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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Urals EN. | LSE:UEN | London | Ordinary Share | CY0107130912 | ORD USD0.126 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 35.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS No 6183w UNITED ENERGY PLC 24th October 1997 United Energy plc, the oil and gas company, announces that it has increased its interest in Agrigen Ltd to 70% with options over the remaining 30% of the issued share capital. Agrigen Ltd holds a government backed NFFO3 contract to supply 8.825 megawatts of electricity from a poultry litter fired power station to be located at Nunn Mills, Northampton. The electricity is to be supplied at an April 1997 contracted price of 5.53p per kilowatt hour increased by RPI; this price is substantially higher than current pool prices paid by the RECs. The supply contract is for 15 years from 1 December 1998. The target date for plant commissioning is June 30 1999. United Energy is acquiring a 20% shareholding in Agrigen from Mr R E Collins and a further 20% from Mr T R Willison for a total cash consideration of #225,000, with payments conditional on the Nunn Mills Biomass Power Station project achieving financial close which is projected to occur during the first quarter of 1998. In addition, United Energy has acquired an option to purchase the remaining 30% of the issued share capital in Agrigen Ltd from Mr T R Willison. This option provides United Energy with the opportunity to purchase a further 15% of the shares on or before plant commissioning, with the option over the remaining 15% of the shares being exercised on or before the second anniversary of plant commissioning. The option cost #1 and the exercise price is #150,000 in respect of each 15% interest acquired. Currently, the costs relating to the Agrigen project are being capitalised and have no effect on the profit & loss. On the basis of consolidation adopted by United Energy, the net liabilities of Agrigen amounted to #15,000 at 31 December, 1996. In due course, the significant increase in interest in Agrigen will enable United Energy to achieve the maximum benefit from the profitability of the Nunn Mills Biomass Power Station bearing in mind that the financing of this project is expected to require dilution of United Energy's interest. Contact: Nick Tamblyn, Chief Executive - 01242 253773 Derek Howard-Orchard, Group Technical Director - 01242 253773 END ACQMIBIBLLTTBRR
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