29 Jun 2012 14:31
SeaEnergy PLC
("SeaEnergy" or the "Company")
29 June 2012
Sale of SeaEnergy Renewables Limited
SeaEnergy announces that, pursuant to the Sale and Purchase Agreement dated 4 June 2011 between the Company and Repsol Nuevas Energias S.A. ("Repsol"), the Retention Amount of £3,000,000 plus interest became due for payment on 28 June 2012.
The Company was notified on 27 June 2012, of a warranty claim amounting to £849,000, with Repsol being entitled to withhold this amount from the payment to the Company of the Retention amount until the claim is resolved. The balance of £2,151,000 plus interest has been received by the Company.
The Company is taking professional advice in relation to the validity of the claim.
For further information contact:
SeaEnergy PLC Chris Moar - Finance Director | +44 1224 748480 |
Investec Bank plc - NOMAD James Grace, David Flin | +44 20 7597 4000 |
Pelham Bell Pottinger - Public Relations Mark Antelme, Rollo Crichton-Stuart | +44 20 7861 3232 |
www.seaenergy-plc.com |