Business
Acquisition of minority interest
Acquisition of minority interest.
About this update from Active Energy Group Plc
[{"type":"text","content":"\n \nRNS Number : 1558M Active Energy Group PLC 11 August 2011 \n\n11 August 2011\nAIM: AEG\nACTIVE ENERGY GROUP PLC\n(\"Active Energy\" or \"the Group\" or \"the Company\")\n \nAcquisition of minority interest in Active Energy Limited\n \nThe Company announces that it has acquired the 27.2 per cent. interest in Active Energy Limited, the Group's wholly owned subsidiary, currently held by SDC Industries Limited (\"SDC\") for a nominal sum.\n \nUnder the terms of the agreement certain monies due from SDC to the Company and from the Company to SDC have been waived. Following the waiver of these balances the Company was left with a liability of £100,000 (excluding VAT) due to SDC. This amount has been paid in full and final satisfaction of any amounts due to SDC.\n \nThe decision to acquire the minority interest reflects the fact that the Company has, since May 2011, in accordance with the terms of its agreement with SDC, been manufacturing the VoltageMaster in its own facility in Leeds and expects any future demand for the product to be met from these new facilities which is expected to result in greater control over manufacturing, speedier response to customer demand, an improved product offering and an improved gross margin.\n \n \nEnquiries:\n \n\n\n\n\nActive Energy Group Plc\n\n\nTel: 020 7491 9533\n\n\n\n\nGavin Little, Chairman\nChristopher Foster, Executive Director\n \n\n\n\n\n\n\n\nMerchant Securities Limited (Nominated Adviser and Broker)\n\n\nTel: 020 7628 2200\n\n\n\n\nSimon Clements / John East\n \n\n\n\n\n\n\n\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCURVNRAAAWAAR \n ","length":3163,"tagName":"div"}]