According to the AFX...the sale of 7h is in the final stages...
Ramco Energy sells oil services unit for 14.1 mln stg
LONDON (AFX) - Ramco Energy PLC said it sold its oil services business for
14.1 mln stg to a management buyout team led by Stewart Cumming, the unit's
managing director.
Proceeds from the sale will be used to repay the entire 12 mln stg loan it
secured against the unit as part of the finance package for the development of
the Seven Heads gas field.
Cumming, whose MBO team was supported by Edinburgh-based Teasses Capital
Ltd, will remain on the Ramco board as a non-executive director.
Ramco added it is proceeding with plans to sell its interest in the Seven
Heads gas field, though "it is now expected that this transaction will not close
until next year."
monicca.egoy@afxnews.com
mbe/jc
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