Last checked at 4 Dec 2008 07:30
4 December 2008
Energy Asset Management Plc
(the "Company")
The Company announces that its current provider of finance, with whom the Company has an agreement to finance the Company's meter installations, has indicated to the Company that it has experienced issues with its parent companies such that they cannot provide any indication of the availability of funds to continue to support the meter business of the Company despite their best endeavours to secure funding for this purpose.
Accordingly, the board has secured an agreement with Pulse 24 Limited ("P24"), a subsidiary of Macquarie Bank Limited ("Macquarie"), whereby P24 has agreed to purchase meter assets of the Company for £217,000 in cash which is sufficient to meet the Company's short term funding requirements.
In addition, the Company is in advanced discussions with Macquarie in relation to the possible acquisition by Macquarie of Energy Assets Limited (a wholly-owned subsidiary of the Company and the group's principal trading entity) or its business and assets, and in further consideration for the purchase of the meter assets Macquarie has agreed to spend further time and resources in connection with the evaluation of this proposed transaction and the negotiation of terms. This proposed transaction is being progressed by the Company.
Any potential disposal of Energy Assets Limited will be subject to various conditions and may or may not happen. A further announcement will be made as soon as possible.
For further information please contact:
Energy Asset Management Plc
Alan McKeating, Managing Director
Tel: 07843 231372
Ruegg & Co Limited
Gavin Burnell
Tel: 0207 584 3663
Macquarie/P24
Karen Smith
0203 037 2420