SeaEnergy plc has announced that it has reached agreement with a consortium of European energy companies (the Consortium) to grant a period of exclusivity to negotiate the sale (the transaction) of the Company’s 80.13% interest in its subsidiary SeaEnergy Renewables Limited (SERL).
Due diligence is already in progress and the agreement contemplates the signature of formal documentation by early June when the Company would make a further announcement. A member of the Consortium has agreed to advance loan facilities to assist the Company and these loans would be repayable out of the proceeds of any sale. While there can be no certainty that the current negotiations will result in a successful completion of the Transaction, these negotiations are at an advanced stage.
Due diligence is already in progress and the agreement contemplates the signature of formal documentation by early June when the Company would make a further announcement. A member of the Consortium has agreed to advance loan facilities to assist the Company and these loans would be repayable out of the proceeds of any sale. While there can be no certainty that the current negotiations will result in a successful completion of the Transaction, these negotiations are at an advanced stage.
