3 Dec 2008
In July 2008, Energy Developments Limited (ASX:ENE) embarked upon a review of strategic options for the Company. The Strategic Review is designed to evaluate a variety of options with the objective of maximising value for all of the Company's shareholders.
As part of the Strategic Review, ENE solicited expressions of interest, under a dual-track process, for its businesses in the UK/Europe and the US in addition to the ASX-listed Company as a whole.
Despite positive expressions of interest received in September in both processes, the subsequent global financial turmoil has resulted in no offer for the Company as a whole.
Detailed discussions are continuing with various parties reagrding the potential sale of ENE's UK/Europe and US businesses, which may or may not lead to an acceptable transaction. It is expected an outcome should be reached either way on asset sales early in the New Year.
ENE remains on-track to achieve a normalised EBITDA (before specific items) in excess of $120 million for the financial year ending 20 June 2009 (FY08: $97.7 million).
Energy Developments ASX Release
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