Neos Resources PLC Updates (2613C)
12 Aprile 2013 - 2:35PM
UK Regulatory
TIDMNEOS
RNS Number : 2613C
Neos Resources PLC
12 April 2013
NEOS Resources plc ("NEOS" or "the Company")
Update
Deferred Consideration Settlement
NEOS is pleased to announce that its wholly owned subsidiary, D1
Oils Trading Limited ("D1 Oils"), has today reached an agreement
with BP International Limited ("BP International") to reduce the
deferred consideration payable by D1 Oils to BP International in
connection with the acquisition by D1 Oils of fifty per cent. of
the issued share capital of D1-BP Fuel Crops Limited ("JV Shares")
from BP International.
Pursuant to the share purchase agreement entered into between D1
Oils and BP International on 16 July 2009, D1 Oils had agreed to
purchase the JV Shares for a maximum aggregate consideration of
GBP1,100,000. GBP500,000 of this consideration was paid by D1 Oils
in 2009 and the balance of GBP600,000 was payable by D1 Oils on a
deferred basis ("Deferred Consideration") on or before 31 December
2014. BP International has agreed to accept GBP150,000 in full and
final settlement of the obligation to pay the remainder of the
Deferred Consideration, which D1 Oils has today paid to BP
International.
Trading Update
The Company is also pleased to announce the successful sourcing
and physical supply of 200 tonnes of Used Cooking Oil (UCO) to a
global energy group for which NEOS has received a commission. The
Company has also now contracted to supply a further 500 tonnes of
UCO. This second contract involves the Company purchasing UCO as
principle with an off take agreement from the same global energy
group. The Board anticipates that the successful completion of this
contract will lead to further supply contracts in increasing
volumes and that the increased volumes should enable transportation
of cargos in parcel carriers of vessels, thereby reducing logistics
costs.
Furthermore the Company is pleased to announce that it has
received indicative terms for a USD 2.7million trade finance
facility from S.C.C.F. Structured Commodity and Corporate Finance
S.A.R.L in order to fund the anticipated increased supply
volumes.
+44 (0) 20 7499
NEOS Resources plc 5626
Nicholas Myerson - Chief Executive
Officer
+44 (0) 20 7220
finnCap Ltd 0500
Stuart Andrews
Christopher Raggett
This information is provided by RNS
The company news service from the London Stock Exchange
END
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