Further to our announcement dated 29/11/2004, we wish to inform you that the agreement between CLR Capital Public Limited (CLR) and Lomnio Holdings Limited for the sale of CLR’s stake in Tufton Oceanic (54.09%) to Lomnio has been completed.
The sale price based on the ratio on the net assets of Tufton Oceanic as at 31.12.2004 has been set at US$3,791,653 compared to the minimum payment of US$3,651,075.
CLR has also been transferred the stake of 54.09% that Tufton Oceanic held in a company of security services, pursuant to the agreement.
CLR sold its option to Tufton Oceanic Holdings Ltd in order to buy back 20% of the Group within the period of two years from the completion of the agreement. The price has been set at US$300,000.
With the finalization of the sale price and the sale of option mentioned above, CLR shows additional profit of US$440,578 from the profit of £143,713 that had been included in the Company’s accounts on December 31, 2004.
The sale price based on the ratio on the net assets of Tufton Oceanic as at 31.12.2004 has been set at US$3,791,653 compared to the minimum payment of US$3,651,075.
CLR has also been transferred the stake of 54.09% that Tufton Oceanic held in a company of security services, pursuant to the agreement.
CLR sold its option to Tufton Oceanic Holdings Ltd in order to buy back 20% of the Group within the period of two years from the completion of the agreement. The price has been set at US$300,000.
With the finalization of the sale price and the sale of option mentioned above, CLR shows additional profit of US$440,578 from the profit of £143,713 that had been included in the Company’s accounts on December 31, 2004.
Tuesday, 28 June, 2005 - 09:52