Business
Disposal of Brockwell Energy Limited
Disposal of Brockwell Energy Limited.
About this update from Hargreaves Services Plc
[{"type":"text","content":"\n \nRNS Number : 6861E Hargreaves Services PLC 22 October 2018 \n\n22 October 2018 \n \n \n \nHargreaves Services plc \n(\"Hargreaves\" or the \"Group\")\n \n Disposal of Brockwell Energy Limited (\"Brockwell\")\nHargreaves Services plc (AIM: HSP), a diversified group delivering services to the industrial and property sectors, is pleased to announce the completion of the sale of the entire share capital of Brockwell to Lantern Bidco Limited, a newly incorporated company backed by international investors experienced in UK energy infrastructure. \nAs indicated in the announcement released on 8 October 2018, the initial gross proceeds, which have been paid in cash at completion, are £21m. A further £2m in cash may become payable, contingent upon the successful financial close of a future development project. \nThe net assets of Brockwell at completion were £10m. After deduction of transaction fees and other non-recoverable costs, the Board estimates that Hargreaves will record a profit on disposal of Brockwell of approximately £4m excluding the contingent consideration. The Board intends to use the cash received to reduce bank borrowings.\nHargreaves retains certain freehold land assets on which Brockwell intends to develop renewable energy assets in the future and as a result the Group will continue to have a landlord/tenant relationship with Brockwell on arm's length terms.\nRoger McDowell, the Chairman of Hargreaves, said: \"The Board is pleased to have completed the sale of Brockwell and wishes the new owners every success in the future development of Brockwell's renewable energy asset portfolio.\"\nFor further details: \n\n\n\n\nHargreaves Services plc\nGordon Banham, Chief Executive Officer\nJohn Samuel, Group Finance Director\n \n\n\n0191 373 4485\n\n\n \n\n\n\n\nBuchanan (Financial PR)\nMark Court/Sophie Wills/Henry Wilson\n \n\n\n0207 466 5000\n\n\n \n\n\n\n\nN+1 Singer (Nomad and Joint Corporate Broker)\nSandy Fraser/Rachel Hayes\n \n\n\n0207 496 3000\n\n\n \n\n\n\n\nInvestec (Joint Corporate Broker) &...