Business
Re Joint Venture
Re Joint Venture.
About this update from Invinity Energy Systems Plc
[{"type":"text","content":"\n RNS Number : 3185T Camco International Ltd 27 September 2010 \n \n\n27 September 2010 \n \nCamco International Limited\n \nCamco forms Joint Venture with Khazanah Nasional expanding its Operations in South East Asia \n \n \nCamco International Limited (\"Camco\", AIM:CAO), a global developer of emission reductions and clean energy projects, today announces the formation of a joint venture agreement with Khazanah Nasional ('Khazanah'), the investment holding arm of the Government of Malaysia. \n \nAs a partnership between Khazanah, a leading regional investor with investments in over 50 major companies mainly in South East Asia, and Camco, a leading global company with a 20 year track record in project delivery and commercial excellence, the joint venture is strongly positioned to become the leading player in the emissions to energy market in the region. \n \nThe joint venture will be capitalised with up to US$46.05 million to invest in the emissions to energy market in South East Asia, as well as carbon development and advisory services. \n \nOn inception, the joint venture will be capitalised at $30 million, made up of $14.7 million from Khazanah as equity, $10.15 million as a convertible bond and $5.15 million from Camco as equity investment. In addition Khazanah has committed to contribute, on an earn-out basis, a maximum additional consideration of $16.05 million (up to 2013) into the joint venture subject to the performance of transferred existing carbon contracts and future carbon contracts to be undertaken by the joint venture. Camco will also hold a warrant to subscribe for additional equity in the joint venture of $3.7 million. On inception, Camco will have a 60.1% share holding in the joint venture and on a fully diluted basis (following the exercise/conversion of all outstanding warrants and convertible bonds) a 51% interest. \n \nCamco will contribute its nominal existing carbon projects in South East Asia (not including its China portfolio) and pipeline, its emission reduction project development and investment business pipeline for South East Asia, an employee platform for South East Asia, access to its global operations including advisory professional services, commercial carbon sales and qualification of carbon projects through specific service agreement...