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Camco International
- BY: Andrew Hore |
- POSTED: 16/01/2012 |
- COMMENTS: Add yours
Camco International is selling its profitable UK advisory business to Baxi Partnership for up to £4.5m.
Camco is a developer of greenhouse gas emission reduction and clean energy projects. There is a portfolio of development projects that could be worth $250m in two years time.
An initial £3.25m will be paid with a potential earn out of £1.25m over the next two years. The cash will be used in the core operations. The African advisory business is being retained.
The business was hit by a sharp fall in the price of EU-traded carbon credits in the second half of 2011. In contrast, California’s cap and trade programme has helped to put a floor of $10 on carbon prices from 2013. This price will rise by 5% plus inflation.
Singer forecasts a 2011 loss of €29.9m because of the EU carbon price falls. A loss of €7.6m is forecast for 2012.
At 8p a share, Camco is valued at £15.1m.
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