LCA Low Carbon Acc.

TIDMLCA

RNS Number : 5667V

Low Carbon Accelerator Limited

15 January 2013

15 January 2013

LOW CARBON ACCELERATOR LIMITED

Agreement to sell assets

The Board of Low Carbon Accelerator Limited ("LCA" or the "Company") today announces that it has entered into a Stock Purchase Agreement with Sterling Planet Holdings, Inc. to sell its entire holdings in Sterling Planet Holdings, Inc., Lumenergi, Inc. and Vigor Renewables Limited(the "Assets") for a total cash consideration of US$4.4m (c.GBP2.74m). A first payment of US$1m(c.GBP0.62m) is scheduled to be paid on 17 January 2013 and the remaining payments will be made at the end of each of February 2013 (US$1m), March 2013 (US$1.2m) and June 2013 (US$1.2m). The Assets sold under this agreement represent substantially all of the value in the Company's portfolio and have been sold at a substantial discount to book value. It has been the stated objective of the Company to arrange for the sale of the assets and the distribution of capital and the Company has been actively marketing its assets since May 2012 in a process managed by Cogent Partners. This has been a lengthy process that involved a thorough and wide search by Cogent Partners for buyers. Potential purchasers were identified and after a period of detailed due diligence and negotiation of terms, the Company has agreed to sell the Assets to Sterling Planet Holdings, Inc..

In addition, LCA has this month received a payment of GBP150,000 arising from the sale of Quantasol Limited and this week expects a further c.GBP70,000 as a final payment associated with the sale of Vaperma Inc. These payments, together with the first payment of US$1m (c.GBP0.62m)due under the Stock Purchase Agreement, will give LCA a net cash balance of GBP1.4m after estimated liabilities and liquidation costs ("Net Cash"), before the further US$3.4m (c.GBP2.12m) is received under the completion terms as stated in the first paragraph.

The Company will be issuing a Circular to shareholders in due course to outline its plans for the distribution of capital, the liquidation of the Company and the cancellation of LCA's admission to trading on AIM. The Circular will provide a detailed account of the timings and amounts of the distribution of capital, and the Board expects to distribute substantially all of its Net Cash as a first interim distribution.

Enquiries:

Low Carbon Investors Limited Steve Mahon, CIO

Tel: +44 (0)20 7631 2630

Grant Thornton UK LLP Philip Secrett, or Colin Aaronson

Tel: +44 (0) 20 7383 5100

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCLIFIALTIELIV

Low Carbon Acc. (LSE:LCA)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024

Low Carbon Acc. (LSE:LCA)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024