ERM Power sells WA gas assets

Company News

ERM Power Limited (ASX: EPW) has entered an agreement to sell its directly held interests in West Australian GAS assets to Empire Oil and Gas Limited (ASX: EGO) for $16.34 million. 
 
The electricity and energy provider has also agreed to a subscription and rights issue to recapitalise Empire, up to a value of $7.5 million. 
 
ERM Power CEO Phillip St Baker says the move will restructure the company’s power assets into a more capital efficient growth model, allowing it to focus on its highly successful retailing and generation business.” 
 
The sale and recapitalisation are subject to approval from Empire Stakeholders.
 
ERM Power reported a net loss of $23.07 million dollars for the full year, ended 30th June 2014.

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