Greenergy defers closing of Cleantech deal

Business World Online

Posted on August 31, 2012 07:59:26 PM

LISTED Greenergy Holdings, Inc. has moved to September 7 “or earlier” from August 31 the closing of its share sale to a Swiss-managed fund to give more time to finalize transaction documents, the company said in a disclosure to the stock exchange on Friday.

It specifically cited incorporation papers of Biomass Holdings, Inc., the new subsidiary to be formed under the agreement which will invest in the new biomass power plant of San Carlos BioPower, Inc. in the Visayas.

Greenergy said it had agreed with Cleantech Projekgesellschaft mbH to move the closing date to enable them “to further review all documents related to the investment as well as finalize the transaction documents...”

“We are just waiting for other documents. This is the initiative of both companies. The delay in closing date has nothing to do with any issue,” Greenergy CEO Antonio L. Tiu said in a telephone interview on Friday.

“As soon as we get the documents, we can finally close the deal.”

Greenergy, formerly MUSX Corp., last August 15 entered into a share sale agreement with Cleantech, a fund managed by ThomasLloyd Global Asset Management (Switzerland) AG of Zurich, which will end up owning 17.66%.

Greenenergy will end up owing 57% from the current 69%, with PCD Nominee Corp. and Earthright Holdings, Inc. holding the balance.

Greenenergy had said earlier that the transaction will not result in any change in composition of its board of directors and officers.

Greenergy shares ended Friday’s trades unchanged at P0.016 apiece. -- DOR    source