Last checked at 21 Dec 2017 07:00
Trading Emissions PLC
Update on Sale of Solar Assets
Following the announcements made on 15 December 2016 and 9 August 2017, Trading Emissions PLC (the "Company") is pleased to confirm that EUR1.0 million has been released from the escrow account to the Company's subsidiary TEP (Solar Holdings) Limited ("TEPS").
On 14 December 2016 the sale of a portion of the Italian solar portfolio, held by TEPS, to a member of the Sonnedix group of companies ("Sonnedix") completed. On 8 August, the sale of a further portion of the Italian solar portfolio to Sonnedix completed. Of the aggregate net proceeds from the initial sale, EUR3.0 million has been deposited in escrow. The amount held in escrow is subject to claims received pursuant to indemnities provided by TEPS to Sonnedix for the sales of the Italian portfolio made to date.
The initial EUR1.0 million has now been released, with no deductions made. The remaining EUR2.0 million will be released in December 2018, providing no deductions are made to meet claims under the indemnities provided.
Enquires:
FIM Capital Limited +44 (0) 1624 681250
(Philip Scales)
Liberum Capital Limited +44 (0) 20 3100 2222
(Steve Pearce/ Henry Freeman / Josh Hughes)