TAG AND CARNEGIE AGREE TO RENEGOTIATE EMC-MPOWER AGREEMENT Carnegie Clean Energy (ASX: CCE) wishes to advise that it has reached agreement with TAG Pacific Limited (Tag) to renegotiate terms of the Sale and Purchase Agreement in relation to Energy Made Clean on the following basis: (a) to change the end date for the transaction from 31 October 2018 to 30 November 2018; (b) to remove the cash component of the sale consideration previously payable by Carnegie; and (c) to renegotiate the consideration payable under the Share Purchase Agreement as a result of the removal of the cash component. Upon successful completion of re-negotiations, both parties will consider the relevant shareholder approval requirements. If an amended Sale and Purchase Agreement is not executed on or before 16 October 2018, the transaction will terminate. Given that Michael Ottaviano has departed his role of Managing Director of Carnegie, he shall not assume a role as a director of Tag upon completion.
CCE Price at posting:
0.9¢ Sentiment: Sell Disclosure: Held
