Domestic Asset Sale Update

RNS Number : 0802U

Fulcrum Utility Services Ltd

30 November 2021

 

30 November 2021

FULCRUM UTILITY SERVICES LIMITED

("Fulcrum" or "the Group")

Domestic Asset Sale Update

Further to its initial announcement on 23 December 2019, Fulcrum announces an update on the sale of its domestic customer gas connection assets and associated meters to E.S. Pipelines Limited ("ESP").

The Group is pleased to confirm the completion of the transfer of the fourth tranche of its domestic customer gas connection assets to ESP on 30 November 2021, for a total consideration of £2.8 million. Cash of £2.7 million was received today, 30 November 2021, with the retention balance of £0.1 million expected to be received on 31 May 2023.

The Group has also received £0.1 million in cash in respect of the previous tranches of assets transferred. This additional payment is a result of the Group achieving the first enhanced payment milestone under the asset sale agreement.

The total gross consideration receivable by Fulcrum is expected to be c.£49 million. £28.6 million has been received to-date, leaving c.£20 million to be received.

The arrangement with ESP includes further milestone targets which, if achieved, would trigger additional enhanced payments of up to £3.8 million over the remaining term of the contract.

Enquiries:

Fulcrum Utility Services Limited Terry Dugdale, Chief Executive Officer Cenkos Securities plc (Nominated adviser and broker) Camilla Hume / Callum Davidson (Nomad) / Michael Johnson (Sales)	[phone] [phone]

Notes to Editors:

Fulcrum is a multi-utility infrastructure and services provider. The Group operates nationally with its head office in Sheffield, UK. It designs, builds, owns, and maintains utility infrastructure and offers smart meter exchange programmes. https://investors.fulcrum.co.uk/

 

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