20th Jan 2014 08:23
LONDON (Alliance News) - Nova Resources Ltd Monday said it will buy a 23.72% stake in Enerstry Group Ltd and make it a loan of USD806,480, part of a bigger investment by a consortium of investors.
In a statement, the energy investor said it would buy 80.6 million shares for GBP806.48 for the equity stake. The loan will bear 10% interest a year and is repayable by next January.
In total, Enerstry will have USD1.7 million of new loan finance plus GBP3,570 from equity subscriptions thanks to the wider consortium investment.
Enerstry is incorporated in England, but its main operating unit is Korea-based Enerstry Korea, which builds and managedsrenewable energy plants which generate electricity and/or heat energy for supply to users and utility groups for an economic return.
The full consortium investment is as follows:
Name | Shareholding in EG | Consideration for Equity Investment in EG | Amount Loaned to EG | % Shareholding of EG |
Nova | 80,648,000 | £806.48 | US$806,480 | 23.72% |
Cairo Investments Limited | 44,302,000 | £443.02 | US$443,020 | 13.03% |
Lee Hoon | 4,250,000 | £42.50 | US$42,500 | 1.25% |
Sea Rock Holdings Limited * | 20,400,000 | £204.00 | US$204,000 | 6% |
Consiliou Growth Fund SPC | 20,400,000 | £204.00 | US$204,000 | 6% |
EG's Management Team | 170,000,000 | £1,870.00 | None | 50% |
Total | 340,000,000 | £3,570.00 | US$1,700,000 | 100% |
Nova late last week had said it was in the advanced stages of making a potential investment. In December, it had sold its entire investment in Nova Logistics Holdings Ltd, a coal haulage operation in Mongolia that lost its main contract earlier in the year.
Nova Resources shares were up 53.9% at 1.5 pence Monday morning, the biggest rise on AIM.
By Steve McGrath; [email protected]; @SteveMcGrath1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
NOVA.L