Miniature table-top war games firm Games Workshop said trading in the four months to the beginning of April has been broadly in line with the board's expectations.
Peruvian hydro-electricity firm Cascade, in which Latin America-focused utility company Rurelec has a 50% share, is to acquire the 255 megawatt Santa Rita run-of-river hydro development project for $10m, with up to $5m due depending on whether the project meets various performance targets. Run-of-river hydroelectric projects are ones where there is no, or only a small, reservoir. Cascade is planning a share issue to fund the further development expenditure required to take its projects through to financial close. Rurelec's interest in Cascade is likely to be diluted via such capital increases. The board of Rurelec will review its funding commitment to Cascade on a regular basis.
The company selling the Santa River project is investment company Trading Emissions. The company said its interest in Santa Rita was valued at the end of 3011 at $0.1m, which coincidentally is the amount Trading Emissions is receiving as an immediate down payment from the purchasers. The firm's investment adviser estimates that it may take some 15 months for the Santa Rita project to receive a power purchase agreement, at which point Trading Emissions will receive another $0.5m from the purchasers. The rest of the consideration will be received on financial close which is expected to take around 27 months.
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Sticking with the green energy theme, energy storage and clean fuel company ITM Power said its HBOX Solar electrolyser product has achieved full CE certification, which will enable the product to carry the CE mark, indicating it has met European Union consumer safety, health and environmental requirements. HBox Solar is to get its commercial release in the final week of April at a trade show.
Things are looking grim for financial services group Merchant House Group (MHG), which recently announced that not all of the parties who subscribed for its February share placing have come up with the money to pay for the allocated shares. Trading in the company's shares has been suspended at the board's request, pending the outcome of a review of MHG's financial condition. The review will determine whether or not the company has sufficient working capital for its present requirements.
SIPP holders to get cash warnings and be offered default funds
News Providers will be required to offer investors a default fund and must warn customers of the inflationary risk of cash savings the regulator has said. What the new rules mean for your retirement pot?
By Marc Shoffman Published
Zoopla: Asking price discounts hit a five-year high – is now the time to buy a property?
News Zoopla’s October House Price Index shows sellers are accepting discounts of 5.5% on average to secure a sale – we reveal where homeowners are taking the biggest asking price cuts
By Marc Shoffman Published