Scirocco Energy plc has successfully sold its interest and investment in the biomass group, EAG. The company’s 50% interest was acquired by private equity firm OrbeNovo Capital for a gross enterprise value of £2.6 million (€3 million) before adjustments, with a potential additional payment of up to £150,000 (€175k) contingent on EAG’s acquisition of specific anaerobic digestion sites developed within the past year.
The transaction, which was initially revealed on December 21st of the previous year, received approval from shareholders at a General Meeting on January 10th. Alastair Ferguson, chairman of Scirocco, expressed his satisfaction with the completion of the divestment of their interests in EAG. He stated that the company’s board is currently exploring various options to deliver value to shareholders, and the funds obtained from this sale will contribute to that review process.
Ferguson emphasized that Scirocco Energy is in a favorable position, boasting a clean structure, zero debt, and a robust and growing cash position. He anticipates providing further updates on the review process as necessary.
