23rd Dec 2005 11:29
Northumbrian Water Group PLC23 December 2005 23 December 2005 Northumbrian Water Group plc (NWG) Increased investment in Ayrshire private finance initiative (PFI) NWG announces that it has today increased its shareholding in WastewaterManagement Holdings Limited (WMH) from 50% to 75% and in Ayr EnvironmentalServices Operations Limited (AESOps) from 75% to 100%. Under the terms of theShare Purchase Agreement between NWG and Suez, dated 16 May 2003, it was agreedthat upon satisfaction of a number of conditions, NWG would purchase the sharesin both companies from Degremont Limited (a subsidiary of Suez). The calculationfor quantifying the consideration was set out in that agreement. Based on thosecalculations NWG has acquired the shares for a cash consideration of £3.3million. WMH is the holding company of Ayr Environmental Services Limited (AyrES), theproject company of a PFI contract with Scottish Water for waste water treatment.The remaining 25% in WMH is held by Amec plc. AESOps is the operationssubcontractor to AyrES. Following the transaction, WMH will be consolidated into the financialstatements of NWG. Consolidated net debt will increase by around £70 million(3.5%). For further information contact: Northumbrian Water 0191 301 6367John Cuthbert, Managing DirectorAlistair Baker, Communications & PR Manager Finsbury 020 7251 3801Andrew MitchellSally Hogan This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Natwest