Energi Holdings proposes to acquire 51% of Tembo based on a total enterprise value of US$200 million
Parties now agree to work towards negotiating binding transaction documents with a view to early closing
Board concurrently evaluating special dividends and/or capital return to shareholders
VivoPower today announced that Energi Holdings Limited (Energi) has advised the Company of the completion of the second phase of due diligence in connection with the previously disclosed Tembo proportional acquisition at a total enterprise value of US$200 million.
Energi, headquartered in Abu Dhabi, is a global energy solutions company with US$1 billion in annual revenues and operations spanning the Middle East, Africa, South Asia, Europe, and Southeast Asia (Energi).
Consequently, both parties now agree to work towards negotiating a final transaction structure and binding transaction documents with a view to an early closing. In addition, the parties have agreed that completion of the Tembo merger with Cactus Acquisition Corp. 1 Ltd (CCTSF) with the intention to complete a separate public listing of Tembo is in the best interests of both parties.
In accordance with previous announcements, the VivoPower board will concurrently evaluate the optimal use of investment proceeds, which may include the return of capital or the payment of a special dividend to shareholders.
Disclaimer
There can be no assurance that these discussions will lead to a definitive agreement or that any potential transaction will be consummated. The Company reserves the right to terminate discussions at any time and for any reason, without liability. Consequently, there is no assurance that any return of capital or special dividends will be forthcoming. Furthermore, the record date is subject to change.
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