Business
Camco completes ESD Sinospher
Camco completes ESD Sinospher.
About this update from Invinity Energy Systems Plc
[{"type":"text","content":"\n RNS Number : 5163H Camco International Ltd 06 November 2008 \n \n6 November 2008\n\n\nCamco International Limited (the 'Company' or 'Camco')\n\nCamco today announces that it has completed the acquisition of the 49% minority interest in ESD Sinosphere ('ESDS'), the Chinese subsidiary of ESD, for US$246,823. ESDS is engaged in the provision of technical due diligence, emissions assessments, carbon management and sustainable development consulting services in China. Camco acquired its initial 51% interest in ESDS via the acquisition of ESD in 2007.\n\nCamco CEO Jeff Kenna said 'the purchase of the minority interests demonstrates Camco's ongoing desire to grow our Chinese operations. We have continued to see the benefits of a global consulting platform with a range of new opportunities emerging.' \n\nIn the year to 31 December 2007 the business earned a profit before tax of US$160,942. The transaction places a total enterprise value on ESDS of US$603,721 of which US$100,000 is debt. Total Assets for ESDS at 31 December 2007 were US$549,807. Consideration payable under the transaction is US$246,823 to be settled in cash. \n\nClearworld Energy ('CWE') was a 29% shareholder in ESDS prior to the acquisition and CWE is currently a Camco shareholder. CWE's shareholders include Michael Ashburn who is also non executive Chairman of Camco China. As a result, the acquisition of ESDS is regarded as a related party transaction for the purposes of the AIM Rules. In addition to the payment for minority equity interests Camco will assume the liabilities of ESDS. The material liabilities are loans totalling US$100,000. Of this amount US$36,250 is a loan from CWE which will be repaid to CWE by 31 December 2008.\n\nThe Directors of Camco consider, having consulted with KBC Peel Hunt Ltd in its capacity as the Company's nominated adviser, that the terms of the acquisition of CWEV are fair and reasonable insofar as the Company's shareholders are concerned.\n\n\nEnquiries:\n \n\n\n\n\nThe Camco Group\n\n\n +44 (0)20 7121 6...