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Badger Explorer ASA Sells Calidus Engineering Ltd to Severn Glocon Group Plc


Tuesday, 2 Jul 2013 04:50am EDT 

Badger Explorer ASA (BXPL) announced that on June 28, 2013 the Company and Severn Glocon Group PLC (Severn Glocon) signed a share purchase agreement, whereby BXPL sells 70% of its shares in its subsidiary Calidus Engineering Ltd. (Calidus) for a consideration of GBP 936,335. Under the agreement Severn Glocon will acquire another 15% of the shares in Calidus in 2015 and the remaining 15% in 2016 on an earn-out model. The purchase price for the two future transactions is linked to Calidus' financial performance during 2014 and 2015 respectively. Calidus will remain a vital supplier of technology to the Badger project and BXPL has committed to place orders with Calidus worth a minimum of GBP 1.75 million over the next 2.5 years. 

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