29 Nov 2019 07:00
Aggregated Micro Power Holdings plc
("AMP Clean Energy", the "Company" or the "Group")
Sale of 4% Interest in IncubEx Inc.
Aggregated Micro Power Holdings plc, trading as AMP Clean Energy, the specialist provider of distributed heat, power and renewable fuels, today announces that it has sold a 4.0 per cent. shareholding in IncubEx Inc., an incubator for exchange traded products in the global environmental markets space, to IPGL Limited, Michael Spencer's investment vehicle, for a cash consideration of £2.35 million. This sale was made to finance certain of AMP Clean Energy's general working capital requirements, including funding the project pipeline and acquisition of wood fuel stock for this season.
AMP Clean Energy's audited report and financial statements for the year ended 31 March 2018 reported IncubEx's net assets as $6.4 million and a total comprehensive loss of $370,953. AMP Clean Energy's audited report and financial statements for the year ended 31 March 2019 reported IncubEx's net assets as $5.4 million, being a reduction in net assets of $1 million. No profit or loss for IncubEx was disclosed in AMP Clean Energy's audited report and financial statements for the year ended 31 March 2019. There was no change to the fair value in the investment in IncubEx in AMP Clean Energy's Consolidated Statement of Financial Position as at 31 March 2019, which forms part of its audited report and financial statements for the year ended 31 March 2019.
Contacts:
Aggregated Micro Power Holdings plc 020 7382 7800
Neil Eckert, Executive Chairman
Richard Burrell, CEO
Izzy Deterding, Investor Relations
finnCap Ltd 020 7220 0500
Ed Frisby/Simon Hicks (Corporate Finance)
Andrew Burdis / Richard Chambers (ECM)
Whitman Howard Ltd 020 7659 1234
Hugh Rich
Nick Lovering
IPGL LIMITED
Neil Bennett 020 7395 0430
About Aggregated Micro Power Holdings plc
The Group was established to develop, own and operate renewable energy generating facilities. It specialises in the sale of wood fuels and in the installation of distributed energy projects. Trading as AMP Clean Energy, the Group sells high quality wood chip and wood pellet to end customers throughout the UK, while its projects division installs biomass boiler and biomass CHP systems for a wide range of applications and customers. AMP Clean Energy is also active in developing projects for stand-by power generation which aim to balance the transmission grid at times of peak demand.
www.ampplc.co.uk
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.