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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Intell.Eng. | LSE:IEH | London | Ordinary Share | GB00BNB7LQ31 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.2695 | 0.241 | 0.298 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMIEH
RNS Number : 5440Q
Intelligent Energy Holdings PLC
30 November 2016
(LSE: IEH; ADR: INGYY)
30 November 2016
INTELLIGENT ENERGY HOLDINGS PLC
GTL Transaction
On 30 September 2015 the Group signed an agreement to acquire GTL Limited's ("GTL") Operation Maintenance and Energy contracts to provide efficient and economical energy to over 27,400 telecom towers in India on a long term contractual basis ("Energy Management Business"). This agreement was subject to funding and other conditions precedent.
Discussions have been ongoing with providers of capital to fund the acquisition, while Intelligent Energy has been providing services under an interim contract with GTL under the Essential Energy segment of the business.
This interim contract is estimated to have a revenue of cGBP7m a month with minimal gross margin. In the year ended 30 September 2016 the Essential Energy segment recorded Revenue of GBP85.1m, an adjusted EBITDA(1) loss of -GBP2.5m and a loss after tax of -GBP5.5m.
Following further discussions with GTL and between GTL and its banks, the deal to acquire the Energy Management Business will not now be consummated and the related funding discussions are ceasing. The interim contract with GTL will cease with effect from 30 November 2016.
Options will now be considered around the restructuring of the Essential Energy segment and the operations in India and a further announcement will be made in due course.
As noted at the annual results presentation, the outlook for the core business is not considered to be materially dependent on the completion of the GTL transaction and the Company remains committed to securing commercial opportunities for its Air Cooled technology.
(1) EBITDA is a non-statutory measure often used by investors as a proxy for cash and to calculate the value of a business. The Company uses adjusted EBITDA (Earnings before Interest, impairment charges, Tax, Depreciation, Amortisation, share of joint venture results, equity fund raising costs and IFRS2 share-based payment charges) as an indicator of trading profitability and a proxy for operating cash flow, before any cash movements relating to investment, tax, funding and changes in working capital. It is not an IFRS measure, and not therefore shown in the Group income statement. Please see notes 1 and 2 for a reconciliation of adjusted EBITDA to EBITDA and operating loss
This announcement contains inside information.
Enquiries:
Intelligent Energy Holdings plc +44 (0)1509 271271
Martin Bloom Group Chief Executive Officer
John Maguire Chief Financial Officer
Tulchan Communications intelligentenergy@tulchangroup.com
James Macey White
Matt Low
Forward-looking statements
Certain statements made in this announcement are, or may be, forward-looking statements. These represent expectations for the Company's business, and involve risks and uncertainties. The Company has based these forward-looking statements on current expectations and projections about future events. However, because they involve known and unknown risks, uncertainties and other factors, which in some cases are beyond the Company's control, actual results or performance may differ materially from those expressed or implied by such statements. No reliance should be placed on such forward-looking statements. Without limitation to the foregoing, nothing in this announcement is intended to constitute (or should be construed as) a profit forecast for the financial year 2016/17.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
November 30, 2016 04:25 ET (09:25 GMT)
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