Business
Sale of Agricultural Assets
Sale of Agricultural Assets.
About this update from Beacon Energy Plc
[{"type":"text","content":"\n RNS Number : 4948L Clean Energy Brazil PLC 06 May 2010 \n \n\n6 May 2010\n \nClean Energy Brazil PLC\n(\"CEB\" or the \"Company\")\n \nSale of agricultural assets\n \nClean Energy Brazil plc (\"CEB\"), an investment company focused on Brazil's sugar cane/ethanol industry, is pleased to announce the sale by its wholly-owned subsidiary Pantanal Agro Industrial (\"CEB Pantanal\") of agricultural assets (principally planted sugar cane) for R$5 million (equivalent to approximately US$2.8 million) to Tonon Bioenergia S.A., a Brazilian sugar & ethanol producer. Under the terms of the agreement, CEB has received R$4 million on closing and will receive an additional payment of R$1 million on the first anniversary of the transaction. The sale of the Pantanal assets represents a 22% premium (before transaction costs) over the book value of such assets as at 31 October 2009. Following the sale, CEB Pantanal has no remaining operating assets. \n \nAfter this sale, Clean Energy Brazil will be left with one primary investment in Brazil, a 33% stake in Unialco M.S..\n \n \n \n \nFurther enquiries:\n \n\n\n\n\nIOMA Fund & Investment Management Limited\n(Administrator)\nPhilip Scales\n\n\nTel: +44 (0)1624 681250\n\n\n\n\nSmith & Williamson Corporate Finance Limited\n(Nominated adviser)\nDavid Jones\n\n\nTel: +44 (0)20 7131 4000\n\n\n\n\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCBUGDUSSGBGGL \n ","length":3295,"tagName":"div"}]