looks like the MPower / EMC transaction is going to stall again. I can’t imagine much will be resolved on 24 hours?
What a debacle!
‘’We continue to progress our previously announced proposal to acquire the Energy Made Clean (EMC) business. The acquisition is taking longer than expected to bring to a conclusion due to a change in the vendor’s circumstances since the transaction was first announced. Nevertheless, the rationale for the acquisition remains the same, namely to increase MPower’s footprint on the West Coast of Australia and further MPower’s capability in renewable energy and battery storage.
The proposed transaction is still subject to a number of conditions precedent – most importantly for us is agreeing changes to EMC’s joint venture arrangements to our satisfaction – but also third-party consents, a capital raising by Tag, and also other conditions. As at today, a number of these conditions have not been satisfied and it is unlikely that the targeted completion date of 30 November 2018 will be met, at which time the Share Purchase Agreement drops away unless agreement is reached on an extension. We are clear in our approach that we will only proceed if the final terms of the transaction are acceptable to us and the transaction adds further benefit to what we are already doing’’.
Peter Wise - Chairman
