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ReEnergy Group

  • BY: Andrew Hore |
  • POSTED: 17/06/2008 |

VT Group is buying ReEnergy Group’s waste separation business.

Estech Europe, which lost £3.9m in 2006, is being acquired for £1.64m in cash. ReEnergy originally expected £1.9m from the sale but there were changes to Estech’s lease and the settlement of a claim from a former adviser.

VT has already provided £87,000 of that in the form of working capital payments. A further £150,000 will be held back to cover any warranties. It will be paid over on 15 August – less any warranty claims.

ReEnergy intends to return the cash to shareholders. The company will then be wound up. A shareholder meeting will be held to approve this and the cancellation of the Aim quote. 

The shares fell 0.25p to 3.25p. That values ReEnergy at £3.31m, which is still well above the cash raised from the disposal.

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