LONDON (Alliance News) - Camco Clean Energy PLC Wednesday said it has reached an agreement to acquire an additional 1.9% interest in Renewable Energy Dynamics Holdings Ltd, the holding company for its REDT Energy Storage business.
Camco will issue 5.8 million shares at EUR0.01 each as payment for the acquisition, following which it will have a 97% interest in REDH. It will then seek to acquire the remaining 3% interest in due course.
The transaction is being effected through the acquisition of a 5.3% minority stake in an intermediate holding company of REDH, Re-Fuel Technology Ltd, of which the company already has an interest of 87%. Post completion of the transaction, the company will have an interest in Re-Fuel Technology of 92%.
Shares in Camco were trading up 1.2% at 5.69 pence Wednesday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.