Last checked at 15 Dec 2016 07:00
Trading Emissions PLC
Update on Sale of Solar Assets
Following the announcement made on 2 September 2016, Trading Emissions PLC (the "Company") is pleased to confirm the completion of the sale of a portion of the Italian solar portfolio, held through the Company's subsidiary TEP (Solar Holdings) Limited ("TEPS") to Sonnedix Santa Lucia Srl, a member of the Sonnedix group of companies.
The aggregate net proceeds from the sale, after allowing for transaction costs, amount to EUR8.4 million, of which EUR 3.0 million has been deposited in escrow. If no deductions are made from the escrow account to meet claims under the indemnities provided, EUR1.0 million will be released to TEPS in December 2017 and the remaining EUR2.0 million will be released in December 2018.
The Company was represented and advised in this transaction by ValeCap Srl (http://www.valecap.com/) and Orrick, Herrington & Sutcliffe LLP (http://www.orrick.com).
The Board intends to announce in due course a further distribution to shareholders.
Enquires:
FIM Capital Limited +44 (0) 1624 681250
(Philip Scales)
Liberum Capital Limited +44 (0) 20 3100 2222
(Steve Pearce/ Henry Freeman / Josh Hughes)