30 Mar 2016 15:55
Aggregated Micro Power Holdings plc
("AMP", the "Company" or the "Group")
Completion of Acquisition
Aggregated Micro Power Holdings plc (AIM: AMPH), the renewable energy developer focused on biomass energy generation, is pleased to announce that it has completed the acquisition of the entire issued share capital of Forest Fuels Holdings Ltd ("Forest Fuels").
This follows the announcements on 9 March 2016 in relation to the Acquisition and Placing, and approval of the Resolutions at the General Meeting of the Company on 29 March 2016.
Richard Burrell, Chief Executive of Aggregated Micro Power Holdings plc, said:
"This Acquisition marks a significant development for AMP and for our strategic ambitions. One of the UK's largest suppliers of premium grade wood fuel, Forest Fuels is a rapidly growing business in a rapidly growing sector. The current installed renewable heat capacity in the UK market is 3% with a Government target of 12% by 2020. The Acquisition will therefore accelerate AMP's growth by providing a market leading distribution capability in wood fuels operating from 20 regional depots and providing us with a platform for further roll-up opportunities. Forest Fuels has a growing customer base and currently serves over 1,000 customers nationwide. By combining the business development activities and offering both long term financing for biomass boilers and CHP systems together with wood fuels contracts to end customers, there will be significant opportunities to increase our development fee revenues and generate income from associated wood fuel contracts."
Enquiries:
Aggregated Micro Power Holdings plc www.ampplc.co.uk
Richard Burrell, CEO Tel: 020 7382 7800
Neil Eckert, Executive Chairman
finnCap Ltd (NOMAD & Broker) Tel: 020 7220 0500
Ed Frisby/Simon Hicks (corporate finance)
Stephen Norcross (corporate broking)
Haggie Partners (Financial PR) Tel: 020 7562 4444
Peter Rigby/Brian Norris