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Disposal Of Interest In Ice Energy

14 Oct 2014 07:00

RNS Number : 1844U
SIG PLC
14 October 2014
 



SIG plc

("SIG" or "the Group")

 

Disposal of interest in Ice Energy Technologies Limited

 

 

SIG plc, a leading distributor of specialist building products in Europe, today announces that it has sold its 50.6% stake in Ice Energy Technologies Limited ("Ice Energy") to the existing Ice Energy management team of Andrew Sheldon and Andrew Hillier.

 

Ice Energy is a renewable energy solutions provider which specialises in ground and air source heat pumps. This disposal follows challenging market conditions resulting from delays to, and the subsequent slow uptake of, the UK government's Renewable Heat Incentive (RHI) scheme.

The consideration for the divestment comprises a nominal initial cash payment of £1 together with an earn-out of up to £5m dependent on the performance of Ice Energy over the period to 31 March 2019. In addition SIG is also providing a £0.85m interest bearing loan to Ice Energy which is repayable in 5 years.

SIG expects to incur an associated exceptional charge in 2014 of c.£8m relating to the divestment, of which c.£1m is cash. £3.3m of this charge has already been recognised in the Group's Half Year results.

 

This announcement is being made pursuant to LR 11.1.10 R given the related party status of Andrew Sheldon and Andrew Hillier.

 

Enquiries

 

Stuart Mitchell, Chief Executive

Doug Robertson, Finance Director

Simon Bielecki, Head of Investor Relations

 

SIG plc

0114 285 6300

 

07515 794359

Richard Mountain / Nick Hasell

FTI Consulting

020 3727 1340

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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