| Sourced From Proactiveinvestors.co.uk |
EcoSecurities Group PLC (AIM: ECO) has agreed a 100 pence cash offer from JPMorgan Chase & Co (NYSE: JPM) unit Carbon Acquisition Company Ltd, valuing the carbon credits specialist at £122.9 million.
The offer represents a premium of 11 percent to the improved 90 pence per share offer tabled last week by Guanabara Holdings BV, a Dutch acquisition vehicle chaired by Dr Pedro Moura Costa, a founder of EcoSecurities.
Guanabara had trumped a 75p/share cash counteroffer by Electricite de France SA unit EDF Trading Ltd after initially proposing to buy EcoSecurities for 60p/share.
The company said in today’s statement that Carbon Acquisition Co has received irrevocable undertakings to accept the offer in respect of a total of 23,536,621 company shares, representing 19.91 of the share capital. The undertakings include the shareholding of all the EcoSecurities directors.
In a separate statement, EcoSecurities said it does not expect the temporary suspension of SGS United Kingdom Ltd as a designated operational entity on EcoSecurities to have a significant effect due to the small number of projects and the related portfolio CERs (carbon credits) that SGS is working on for EcoSecurities.
SGS UK had its accreditation suspended by the United Nations’ Clean Development Mechanism last week after it was unable to prove its staff had properly vetted projects that were then approved for the carbon-trading scheme, or even that they were qualified to do so.
“The board of EcoSecurities is confident that the company will manage the impact of SGS’s temporary suspension.”
