Response to escalation in Ukraine

RNS Number : 7588C
Cindrigo Holdings Limited
24 February 2022
 

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.

 

  24 February 2022

 

Cindrigo Holdings Limited

('Cindrigo' or the 'Company')

 

Response to escalation in Ukraine

 

Cindrigo wishes to update shareholders in response to the escalation of the situation in Ukraine following the official announcement by the government of Ukraine of an incursion by Russian armed forces into the territory of Ukraine.

 

The Company is very concerned with the current situation in Ukraine but the Company does not intend to abandon its business in Ukraine and will do all it is able to maintain the safety of its consultants in the country and we are following the situation closely . In the meantime, the Company will continue to develop its new projects in the geothermal sector with all due expedition .

 

As announced on 30 November 2021, the Company has an option to acquire the entire issued share capital of Energy Co-Invest Global Corp ("ECG") a renewable energy developer. Consistent with the Company's core strategy, an acquisition of ECG would diversify the Company's business interests both from a geographical focus and from the decarbonising power sector.  Due diligence is in its final phase and ECG's projects are in, or close to, operation with requisite licenses in place, power sale prices established, and project finance identified, subject to agreement of final terms. ECG projects prioritised include controlling stakes in large geothermal license blocks in Croatia and negotiations for follow-on projects within a well-defined target portfolio in Central Europe. ECG is also the largest shareholder of an operating geothermal company based in Iceland with origins as an EPC contractor and ownership of projects in Chile and Kenya. Subject to the completion and outcome of the due diligence process, the Company expects to exercise and complete the option in the near future.

 

The Company will update shareholders on progress being made concerning the cancellation of its existing listing and application for the readmission to trading of the Company's enlarged share capital to listing on the Official List of the FCA (by way of a standard listing under Chapter 14 of the Listing Rules) shortly.

 

 

**ends**

 

For more information visit www.cindrigo.com or enquire to:

 

Cindrigo Holdings Limited

 

Lars Guldstrand

+44 (0) 740 886 1667

Investor Relations, St Brides Partners Ltd

 

Catherine Leftley, Charlotte Page

+44 (0) 20 7236 1177

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
RSPUSAVRUAUUUAR
UK 100

Latest directors dealings