News blog

TEG Group

  • BY: Andrew Hore |
  • POSTED: 03/09/2012 |

Composting technology supplier and operator TEG Group has completed financial close on its proposed Dagenham plant with Foresight Group providing the cash.

This news sparked a 2.25p rise in the share price to 6.5p a share, which values TEG at £12.3m.

In April, TEG said that it should secure the funding for the in-vessel composting and anaerobic digestion (AD) facility in Dagenham by the end of June but it has taken a bit longer. The formal sales process for TEG was still going on at that time but this process was terminated in June.

An open offer at 3p a share subsequently raised £2m.

TEG will own a 24.5% of TEG Biogas (London) Ltd with Foresight and its co-funders owning the rest. The special purpose vehicle has awarded TEG the engineering, procurement and construction contract, which will be worth £16m between now and the first quarter of 2014. TEG will also be the operator and it will generate £1.3m a year over the 15 year length of the contract.

The facility will process 49,000 tonnes of waste each year and it will be able to generate 1.4MW of electricity. 

Peter Gyllenhammar recently increased his stake in TEG to 7%.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFAugust2012_35.pdf

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