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6 Nov 2008 07:00
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6Β NovemberΒ 2008
Camco International Limited (theΒ "Company" or "Camco")
Camco today announces that it has completed the acquisition of the 49% minority interest in ESD SinosphereΒ ("ESDS"), the ChineseΒ subsidiary of ESD, for US$246,823.Β ESDS is engaged in the provision ofΒ technical due diligence,Β emissions assessments, carbon managementΒ and sustainable developmentΒ consulting services inΒ China.Β Camco acquiredΒ itsΒ initial 51% interest in ESDS via the acquisition of ESD in 2007.
Camco CEOΒ Jeff KennaΒ said "theΒ purchaseΒ ofΒ the minority interestsΒ demonstrates Camco's ongoingΒ desireΒ to grow our Chinese operations. We have continued to see the benefits ofΒ a global consulting platform with a range of new opportunities emerging."
InΒ the year to 31 DecemberΒ 2007 the business earned a profitΒ beforeΒ tax ofΒ US$160,942.Β The transaction places a totalΒ enterpriseΒ value on ESDS of US$603,721Β of which US$100,000Β is debt.Β Total Assets for ESDS at 31 December 2007 wereΒ US$549,807. Consideration payable under the transaction is US$246,823 to be settled in cash.Β
Clearworld Energy ("CWE") was a 29% shareholder in ESDS prior to the acquisitionΒ andΒ CWEΒ is currently a Camco shareholder. CWE's shareholders includeΒ Michael AshburnΒ whoΒ is also non executive Chairman of CamcoΒ China. As a result, the acquisition ofΒ ESDSΒ is regarded as a related partyΒ transaction for theΒ purposes of the AIM Rules.Β In addition to the paymentΒ for minorityΒ equityΒ interestsΒ Camco will assume the liabilities of ESDS. The material liabilities are loans totallingΒ US$100,000. Of this amountΒ US$36,250 is a loan from CWEΒ whichΒ will be repaid to CWE by 31 December 2008.
The Directors of Camco consider, having consultedΒ withΒ KBC Peel Hunt Ltd in its capacity as the Company's nominated adviser, thatΒ the terms of the acquisition of CWEV are fair and reasonable insofar as theΒ Company's shareholdersΒ are concerned.
Enquiries:
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The Camco Group |
+44 (0)20 7121 6100 |
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Jeff Kenna,Β Chief Executive Officer |
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Scott McGregor,Β Chief Financial Officer |
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KBC Peel Hunt Ltd (Nominated Adviser and Broker) |
+44 (0)20 7418 8900 |
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Jonathan Marren |
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David Anderson |
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Gavin Anderson |
+44 (0)20 7554 1400 |
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Ken Cronin |
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Kate Hill |
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Janine Brewis |
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Daniela Stawinoga |
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Notes to editors:
About Camco
The Camco GroupΒ is a leading climate change business in the growing carbon and sustainable energy markets. We offer a full range of carbon-related services to public and private organisations worldwide. The Group has a 20-year track record and manages one of the world's largest carbon credit portfolios.
The Group consists of three business segments:
The Camco carbon assets business is a leading project developer with one of the world's largest carbon credit portfolios. We partner with companies to identify, develop and manage projects that reduce greenhouse gas emissions, and then arrange the sale and delivery of carbon credits to international compliance buyers and into the voluntary market.
The consulting practice consists of Bradshaw, ECCM, ESD and ESD Sinosphere. ItΒ combines specialist technical, strategic and financial expertise and experience accrued over two decades to deliver a sustainable low carbon society.Β We are positioned to work with our clientsΒ to turnΒ climate change liabilities into economic, social and environmental assets.Β
Camco Ventures works with project and technology developers, early stage businesses and investor Groups to commercialise climate change mitigation technologies, projects and services. Part of this business is the Camco asset management vehicle.
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