TRE Ft Tre

TIDMTRE

RNS Number : 4783M

Trading Emissions PLC

31 July 2017

Trading Emissions PLC

Sale of Italian Solar Assets

Trading Emissions PLC (the "Company") is pleased to announce the sale of a further portion of its Italian solar portfolio.

The Company's ultimately wholly owned subsidiary, TEP (Solar Holdings) Limited ("TEPS"), has entered into a sales and purchase agreement ("SPA") with a member of the Sonnedix group ("Sonnedix") in respect of the sale of its entire interest in two Italian subsidiaries, RGP Puglia 1 Srl and Florasolar Srl, comprising four ground-mounted solar photovoltaic plants, two located in Casamassima and one in each of the Municipality of Nardò and the Municipality of Floridia respectively, with combined capacity of approximately 5 MW (the "Investments").

The aggregate net proceeds from the sale of the Investments, after allowing for transaction and other costs, are estimated to be EUR3 million. Under the terms of the SPA, Closing and receipt of the sales proceeds is subject to various conditions precedent being fulfilled by TEPS no later than 31 August 2017.

Although no new escrow arrangement is required, certain claims following the sale of the Investments may be made against the sums that were placed in escrow pursuant to the sales of other TEPS assets to Sonnedix announced on 2 September 2016 and 15 December 2016. Of the EUR3 million currently held in escrow, EUR1 million will be released on 14 December 2017 and the remaining EUR2 million will be released on 14 December 2018, subject to no claims having been received pursuant to indemnities provided by TEPS, as is customary for these types of transactions. To date, there have been no claims against the amounts held in escrow.

Sonnedix is an independent solar power producer with plants at various stages of maturity located globally.

The Company was represented and advised in this transaction by ValeCap Srl and Orrick, Herrington & Sutcliffe LLP.

The Company's financial statements are prepared in accordance with IFRS 10 and all subsidiaries are measured at fair value through profit or loss. As the Investments were not consolidated into the Company's financial statements for the periods ended 30 June 2016 and 31 December 2016, no operating profits or losses were attributed to the Company. The Company disclosed in its interim financial statements for the period ended 31 December 2016 a fair value of its private equity portfolio of GBP8 million (equivalent, at that date, to EUR9 million). The Investments comprised part of the Company's private equity portfolio at that date.

The net proceeds to be received by TEPS from Sonnedix will be paid to the Company. In accordance with the Company's investment policy, all cash not required to meet operating costs will be distributed to shareholders.

TEPS continues to hold interests in one further Italian operating subsidiary, Solar Energy Italia 1 Srl.

The content of this announcement contains inside information.

Enquires:

FIM Capital Limited +44 (0) 1624 681250

(Philip Scales)

Liberum Capital Limited +44 (0) 20 3100 2222

(Steve Pearce/ Henry Freeman)

This information is provided by RNS

The company news service from the London Stock Exchange

END

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July 31, 2017 02:00 ET (06:00 GMT)

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