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Tuesday, 02 December, 2008, 02:20 GMT | more >>

Ragusa shells out for Argentine assets



By Upstream staff 

Investment outfit Ragusa Capital is set to buy utility assets and exploration interests in Argentina for an initial $72.5 million and will soon be re-admitted to London's AIM market with the name Andes Energia, it said today.

The name change and re-admission, with enlarged share capital, is proposed for 2 October, subject to shareholder approval of the deal.

Ragusa is buying a stake in Edemsa, the main electricity distribution company in the province of Mendoza. It has agreed to buy a 50% stake in Sodemsa, which has a 51% controlling interest in Edemsa.

The company will raise £6.5 million ($13.2 million) with a share placing at 54 pence and is expected to have a market capitalisation of £54.5 million on re-admission, it said.

It is also buying 100% of Integra Oil and Andes Oil and a stake in HASA, which owns a hydro-electric power plant in Chubut.

Some of Ragusa's senior management team, including its chairman Lance O'Neill, will be stepping down as directors on completion of the deal and several new directors have been identified.


Friday, 07 September, 2007, 11:07 GMT  | last updated: Friday, 07 September, 2007, 11:11 GMT

Flagged up: Ragusa makes a move in Argentina
 

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