΒ (Usaciga has crushedΒ 1.6 million tones in the period from May to November this year).
InΒ orderΒ to accelerate a solutionΒ forΒ Usaciga's funding requirementΒ andΒ protect the value of their investment, co-owners Agrocana and CEBΒ have decided to explore all strategic alternativesΒ in relation to Usaciga,Β including the potential sale of the business. This process will beΒ managedΒ by Alvarez & Marsal and Merrill Lynch will be acting asΒ CEB'sΒ adviser.
Further enquiries:
|
Clean Energy Brazil plc Marcelo Junqueira (Chief Executive Officer) |
Tel:+55 (0) 11 3556 8750 |
|
Smith & Williamson Corporate Finance Limited (Nominated Adviser) Azhic Basirov David Jones |
Tel: +44 (0) 20 7131 4000 |
|
Numis Securities Limited (Broker) Charles Farquhar Lee Aston |
Tel: +44 (0) 20 7260 1000 |
|
Fishburn Hedges (Financial PR Adviser) Andy Berry Dan Bradley |
Tel: +44 (0) 20 7839 4321 ceb@fishburn-hedges.co.uk +44 (0) 7767 374421 +44 (0) 7816 829166 |
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