REG - Coro Energy PLC - Sale of Interest in ion Ventures Holdings Ltd

Coro EnergyAnnouncement

24/08/2023 07:00

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RNS Number : 2707K  Coro Energy PLC  24 August 2023

24 August 2023

 

Coro Energy Plc

("Coro" or the "Company")

 

Sale of Interest in ion Ventures Holdings Ltd

 

Coro Energy PLC, the South East Asian energy company with a natural gas and
clean energy portfolio, announces that it has agreed to sell its 18.76%
shareholding in ion Ventures Holdings Ltd ("ion") to SLT1 LLC a privately
owned entity based in the USA for a cash consideration of £1.25 million
($1.59 million), of which £1 million will be paid immediately, and the
remaining £250,000 will be paid by the 31 March 2024. The shareholding was
acquired by Coro for £500,000 ($662,000) in 2020.

 

ion made a loss in 2022 of $404k, Coro's share being $82k. The net book value
of the assets being disposed in the 2022 accounts was $259k, being the
original consideration less share of losses since acquiring the shareholding.

 

The proceeds will be used to further progress Coro's renewable portfolio in
South East Asia, Duyung and for working capital.

 

Michael Carrington, Managing Director of Coro Renewables, commented:

 

"ion Ventures has successfully delivered its strategy and we have been
delighted to have been a supportive investor. This investment was Coro's first
step into the clean energy space and was a useful bridge to establishing our
own operated renewables portfolio. With operated positions in both the
Philippines and Vietnam, this minority, non-operated investment is now no
longer part of our strategy and we are pleased to exit at a multiple of our
entry cost."

 For further information please contact:

 Coro Energy plc                            Via Vigo Consulting Ltd

 James Parsons, Executive Chairman

 Ewen Ainsworth, Chief Financial Officer

 Cenkos Securities plc (Nominated Adviser)  Tel: 44 (0)20 7397 8900

 Adrian Hadden

 Ben Jeynes

 Katy Birkin

 Vigo Consulting (IR/PR Advisor)            Tel: 44 (0)20 7390 0230

 Patrick d'Ancona

 Finlay Thomson

 WH Ireland (Broker)                          Tel: 44 (0)20 7220 1670 / 44 (0)113 946 618

 Harry Ansell

 Katy Mitchell

 Gneiss Energy Limited (Financial Advisor)    Tel: 44 (0)20 3983 9263

 Jon Fitzpatrick

 Doug Rycroft

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the UK version of the EU
Market Abuse Regulation 596/2014 which is part of UK law by virtue of the
European Union (Withdrawal) Act 2018, as amended and supplemented from time to
time. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

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