THÉOLIA
Theolia Divests Itself of Waste Management Assets to Concentrate on Renewable Energy
Corporate-news transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Theolia Divests Itself of Waste Management Assets to Concentrate on
Renewable Energy
Assets and 3 million Euros Invested in Swiss Company Granit in Return for
60% Equity Stake
March 7th 2006
Theolia, the French renewable energy company listed on the Euronext Marche
Libre (MLTEO), has hived off its waste management assets to the Swiss
company, Granit SA. Having also offset Granit’s debts and made a cash
contribution of over 3 million Euros, Theolia now holds a 60% stake in the
30 year-old Lausanne- based company. Four directors appointed by Theolia
now sit on its board alongside three directors appointed by Granit’s
pre-merger shareholders.
Jean Marie Santander, Theolia Chief Executive commented: “From now on
Theolia will be able to concentrate on generating renewable power across
Europe. The new Granit Group will be independent from Theolia.”
Alain Jenny, President and founder of Granit commented: “We were looking
for an industrial partner that had succeeded in raising capital based on
environmental operations and that had the same ideas as we do and would be
interested in transferring its know-how to us. Granit can now become a
major European player in the environmental sector.”
In a deal initially prompted by the Dutch financial group Amsterdam
Effectenkantor (AEK), Theolia has transfered to Granit SA the following
companies: Sodetrex, Ecoval 30 and A+O, which are involved in sorting and
composting household refuse and the planning and construction of urban and
industrial waste water treatment facilities.
The deal follows Theolia’s recent 25 million Euro fund-raising and comes
ahead of an EGM next month when a further 30 million Euro share issue is
expected to be made to the Dutch Asset Management Group, Go Capital.
Background to the Theolia-Granit deal:
Noting their complementarity, AEK approached the Theolia and Granit in
December 2004 and proposed that they look into the possibility of joint
operations. After 14 months of negotiations, the two companies reached
their deal, which was based on the report of from Mazars, a European
auditing firm. On December 20th 2005, Mazars reported the following
valuations:
– Granit had a market value of 16.835 million Euros
– Theolia’s waste management assets had a market value of 18.854 million
Euros
On the basis of these valuations and after extensive negotiations, Theolia
on 28 February 2006 transferred its waste management assets to Granit for
18.854 million Euros and participated in increasing Granit’s capital by
offsetting debts and making a cash contribution of over 3 million Euros.
As of 28 February 2006, Theolia now holds 60% of Granit’s shareholders’
capital, which now comes to 28,050,000 Swiss francs.
About Granit
Founded over 30 years ago by Dr Alain Jenny in Lausanne, Switzerland,
Granit is involved in:
– The manufacture of thermal solar collectors (with integrated roofing)
designed for climate engineering (patents held by the Group)
– The the treatment of urban and industrial effluents by means of wet
oxidation (patent held by the Group)
– The recycling of waste, particularly the extraction of fuels from non-
petroleum products such as plastics and grease (eco- and bio-fuels)
– The manufacture of plant-based insulation board
– The planning, construction and operation of facilities combining
various environmental activities
– Research into and implementation of local environmental solutions to
local problems
Press Enquiries
Caroline Barraclough
Carbon International
caroline.barraclough@carboninternational.com
+ 44 (0) 207 586 6641
Candida Jones
Carbon International
candida.jones@carboninternational.com
+ 44 (0) 207 586 6641
Disclaimer: The information in this email does not constitute an offer or
solicitation to buy or sell equities. It is solely for information purposes
and does not constitute investment other advice, nor is it to be relied
upon in making an investment decision. Information contained herein has
been taken from sources considered by Carbon Communications International
Ltd to be reliable, but no warranty is given that such information is
accurate or complete and it should not be relied on as such. Carbon
Communications International Ltd, its subcontractors, agents and employees,
will not be responsible for any loss or damage of any kind which arises,
directly or indirectly, and is caused by, the use of any part of the
information provided.
(c)DGAP 08.03.2006
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language: English
emitter: THEOLIA
1025 rue René Descartes
13799 AIX-EN-PROVENCE CEDEX 3 Frankreich
phone: + 33 4 42 904 909
fax: + 33 4 42 904 905
email: philippe.perret@theolia.com
WWW: www.theolia.com
ISIN: FR0000184814
WKN: A0B550
indexes:
stockmarkets: Freiverkehr in Berlin-Bremen, München; Open Market in
Frankfurt
End of News DGAP News-Service
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