Business
Sale of Interest in ion Ventures Holdings Ltd
Sale of Interest in ion Ventures Holdings Ltd.
About this update from Coro Energy Plc
[{"type":"text","content":"\n\n24 August 2023\n \nCoro Energy Plc\n(\"Coro\" or the \"Company\")\n \nSale of Interest in ion Ventures Holdings Ltd\n \nCoro Energy PLC, the South East Asian energy company with a natural gas and clean energy portfolio, announces that it has agreed to sell its 18.76% shareholding in ion Ventures Holdings Ltd (\"ion\") to SLT1 LLC a privately owned entity based in the USA for a cash consideration of £1.25 million ($1.59 million), of which £1 million will be paid immediately, and the remaining £250,000 will be paid by the 31 March 2024. The shareholding was acquired by Coro for £500,000 ($662,000) in 2020.\n \nion made a loss in 2022 of $404k, Coro's share being $82k. The net book value of the assets being disposed in the 2022 accounts was $259k, being the original consideration less share of losses since acquiring the shareholding.\n \nThe proceeds will be used to further progress Coro's renewable portfolio in South East Asia, Duyung and for working capital.\n \nMichael Carrington, Managing Director of Coro Renewables, commented:\n \n\"ion Ventures has successfully delivered its strategy and we have been delighted to have been a supportive investor. This investment was Coro's first step into the clean energy space and was a useful bridge to establishing our own operated renewables portfolio. With operated positions in both the Philippines and Vietnam, this minority, non-operated investment is now no longer part of our strategy and we are pleased to exit at a multiple of our entry cost.\"\n For further information please contact:\n\n\n\n\nCoro Energy plc\nJames Parsons, Executive Chairman\nEwen Ainsworth, Chief Financial Officer\n \n \n\n\nVia Vigo Consulting Ltd\n \n \n\n\n\n\nCenkos Securities plc (Nominated Adviser)\nAdrian Hadden\nBen Jeynes\nKaty Birkin\n \n\n\nTel: 44 (0)20 7397 8900\n\n\n\n\nVigo Consulting (IR/PR Advisor)\nPatrick d'Ancona\nFinlay Thomson\n \n\n\nTel: 44 (0)20 7390 0230\n\n\n\n\nWH Ireland (Broker)\nHarry Ansell\nKaty Mitchell \n \n\n\n Tel: 44 (0)20 7220 1670 / 44 (0)113 946 618\n \n\n\n\n\n \n\n\n\n\n\n\n\nGneiss Energy Limited (Financial Advisor)\nJon Fitzpatrick\nDoug Rycroft\n \n\n\n Tel: 44 (0)20 3983 9263\n \n\n\n\n\n \nThe information contained within this announ...