Acquisition of minority interest

RNS Number : 1558M

Active Energy Group PLC

11 August 2011

 

11 August 2011

AIM: AEG

ACTIVE ENERGY GROUP PLC

("Active Energy" or "the Group" or "the Company")

Acquisition of minority interest in Active Energy Limited

The Company announces that it has acquired the 27.2 per cent. interest in Active Energy Limited, the Group's wholly owned subsidiary, currently held by SDC Industries Limited ("SDC") for a nominal sum.

Under the terms of the agreement certain monies due from SDC to the Company and from the Company to SDC have been waived. Following the waiver of these balances the Company was left with a liability of £100,000 (excluding VAT) due to SDC. This amount has been paid in full and final satisfaction of any amounts due to SDC.

The decision to acquire the minority interest reflects the fact that the Company has, since May 2011, in accordance with the terms of its agreement with SDC, been manufacturing the VoltageMaster in its own facility in Leeds and expects any future demand for the product to be met from these new facilities which is expected to result in greater control over manufacturing, speedier response to customer demand, an improved product offering and an improved gross margin.

Enquiries:

Active Energy Group Plc	Tel: [phone]
Gavin Little, Chairman Christopher Foster, Executive Director
Merchant Securities Limited (Nominated Adviser and Broker)	Tel: [phone]
Simon Clements / John East

 

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