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4 Dec 2008 07:30
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4Β December 2008
EnergyΒ AssetΒ ManagementΒ PlcΒ
(theΒ "Company") Β
The CompanyΒ announces thatΒ its current provider of finance, with whom the Company has an agreement to finance the Company's meter installations, hasΒ indicated to the Company thatΒ it hasΒ experienced issues with itsΒ parent companiesΒ such that they cannot provide any indication of the availability of funds toΒ continue toΒ support the meter business of the CompanyΒ despite their best endeavours to secure funding for this purpose.
Accordingly, the boardΒ has securedΒ an agreement withΒ Pulse 24 Limited ("P24"), a subsidiary ofΒ Macquarie Bank Limited ("Macquarie"),Β wherebyΒ P24Β has agreed to purchase meter assets of the CompanyΒ for Β£217,000 in cashΒ which is sufficient to meet the Company's short term funding requirements.
In addition, the CompanyΒ isΒ in advanced discussions withΒ MacquarieΒ in relation to the possible acquisition by Macquarie ofΒ Energy Assets LimitedΒ (a wholly-owned subsidiary of the CompanyΒ and the group's principal trading entity)Β or its business and assets,Β and in further consideration for the purchase of the meter assets Macquarie has agreed to spend further time andΒ resourcesΒ in connection with the evaluation of this proposed transaction and the negotiation of terms.Β ThisΒ proposed transactionΒ is being progressed by the Company.
Any potential disposal of EnergyΒ AssetsΒ LimitedΒ will be subject to various conditions and may or may not happen.Β AΒ 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
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