News blog

Renewable Energy Holdings

  • BY: Andrew Hore |
  • POSTED: 12/10/2009 |

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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