REG - Fulcrum Utility Srvc - Domestic Asset Sale Update

Fulcrum Utility ServicesAnnouncement

30/11/2021 15:15

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RNS Number : 0802U  Fulcrum Utility Services Ltd  30 November 2021

30 November 2021

FULCRUM UTILITY SERVICES LIMITED

("Fulcrum" or "the Group")

Domestic Asset Sale Update

 

Further to its initial announcement on 23 December 2019, Fulcrum announces an
update on the sale of its domestic customer gas connection assets and
associated meters to E.S. Pipelines Limited ("ESP").

The Group is pleased to confirm the completion of the transfer of the fourth
tranche of its domestic customer gas connection assets to ESP on 30 November
2021, for a total consideration of £2.8 million. Cash of £2.7 million was
received today, 30 November 2021, with the retention balance of £0.1 million
expected to be received on 31 May 2023.

The Group has also received £0.1 million in cash in respect of the previous
tranches of assets transferred. This additional payment is a result of the
Group achieving the first enhanced payment milestone under the asset sale
agreement.

The total gross consideration receivable by Fulcrum is expected to be c.£49
million. £28.6 million has been received to-date, leaving c.£20 million to
be received.

The arrangement with ESP includes further milestone targets which, if
achieved, would trigger additional enhanced payments of up to £3.8 million
over the remaining term of the contract.

 

Enquiries:

 Fulcrum Utility Services Limited                                   +44 (0)114 280 4150

 Terry Dugdale, Chief Executive Officer

 Cenkos Securities plc (Nominated adviser and broker)               +44 (0)20 7397 8900

 Camilla Hume / Callum Davidson (Nomad) / Michael Johnson (Sales)

Notes to Editors:

Fulcrum is a multi-utility infrastructure and services provider. The Group
operates nationally with its head office in Sheffield, UK. It designs, builds,
owns, and maintains utility infrastructure and offers smart meter exchange
programmes. https://investors.fulcrum.co.uk/

 

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