Renewable Energy Holdings has completed the sale of its CETO wave power technology to Carnegie Corporation for just over £30m of shares in the ASX-listed company.
At 29p a share, up 2p on the day, the wind power and landfill gas company is valued at £20.2m. CETO was valued at £6.1m in the REH balance sheet at the end of June 2009. The REH net asset value was £24.8m at that point. Net debt was £22.4m.
REH received 235m shares in Carnegie, which are equivalent to 33% of the company. REH has to hold on to the shares for at least 12 months.
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