Term Sheet Executed For Sale of Sokoria
Perth, April 29, 2016 AEST (ABN Newswire) - Xped Limited (
ASX:XPE) ("Xped" or "the Company") wishes to announce that it has executed a binding Term Sheet along with its JV partner PT Bakrie Power ("Bakrie") to sell down its stake in the project to PT Dalle Geothermal Energy and/or affiliates ("Dalle").
Highlights
- Binding Term Sheet signed with Indonesian Power Group for sale of Sokoria project.
- Xped to receive up to USD $1.3m subject to due diligence
- Xped to retain a small free-carry position in project and will focus on its technology related business.
Dalle is part of an Indonesian group of companies with a focus in the energy sector and currently manages around 2,820 MW of power plants in Indonesia. Dalle wishes to acquire up to 95% of the issued capital of PT Sokoria Geothermal Indonesia through payment of up to USD $2.885m for incurred costs related to the project, with Xped due to receive up to USD $1.3m. PT Energy Management Indonesia will retain its existing 2%, and the remaining 3% split between Bakrie (1.65%) and Xped (1.35%) as free-carry shareholding in the company.
Following the execution of the Term Sheet, the parties will work towards completing a Conditional Sale and Purchase Agreement ("CSPA") by end of May. Once the CSPA has been satisfied, Dalle will take control for all ongoing and related project costs and Xped and Bakrie will be free of all incurring costs.
"We are pleased to be working with Dalle Energy to advance the Sokoria Geothermal project." says Xped joint CEO, Athan Lekkas. "Both Xped(formerly Raya Group) and Bakrie had been seeking a Strategic partner in this project to help fund the project development costs and welcome the opportunity and timing it brings to Xped as it transitions its business." He added.
About XPED Ltd
XPED Ltd (ASX:XPE) is an Australian Internet of Things (“IoT”) technology business. Xped has developed revolutionary and patent-protected technology that allows any consumer, regardless of their technical capability, to connect, monitor and control devices and appliances found in our everyday environment. Xped provides technology solutions for Smart Home, Smart Building, and Healthcare.
At Xped, we’re Making Technology Easy Again(TM)
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