29th Sep 2014 10:04
LONDON (Alliance News) - Tau Capital PLC Monday said its Tau Cayman LP subsidiary has reached an agreement in principle to sell its remaining assets, Lucent Oil & Gas (Cyprus) Ltd and Stopharm LLP.
Tau said the sale price for Stopharm will be USD7 million before costs, which it anticipates to complete by the end of the year. The company is being sold to Capital Gate Holdings LLP, which owns a 10% stake in Tau Capital.
The company expects the proceeds from the Lucent sale to be USD250,000.
Both deals will require approval from the Kazakhstan government, Tau said.
Tau Capital shares were untraded on Monday, quoted at 0.15 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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