Proposed sale of Greenlane Biogas

About this update from Chesterfield Special Cylinders Holdings Plc

[{"type":"text","content":"\n \nRNS Number : 8952J Pressure Technologies PLC 10 December 2018  \n\n \n \n \n \nTHE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE EU MARKET ABUSE REGULATION (596/2014). UPON THE PUBLICATION OF THE ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n10 December 2018\n \nPressure Technologies plc\n(\"Pressure Technologies\" or the \"Group\")\nProposed sale of Greenlane Biogas\nPressure Technologies plc (AIM: PRES), the specialist engineering group is pleased to announce that it has today entered into a binding letter of intent (\"LOI\") with Creation Capital Corp (TSX-V: CRN.P) (\"Creation Capital\") a capital pool company listed on the TSX Venture Exchange (\"TSX-V\") to sell its wholly-owned subsidiary, PT Biogas Holdings Limited (\"Greenlane\"), which is the holding company for the Group's Alternative Energy Division which trades under the name Greenlane Biogas (\"the AE Division\") for a total consideration of £11.1 million (the \"Sale\").\nCommenting on the Sale, Chris Walters, Chief Executive of Pressure Technologies, said: \n\"The global outlook for renewable natural gas (RNG) has improved again throughout the year with governments and energy majors increasing their commitment to renewables in the global energy mix, with RNG playing a significant role, particularly in the US and Europe.  \n\"In June 2018, due to its significant potential, we announced that strategic options would be evaluated for our AE Division that would increase market opportunities and help unlock shareholder value. Our strategic option review also considered refocusing the Group on core specialist manufacturing activities in the defence and oil and gas markets.\n\"As a result of this strategic review and following the appraisal of outright sale and merger options, we have commenced a process to spin out Greenlane and list it on the TSX Venture Exchange, which will be accomplished by selling it to Creation Capital. We will remain a supportive minority shareholder and anticipate retaining our holding for the medium term.\"\nInformation on Creation Capital\nCreation Capital joined TSX-V on 29 October 2018 with the aim of acqu...

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