Active Energy Group (AEG) announced its intension to reduce its operating exposure to Ukraine. According to the announcement, the company will consider offers for its Ukrainian WoodFibre operations. With the step, the company expects to reduce its perceived geographic risk profile.
It was envisaged that under the terms of any transaction, AEG will retain a share of the current and future revenues from AEG WoodFibre.
In order to present an offer for AEG WoodFibre and avoid any conflicts of interest during the period of negotiation, Mr. Matteo Girlanda, the group’s Chief Operating Officer, has resigned from the AEG Board with immediate effect.
Michael Rowan, Chairman of Active Energy, commented:
“The Board would like to express gratitude to Matteo Girlanda for his support over the last four years. We look forward to entering into negotiations with Mr Girlanda with the objective of ensuring the smooth transition of AEG WoodFibre for the benefit of all parties.”
Earlier AEG informed, it had drawn down an initial USD 2 million under the USD 6 million five-year unsecured loan facility, provided by Linarus FZE to fund the construction of the first 35ktpa commercial reference plant in North America.
About Active Energy:
The company is London Stock Exchange AIM-listed international supplier of industrial wood chip and timber, Biomass for Energy (BFE) fuel products, and forestry asset development services. It has several operational set-ups in different segments: in Ukraine, Canada, the U.K and the U.S. It is the largest producer and exporter of processed wood products (in the form of wood chip) in Ukraine. In 2014 it reported revenues of USD 17.395 million.