Key Developments: Camco International Ltd (CAMIN.L)
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Latest Key Developments
Camco International Limited Announces Sale of United Kingdom Advisory Business for GBP 4.5 Million
Camco International Limited announced the sale of its United Kingdom advisory business, Camco Advisory Services Limited, to Baxi Partnership Limited. The United Kingdom advisory business currently employs 58 staff and was purchased as part of the ESD transaction in 2007. The business was successfully turned around from being loss making in 2009 to profitable in 2010 and 2011. The sale follows a review by the Company’s Board in which the United Kingdom advisory business was considered to be outside the Company's core business of clean energy project development and carbon. The cash raised as part of this transaction will be used to grow these businesses in its key geographic markets. Following the sale, the Company will continue to build up its energy project development business across North America, Africa, and Asia, with an anticipated portfolio of energy projects of approximately GBP 250 million value to be built and invested in over the next 24 months. The total consideration for the sale of Camco Advisory Services Limited is GBP 4.5 million comprising an initial GBP 3.25 million paid on closing and GBP 1.25 million over the next two years through an earn-out structure. Full Article
Camco International Limited Signs Assessment And Monitoring Contracts For Energy Efficiency Projects With Largest Cement Producer In China
Camco International Limited announced that it has signed new contracts with Anhui Conch Cement Company Limited (Conch), the cement producer in China. The contracts will see Camco provide assessment and monitoring services for 37 individual energy efficiency projects at cement production facilities owned by Conch. Full Article
Camco International Limited Wins Clean Energy Contracts In East Africa
Camco International Limited announced that it has been awarded two new project development contracts in East Africa worth USD1.8 million in revenue over the next three years. The first is a USD1 million solar photovoltaic (PV) clusters project in Tanzania and the second is USD0.8 million project to provide technical assistance in the development of Clean Development Mechanism (CDM) projects in Uganda. These two deals follow similar contracts in Botswana and Uganda that Camco has won in the past two years. Full Article
Camco International Limited Forms Joint Venture With Khazanah Nasional;
Camco International Limited announced the formation of a joint venture agreement with Khazanah Nasional (Khazanah), the investment holding arm of the Government of Malaysia. The joint venture will be capitalised with up to USD46.05 million to invest in the emissions to energy market in South East Asia, as well as carbon development and advisory services. On inception, the joint venture will be capitalised at $30 million, made up of $14.7 million from Khazanah as equity, $10.15 million as a convertible bond and $5.15 million from Camco as equity investment. In addition Khazanah has committed to contribute, on an earn-out basis, a maximum additional consideration of $16.05 million (up to 2013) into the joint venture subject to the performance of transferred existing carbon contracts and future carbon contracts to be undertaken by the joint venture. Camco will also hold a warrant to subscribe for additional equity in the joint venture of $3.7 million. On inception, Camco will have a 60.1% share holding in the joint venture and on a fully diluted basis (following the exercise/conversion of all outstanding warrants and convertible bonds) a 51% interest. As part of the transaction, Khazanah will invest GBP1.86 million into Camco through the subscription of 9,280,913 ordinary shares at a price of 20 pence per share. Application has been made for the 9,280,913 ordinary shares to be admitted to trading on AIM. The admission is expected on September 30, 2010. Full Article
Camco's California CO2 credit issuance up 27 pct H2
LONDON, Jan 10 - Camco International saw a 27 percent rise in the number of California carbon credits issued in the second half of last year as participants geared up for the start of the U.S. state's emissions trading scheme, the low-carbon project developer said in a trading update on Tuesday.
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