21st Feb 2008 07:00
Andes Energia PLC21 February 2008 21 February 2008 Andes Energia plc ("Andes" or "the Company") Exercise of SODEMSA Option Further to its announcements of 10 December 2007 and 23 January 2008, theCompany is pleased to announce that it has completed the acquisition of theremaining 50 per cent. indirect interest in SODEM S.A. The final terms includethe possibility, in the event of higher than anticipated future tariffincreases, of a small earn out payment which, if it crystallises, may besatisfied in cash or through the issue of new Andes shares at the Company'soption. As a consequence, Andes now owns the entire issued share capital of SODEM S.A.,which has a 51 per cent. controlling interest in Empresa Distribuidora deElectricidad de Mendoza S.A ("EDEMSA"), the main electricity distributioncompany in the Province of Mendoza. Enquiries:Andes Energia plc Luis Alvarez Poli, Chief T: 020 7495 5326 Executive Officer Nigel Duxbury, Finance Director Arbuthnot Securities James Steel T: 020 7012 2000 Antonio Bossi Bishopsgate Communications Maxine Barnes T: 020 7562 3350Limited Nick Rome Notes to Editors Andes Energia is a Latin American energy group, with electricity distribution,hydro-electric power and oil and gas interests in Argentina. The Company's focusis on the Argentinean energy sector, which it believes offers premium assets atundervalued prices. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
PGR.L