Cogenpower has announced that the Company has entered into a conditional sale and purchase agreement ("SPA") with Re Sipar srl ("RSS") for it to acquire Cogenpower srl.
The Company confirmed that, as at 30 June 2017, after taking into account the reduction in receivable from the Company pursuant to the CVA, Cogenpower srl had net unaudited liabilities of €0.7m, including trade creditors of €3.9m, tax creditors of €4.7m and total debt owed to third party banks of €5.4m, with net current liabilities of €7m.
Total assets at the same date amounted to €13.7m. The consideration is a nominal cash payment of £1. The SPA contains warranties only as to capacity and authority and title from the Company and no commercial warranties.
The SPA is conditional on recieving shareholder approval.
At 2:24pm: (LON:CGP) Cogenpower Plc share price was -0.12p at 0.6p