EVER Evergreen Sec

    RNS Number : 1312Z
  Evergreen Securities PLC
  15 July 2008
   

    
 Press Release                                                   15 July 2008

    Evergreen Securities plc
    ("Evergreen" or "the Company")
    Portfolio Changes

    Evergreen Securities plc (AIM:EVER), the cleantech investment company, is pleased to announce that it has reached agreement with
FibreGen plc to acquire its 42% stake in a biomass-producing joint-venture entity, operating in the Peoples Republic of China. The other
partner in the joint-venture is SBC Firemaster International Limited, a subsidiary of SBC Firemaster International Limited of British
Columbia, Canada.

    Joint-venture details:
    *     SBC Firemaster has constructed and commissioned a 50,000 tons per annum demonstration facility (the 'Demonstration Facility'), on
land owned by a major electricity utility in the city of Baoying, Jiangsu Province, China.
    *     The Demonstration Facility, ownership of which now resides with the joint venture, commenced operations on March 1, 2008.
    *     It is the intention to develop this demonstration facility into a 100,000 tons per annum operational plant, with full production
in place within the next 9 months.
    *     The estimated total initial investment (including development costs to date) for this first 100,000 ton operational plant is
8,500,000 Chinese Yuan (US$1.15m). 
    *     The strategy of the joint venture is to produce 1 million tons of biofuels by 2010, moving to 5 million tons by 2012.
    *     The joint venture has no historic profits as it was established in the first quarter of 2008 and has a book value of approximately
US$500,000, being the cash investment to set up the Demonstration Facility.
    *     The joint venture, when in full production, and dependent on carbon pricing, is estimated to yield a potential net profit of up to
US$880,000 for Evergreen.

    Consideration: 
    As consideration for this acquisition, Evergreen has agreed to sell to FibreGen its minority holdings in two unlisted companies,
Halosource Inc and Waipuna Holdings Limited, �300,000 in cash, and the settlement of �200,000 of outstanding loans.
    Rational for the Acquisition and Disposals:
    Evergreen has been set up to provide a platform for the creation of a significant investment vehicle in the international cleantech and
related marketplace. Its primary function is to identify and invest in a range of 'special situations' which will provide shareholders with
short-to-medium term return potential.

    Whilst the Company's initial focus has been on the Pre-IPO marketplace, Evergreen's Board has recognised that the increasing constrained
IPO and secondary public markets, will require the Company to move increasingly into the project finance and 'special situations' sector.

    The investment today, in a cash-generative business with a clear path to expansion, represents the first of a series of such investments
that Evergreen would intend to make, as it seeks to re-balance its portfolio to account for changing market conditions.

    Because FibreGen plc is a substantial shareholder of Evergreen, this transaction is therefore deemed a related party transaction
pursuant to the AIM Rules for Companies. The directors
consider that, having consulted with the Company's nominated adviser, the terms of the transaction are fair and reasonable insofar as the
Company's shareholders are concerned.

    - Ends -
    For further information:

    
 Evergreen Securities plc                                    
 Peter Greensmith, Chief Executive  Tel: +44 (0) 20 7877 5040

    
 Seymour Pierce Ltd   Nominated Advisor & Broker                           
 Jonathan Wright/Matthew Thomas                   Tel: +44 (0) 20 7107 8000


This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
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