World Energy Holdings & Research PLC
World Energy Holdings & Research PLC announces completion of due diligence by its subsidiary World Energy Hydro Limited in respect of Central American Hydro Electric Power Plant Project acquisitions
World Energy Holdings & Research PLC / Key word(s): Miscellaneous World Energy Holdings & Research PLC announces completion of due diligence by its subsidiary World Energy Hydro Limited in respect of Central American Hydro Electric Power Plant Project acquisitions. On 31 January 2011 World Energy Holdings & Research PLC ('WEHR' or the 'Company') announced the signing of a Letter of Intent by its subsidiary World Energy Hydro Limited ('WEH') to acquire controlling interests in 5 Hydro Electric Power Plant special purpose entities in Central America. WEHR is pleased to announce that WEH has now completed its due diligence concerning the Hydro Pack Entities (World Energy El Islan, S.A., World Energy Sosi, S.A., World Energy Ixtaguacan, S.A., and World Energy Semuc, S.A.) including the review of audited financial statements for each project entity. A price for the acquisition of controlling interests in these entities has been agreed and legal documentation is currently being finalised. The relevant sale and purchase agreement will remain conditional upon WEHR shareholder approvals. 'With the completion of the audited financial statements for each project, we are pleased to have progressed the acquisition of these project interests to their final stages and look forward to completion', says WEHR Chief Financial Officer Andy Samoza.
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120053 14.04.2011 |