Fulcrum Utility Services Ltd Domestic Asset Sale Update (3366B)

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RNS Number : 3366B

Fulcrum Utility Services Ltd

01 June 2023

1 June 2023

FULCRUM UTILITY SERVICES LIMITED

("Fulcrum" or "the Group")

Domestic Asset Sale Update

Fulcrum announces an update on the sale of its domestic customer gas connection assets and associated meters to E.S. Pipelines Limited ("ESP").

The Group confirms the successful completion of tranche seven of the domestic gas assets transfer to ESP for a total consideration of GBP2.2 million on 31 May 2023.

GBP2.0 million of this was received in cash on 31 May 2023, with the retention balance of GBP0.2 million expected to be received on 30 November 2024.

The total gross consideration receivable by Fulcrum is expected to be c.GBP49 million. GBP 36 million has been received to-date, leaving approximately GBP13.1 million to be received.

The arrangement with ESP also includes further milestone targets which, if achieved, would trigger additional enhanced payments of up to GBP3 million over the remaining term of the contract.

Enquiries:

 
Fulcrum Utility Services Limited                        [phone] 
 Jonathan Jager, Chief Financial Officer                 4150 
 
 Cenkos Securities plc (Nominated adviser and broker) 
 Camilla Hume / Callum Davidson (Nomad) / Michael        [phone] 
 Johnson (Sales)                                         8900 
 
 

Notes to Editors:

Fulcrum is a multi-utility infrastructure and services provider. The Group operates nationally with its head office in Sheffield, UK. It designs, builds, owns, and maintains utility infrastructure. https://investors.fulcrum.co.uk/

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June 01, 2023 04:25 ET (08:25 GMT)