RNS Number : 1532C
Camco International Ltd
28 August 2008
Camco International Limited
Carbon Credit Portfolio Sale
28 August 2008
Camco International Limited ("Camco"), a leading climate change business, is delighted to
announce the successful auction of a portfolio
of 5.8 million certified emission reductions (CERs) from 9 specific projects.
The auction was approximately four times over subscribed demonstrating both the depth of
the CER market and the high demand for Camco's
quality projects. Camco was able to enhance the price per CER by developing an innovative and
proprietary structure.
The portfolio was placed with leading international compliance buyers. Under the deal CERs
will be delivered to the buyers on a non
guaranteed basis at a fixed price per CER. As part of the structure Camco will receive an
upfront, non-recourse cash payment with respect to
CER generation of EUR15 million. The combined price per CER achieved from the upfront and the
fixed delivery price is higher than forecast
at the time of the company's admission to AIM in April 2006.
Camco's demonstrated structuring and sales capability gives buyers the ability to
diversify their exposure, whilst ensuring maximum
value for Camco's project partners. The portfolio is representative of Camco's total
portfolio with 55% of projects registered and 45%
already commissioned.
As a result of the success of this first transaction Camco plans to place a second smaller
portfolio to a group of preferred buyers.
Scott McGregor, Camco CFO, said
"We are delighted by the overwhelming response and the premium value we have created for
our shareholders. I would like to pay tribute
to our internal team for the innovative way this transaction was structured and to Standard
Bank's strong team and professional approach
marketing the portfolio."
Geoff Sinclair, Standard Bank Head of Emissions, said,
"We have been very pleased to assist Camco in this large and innovative transaction. The
solid structure and quality projects in it,
along with Camco's leading carbon capabilities, have combined to produce excellent results."
Enquiries:
The Camco Group +44 (0)20 7121 6100
Jeff Kenna, Chief Executive Officer
Scott McGregor, Chief Financial Officer
KBC Peel Hunt Ltd (Nominated Adviser and Broker) +44 (0)20 7418 8900
Jonathan Marren
David Anderson
Gavin Anderson +44 (0)20 7554 1400
Ken Cronin
Kate Hill
Daniela Stawinoga
Notes to editors:
About Camco
The Camco Group is a leading climate change business in the growing carbon and sustainable
energy markets. We offer a full range of
carbon-related services to public and private organisations worldwide. The Group has a 20-year
track record and manages one of the world's
largest carbon credit portfolios.
The Group consists of three business segments:
The Camco carbon assets business is a leading project developer with one of the world's
largest carbon credit portfolios. We partner
with companies to identify, develop and manage projects that reduce greenhouse gas emissions,
and then arrange the sale and delivery of
carbon credits to international compliance buyers and into the voluntary market.
The consulting practice consists of Bradshaw, ECCM, ESD and ESD Sinosphere. It combines
specialist technical, strategic and financial
expertise and experience accrued over two decades to deliver a sustainable low carbon society.We are positioned to work with our clients to
turn climate change liabilities into economic, social and environmental assets.
Camco Ventures works with project and technology developers, early stage businesses and
investor groups to commercialise climate change
mitigation technologies, projects and services. Part of this business is the Camco asset
management vehicle.
About Standard Bank
The Standard Bank Group is a leading Emerging Markets Corporate and Investment Bank and is
Africa's leading banking and financial
services group, with assets of approximately US$175 billion and over 48,000 employees
(including Liberty Life) in 38 countries across the
globe. (18 in Africa and 20 outside Africa).
It leverages its pioneering heritage and experience of resource banking and emerging
markets in Africa to offer banking and financial
services in developing economies throughout the world, and is committed to making a real
difference wherever it operates.
Standard Bank's principal international investment banking subsidiary is Standard Bank Plc
(SB Plc) whose main activities involve
sourcing and structuring capital markets, and trade and project-related transactions. It also
provides advisory, financing, hedging and
commodity trading services.
SB Plc is authorised and regulated by the Financial Services Authority. It is a member of
the London Stock Exchange, the London Bullion
Market Association, the London Metal Exchange, the London Platinum and Palladium Market and
the New York Mercantile Exchange (COMEX
Division). Through its branch in Tokyo, it is also an Associate Member of the Tokyo
Commodities Exchange (TOCOM).
This information is provided by RNS
The company news service from the London Stock Exchange
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