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TEG Group

  • BY: Andrew Hore |
  • POSTED: 23/01/2012 |

Waste composting plants operator TEG Group has received interest from potential bidders.

The potential bidders have until 20 February to decide whether or not to make a firm offer for TEG.

Fully listed construction company Kier (www.kier.co.uk) is one of the potential bidders. The company’s businesses include refuse collection and recycling.

The other is Bridges Ventures (www.bridgesventures.com) concentrates on investments in regeneration areas. One of the Bridges funds invested £5.5m in TEG in June 2010. This is Bridges only significant investment in a quoted company.

Shares in TEG rose 0.38p to 6.75p each, valuing the company at £7.93m. The share price has fallen by nearly three-quarters over the past year mainly due to delays in contracts.

KPMG has been appointed to undertake a strategic review of the company. The adviser is also considering financing at the operating company and project level.

Last November, TEG gained planning permission for an Anaerobic Digestion (AD) and In Vessel Composting (IVC) plant in Dagenham. The Foresight Environmental Fund will be lead funder of the project. NEAT Biogas (70%-owned by TEG and 30%-owned by Alkane Energy) should reach financial completion of a North East Wales food waste project in the first quarter of 2012.

Brewin Dolphin was appointed nominated adviser and broker during November.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJanuary2012_28.pdf

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