DGAP-News: World Energy Holdings&Research PLC announces signing of purchase agreement by its subsidiary World Energy Hydro Limited in respect of Central American Hydro Electric Power Plant Project acquisitions
ID: 391023
Agreement
World Energy Holdings&Research PLC announces signing of purchase
agreement by its subsidiary World Energy Hydro Limited in respect of
Central American Hydro Electric Power Plant Project acquisitions
19.04.2011 / 21:00
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World Energy Holdings&Research PLC announces signing of purchase
agreement by its subsidiary World Energy Hydro Limited in respect of
Central American Hydro Electric Power Plant Project acquisitions.
On 31 January 2011 World Energy Holdings&Research PLC ('WEHR' or the
'Company') announced the signing of a Letter of Intent by its subsidiary
World Energy Hydro Limited ('WEH') to acquire controlling interests in 5
Hydro Electric Power Plant special purpose entities in Central America.
WEHR is pleased to announce that WEH has now entered into a formal
agreement to purchase a 99.99% stake in each of World Energy El Islan,
S.A., World Energy Sosi, S.A., World Energy Ixtaguacan, S.A., and World
Energy Semuc, S.A. from World Energy Research Guatemala Hydro Pack 1 LP
('Hydro Pack LP') at a purchase price of US$50,205,000. The price was
calculated with reference to the following estimates:
- combined net profits from the first 10 power-generating years of the
Hydro Pack projects of approximately US$100 million;
- remaining combined total construction and other completion costs of
approximately US$50 million;
- an initial 10 year power purchase agreement for each project; and
- a project life on each project of up to 50 years.
The sale and purchase agreement contemplates that the US$50m purchase price
payable by World Energy Hydro Limited will ultimately be satisfied by the
issue by WEHR to Hydro Pack LP of approximately 1 million ordinary shares
and 9.78 million restricted ordinary shares.
The agreement remains conditional upon WEHR shareholder approvals which
will be sought at a general meeting of the Company called for 9 May 2011.
Subject to approvals being obtained, the Company anticipates a closing date
for both the sale and purchase and share issue to Hydro Pack LP of 10 May
2011.
'We are pleased to have concluded detailed negotiations for the acquisition
of these project interests which will ably support the Company's vision of
a world where energy companies provide reliable, cost-efficient clean
energy sources to emerging markets while maintaining a balance between
sustainable profit and social responsibility to local communities' says
WEHR Chief Financial Officer Andy Somoza.
About World Energy Holdings&Research PLC
World Energy Holdings&Research PLC (ISIN GB00B50QMR32, WKN A1C9BX, 0WE )
is a public limited company incorporated in England focusing on the
development of power plants, specifically in Central and Latin America.
World Energy Holdings&Research PLC is admitted to trading on the
Frankfurt Stock Exchange's Entry Standard (Open Market) under symbol '0WE'
(Zero 'W' 'E'). http://www.wehr.com
Disclaimer:
This press release is solely for informational purposes and does not
constitute an an offer to sell or a solicitation of an offer to buy any
securities of WEHR. No regulatory authority has approved the press release.
This press release contains forward-looking statements. Forward-looking
statements are not statements of historical fact and reflect the current
assessments, views, assumptions and beliefs made by WEHR or its officers
according to the information available as of the date of this press release
about future events, operating performance, financial condition, business
strategy, WEHR's plans and objectives for future operations and the
industry in which it operates. Forward-looking statements are subject to
known and unknown risks, uncertainties and other factors which may cause
actual outcomes to differ materially from those suggested in this press
release. WEHR undertakes no obligation to publicly update or review any
forward-looking statement, whether as a result of new information, future
events or developments or otherwise. All subsequent written and oral
forward-looking statements attributable to WEHR and those acting on its
behalf, are expressly qualified in their entirety by the foregoing.
Enquiries to:
World Energy Holdings&Research PLC Brandon Francis, VP of Global
Relations Tel: +502-2378-6400
End
End of Corporate News
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120773 19.04.2011Unternehmensinformation / Kurzprofil:
Datum: 19.04.2011 - 21:00 Uhr
Sprache: Deutsch
News-ID 391023
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Kategorie:
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