Business
Completion of ESD acquisition
Completion of ESD acquisition.
About this update from Invinity Energy Systems Plc
[{"type":"text","content":"\n Camco International Ltd\n01 May 2007\n\n\n1 May 2007\n\n Camco International Limited ('Camco')\n\n\n Completion of the Acquisition of ESD\n\n\nFurther to the announcement of 2 April 2007, Camco today announces that it has\ncompleted the acquisition of ESD Partners Ltd ('ESDP') and its operating\nsubsidiaries. Primarily, this comprises Energy for Sustainable Development\n('ESD') Ltd, the advisory and consulting business, and ESD Ventures Ltd\n('ESDV'), the new products and project development arm. ESD and ESDV are\ninternationally respected and multi-award winning sustainable energy and carbon\nmanagement businesses with 120 professionals operating in 8 offices across the\nUK, Eastern Europe, China and Africa.\n\nCamco believes that the combination of ESD and Camco will create a world leading\nfully integrated climate change business with over 180 staff operating in 14\noffices across 7 countries. The enlarged group has a 20 year track record in\nclimate change solutions and is better positioned to exploit new opportunities\nsuch as those emerging in North America and to innovate new products in a fast\nmoving market.\n\nCamco has acquired ESDP for initial consideration of £10 million comprising £3\nmillion in cash settled immediately and £7 million through the issue of\n11,666,667 ordinary shares of €0.01 each ('Shares') issued at 60p per Share.\nAdditional consideration up to a maximum of £10 million in new Camco Shares may\nbecome payable in 2011 if certain profit based milestones related to ESDV are\nachieved.\n\nIn the year to 31 December 2006, ESD Ltd achieved turnover of £5.343 million,\nprofit before tax of £3.374 million (including an exceptional profit of £3.567\nmillion and amounts written off investments of £0.450 million) and at that date\nhad net assets of £6.568 million. In the year to 31 December 2006, ESD Ventures\nLtd achieved turnover of £0.066 million, a loss before tax of £0.299 million and\nat that date had net assets of £0.206 million. In the year to 31 December 2006,\nESD Partners Limited did not report any turnover, achieved a profit before tax\nof £0.095 million and at that date had net assets of £0.307 million. The ESDP\nyear-end accounts were not prepared on a consolidated group basis.\n\nJeff Kenna is currently Chief Executive Officer of Camco and was formerly both a\nnon-Executive ...