29th Nov 2019 09:25
(Alliance News) - Shares in Aggregated Micro Power Holdings PLC jumped a third Friday after it agreed a GBP63 million takeover by a subsidiary of Asterion Industrial Infra Fund I.
Asterion - through its wholly-owned unit Fossa Holdco Ltd - will pay 90 pence per share in cash for Aggregated Micro Power, which trades under the name AMP Clean Energy.
Shares in AMP were 32% higher at 90.00 pence in London on Friday.
"This transaction not only represents an attractive offer price for AMP Clean Energy, but it ensures AMP Clean Energy has the right partner to help fund its next phase of growth to help UK businesses unlock the potential of decentralised, low carbon energy which supports the UK's transition to a low carbon economy," AMP Chief Executive Officer Richard Burrell said.
"With access to further capital from Asterion, AMP Clean Energy will be able to continue to capitalise on its key strength of developing, operating and aggregating small-scale assets and in doing so, delivering energy close to the point of consumption, where and when it is needed most," Burrell added.
In a separate announcement on Friday, AMP said it sold a 4.0% interest in exchange traded products incubator IncubEx Inc for GBP2.4 million to IPGL Ltd.
AMP said the sale was in order to fund its general working capital needs. In particular, to help fund the project pipeline and its acquisition of wood fuel stock for the season.
By Ahren Lester; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.