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Westmount Energy Ltd

  • BY: Andrew Hore |
  • POSTED: 18/09/2008 |

Westmount Energy will receive £4.39m for its stake in Eclipse Energy if the bid for the alternative power company by Vattenfall is successful.

Westmount shares were unchanged at 84p, which values the company at £5.86m. The energy investment company had cash of £1m in the bank at the end of 2007. The NAV was £5.8m.

The book cost of the Eclipse stake was £735,000 at the end of June 2007 and there is no indication that it was revalued after that. That means that Jersey-based Westmount’s underlying NAV could be around £10m. The true figure depends on the performance of its other investments in Desire Petroleum and Sterling Energy.

Eclipse is a developer of renewable energy and natural gas projects. In February 2007, it received consent to construct and operate the Ormonde project off the coast of Cumbria. The project includes offshore wind and natural gas power generation projects. Eclipse is also developing wind farms in South Wales.

European energy company Vattenfall is bidding £18.01 a share for Eclipse, which values the company at £51.5m. Vattenfall wants to increase its exposure to renewable energy.

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