Scirocco Energy plc has announced the successful completion of the sale of its interest and investment in EAG, the biomass group.
Scirocco's 50% interest was sold to private equity firm OrbeNovo Capital for a gross enterprise value of £2.6 million (€3 million) before adjustments, plus a contingent consideration of up to a further £150,000 (€175k).
This figure will be payable in tranches if and when EAG completes the acquisition of certain target anaerobic digestion sites, which have been developed in EAG's deal pipeline within the last 12 months.
The transaction was initially disclosed on 21 December last year and received approval from shareholders at a General Meeting on 10 January.
Alastair Ferguson, chairman of Scirocco, said: "I am pleased to announce the completion of the divestment of our interests in EAG. The Board is presently progressing its review of a range of potential options available to deliver value to shareholders and these funds will provide additional optionality to underpin that review process.
"The Company is in a strong position in terms of having a clean structure, zero debt and a strong and growing cash position. We look forward to providing further updates on that review process as appropriate."
Scirocco Energy completes £2.6m sale of biomass group EAG
