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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Aspen Energy | LSE:ACEP | London | Ordinary Share | GB00B17M5331 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.65 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:8586B Aspen Clean Energy PLC 24 April 2006 24 April, 2006 Aspen Clean Energy plc ("Aspen" or the "Company") Disposal of trading subsidiary The Company announces that it has entered into a conditional sale and purchase agreement ("the Sale and Purchase Agreement") with Lantmannen Energi AB ("Lantmannen") to dispose of the entire issued share capital of Aspen Clean Fuels Limited, the Company's trading subsidiary ("ACF"), for a cash consideration of SEK 180 million (approximately #13.3 million). As part of the proposed acquisition Lantmannen will also assume ACF's debts of approximately #4.625 million. Under the AIM Rules, as the disposal will result in the Company no longer having a trading business, the Sale and Purchase Agreement is conditional, inter alia, on the passing of a resolution at an extraordinary general meeting of the Company to be held on 18 May 2006. Reasons for the Disposal ACF is the Company's sole operating subsidiary and is a manufacturer and supplier of alkalyte fuels for use in small motorised tools. It markets this product in 14 European countries, but some 30 per cent. of turnover is generated in Sweden. Lantmannen, which is a Swedish co-operative made up of 52,000 farmers with multinational business interests, recently merged with Agro Oil AB ("Agro") which is a major customer of the Company and, in view of increasing competition in the market place and Agro's position as a main distributor in Sweden, the Board consider that disposing of ACF on this basis is in the best interests of all shareholders. Following the completion of the disposal, the Company will have no debt and the directors estimate that it will have approximately #13.9 million of cash. Proposed Return of Capital The board is exploring means of returning #9.5 million to shareholders by way of a reduction of capital. This will involve an application to the Court as well as shareholder approval, and a further letter setting out full details of this will be sent to shareholders in due course. Investing Strategy Following the Disposal and the reduction of capital, the board believes that the cash retained by the Company could make it attractive to a number of potential acquisition targets seeking Admission to AIM by reversing into a liquid cash shell. The directors intend to seek to acquire another company or business in exchange for the issue of ordinary shares in a single transaction (a "reverse takeover"). The directors' main investment criteria are that such a company should be: * An environmental or "green" business in the United Kingdom or Europe; * one which requires little or no funding in excess of the cash resources available to the Company following the disposal and the proposed return of capital; and * one whose growth prospects, if achieved, will be earnings enhancing for shareholders. These criteria are not intended to be exhaustive; however, the Company may make an investment which does not fulfil all the investment criteria if its directors believe that it is in the interests of shareholders as a whole to proceed with such an investment. Any acquisition of the Company will be put to shareholders for their approval at the appropriate time. A circular will be sent to shareholders shortly convening an extraordinary general meeting to be held on 18 May 2006. Enquiries: Aspen Clean Energy plc +44 20 7710 7403 Keith Smith +46 707 103 980 Jan Lindblad John East & Partners Limited John East/Simon Clements/David Worlidge +44 20 7628 2200 This information is provided by RNS The company news service from the London Stock Exchange END DISGCGDSBDDGGLS
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