6 May 2010 16:46
6 May 2010
Clean Energy Brazil PLC
("CEB" or the "Company")
Sale of agricultural assets
Clean Energy Brazil plc ("CEB"), an investment company focused on Brazil's sugar cane/ethanol industry, is pleased to announce the sale by its wholly-owned subsidiary Pantanal Agro Industrial ("CEB Pantanal") of agricultural assets (principally planted sugar cane) for R$5 million (equivalent to approximately US$2.8 million) to Tonon Bioenergia S.A., a Brazilian sugar & ethanol producer. Under the terms of the agreement, CEB has received R$4 million on closing and will receive an additional payment of R$1 million on the first anniversary of the transaction. The sale of the Pantanal assets represents a 22% premium (before transaction costs) over the book value of such assets as at 31 October 2009. Following the sale, CEB Pantanal has no remaining operating assets.
After this sale, Clean Energy Brazil will be left with one primary investment in Brazil, a 33% stake in Unialco M.S..
Further enquiries:
| IOMA Fund & Investment Management Limited (Administrator) Philip Scales | Tel: +44 (0)1624 681250 |
| Smith & Williamson Corporate Finance Limited (Nominated adviser) David Jones | Tel: +44 (0)20 7131 4000 |