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OTI Greentech AG buys out minority interests in VTT Maritime AS
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0 KommentareDGAP-News: OTI Greentech AG / Key word(s): Mergers & Acquisitions
OTI Greentech AG buys out minority interests in VTT Maritime AS
25.11.2015 / 09:30
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OTI Greentech AG buys out minority interests in VTT Maritime AS
- Agreement signed to acquire remaining 44.86% in VTT Maritime
- Purchase price paid in OTI Greentech shares (at EUR 1.50 / share)
- Revenue expectations for 2015 reduced, for 2016 significantly higher
Cologne, 25 November 2015
OTI Greentech AG (WKN A0HNE8), an international environmental technology
company with its registered office in Cologne, has signed a contract to
acquire the remaining 44.86% of the outstanding share capital of VTT
Maritime AS (VTT). The purchase price will be paid entirely through issue
of new OTI Greentech shares. Upon completion (expected in January 2016),
the sellers will receive a total of 704,000 newly issued OTI Greentech
shares.
Also, the acquisition of the remaining 49% of Visionaire Energy AS is being
completed this month in form of a capital increase against contribution in
kind by issuing 4,250,000 new OTI Greentech shares.
Both transactions are based upon a valuation of EUR 1.50 / OTI Greentech
share.
Visionaire Energy AS is the Norwegian holding company of VTT and RADA
Consulting & Engineering AS.
VTT was founded in 1988 and is an established provider of Maritime
engineering services and solutions to a high calibre client base. VTT's
revenues come from the recurring Inspections business, as well as complex
maritime projects.
Due to delayed projects the anticipated 2015 revenue projections are lower
and management of OTI Greentech reduces its revenue expectations for the
current year to EUR 10 million. Backed by the present project pipeline,
management expects a significant increase in revenues to more than EUR 20
million in 2016 and further growth beyond.
Likewise, the management expects positive group cash flows in 2016 and
beyond.
Johnny Christiansen, CEO of OTI Greentech AG, commented: "We are very
pleased to be fully completing our acquisition of Visionaire Energy and VTT
with these capital increases. Although the reduction in our 2015 revenue
forecasts is disappointing, the mid- to long-term potential particularly in
the Maritime Engineering sector remains very promising. With the completion
of these acquisitions, we have created a clear corporate structure as basis
for future growth. The assumed value of EUR 1.50 per newly issued OTI
Greentech share reflects our and the sellers view of the appropriate
valuation, notwithstanding our current market share price."
About OTI Greentech AG
OTI Greentech is a provider of engineering services and
environmentally-friendly solutions to its customers world-wide. OTI
Greentech operates through three market segments: Maritime Solutions,
Energy Solutions and Industrial Solutions. The Maritime Solutions segment
provides products, consultancy and engineering services to the global
shipping and offshore oil & gas industries. The Energy Solutions segment
provides innovative products and solutions (including EOR - Enhanced Oil
Recovery). The Industrial Solutions segment provides
environmentally-friendly products and services in cleaning and waste
management (including drilling muds and tailings ponds) as well as complex
engineering services in infrastructure projects. OTI Greentech develops new
generation environmentally-friendly chemicals for the above applications,
including the patented ECOSOLUT range of chemicals. The shares of OTI
Greentech AG are listed on the Düsseldorf Stock Exchange.
CONTACT
edicto GmbH
Axel Mühlhaus, Werner Rüppel
amuehlhaus@edicto.de
Tel. +49 69 905505-52
Eschersheimer Landstr. 42-44
60322 Frankfurt
OTI Greentech AG
Ralf Groenemeyer, CFO
info@oti.ag
Tel. +49 30 220 136 900
Potsdamer Platz 1
10785 Berlin
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25.11.2015 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
416057 25.11.2015
- Agreement signed to acquire remaining 44.86% in VTT Maritime
- Purchase price paid in OTI Greentech shares (at EUR 1.50 / share)
- Revenue expectations for 2015 reduced, for 2016 significantly higher
Cologne, 25 November 2015
OTI Greentech AG (WKN A0HNE8), an international environmental technology
company with its registered office in Cologne, has signed a contract to
acquire the remaining 44.86% of the outstanding share capital of VTT
Maritime AS (VTT). The purchase price will be paid entirely through issue
of new OTI Greentech shares. Upon completion (expected in January 2016),
the sellers will receive a total of 704,000 newly issued OTI Greentech
shares.
Also, the acquisition of the remaining 49% of Visionaire Energy AS is being
completed this month in form of a capital increase against contribution in
kind by issuing 4,250,000 new OTI Greentech shares.
Both transactions are based upon a valuation of EUR 1.50 / OTI Greentech
share.
Visionaire Energy AS is the Norwegian holding company of VTT and RADA
Consulting & Engineering AS.
VTT was founded in 1988 and is an established provider of Maritime
engineering services and solutions to a high calibre client base. VTT's
revenues come from the recurring Inspections business, as well as complex
maritime projects.
Due to delayed projects the anticipated 2015 revenue projections are lower
and management of OTI Greentech reduces its revenue expectations for the
current year to EUR 10 million. Backed by the present project pipeline,
management expects a significant increase in revenues to more than EUR 20
million in 2016 and further growth beyond.
Likewise, the management expects positive group cash flows in 2016 and
beyond.
Johnny Christiansen, CEO of OTI Greentech AG, commented: "We are very
pleased to be fully completing our acquisition of Visionaire Energy and VTT
with these capital increases. Although the reduction in our 2015 revenue
forecasts is disappointing, the mid- to long-term potential particularly in
the Maritime Engineering sector remains very promising. With the completion
of these acquisitions, we have created a clear corporate structure as basis
for future growth. The assumed value of EUR 1.50 per newly issued OTI
Greentech share reflects our and the sellers view of the appropriate
valuation, notwithstanding our current market share price."
About OTI Greentech AG
OTI Greentech is a provider of engineering services and
environmentally-friendly solutions to its customers world-wide. OTI
Greentech operates through three market segments: Maritime Solutions,
Energy Solutions and Industrial Solutions. The Maritime Solutions segment
provides products, consultancy and engineering services to the global
shipping and offshore oil & gas industries. The Energy Solutions segment
provides innovative products and solutions (including EOR - Enhanced Oil
Recovery). The Industrial Solutions segment provides
environmentally-friendly products and services in cleaning and waste
management (including drilling muds and tailings ponds) as well as complex
engineering services in infrastructure projects. OTI Greentech develops new
generation environmentally-friendly chemicals for the above applications,
including the patented ECOSOLUT range of chemicals. The shares of OTI
Greentech AG are listed on the Düsseldorf Stock Exchange.
CONTACT
edicto GmbH
Axel Mühlhaus, Werner Rüppel
amuehlhaus@edicto.de
Tel. +49 69 905505-52
Eschersheimer Landstr. 42-44
60322 Frankfurt
OTI Greentech AG
Ralf Groenemeyer, CFO
info@oti.ag
Tel. +49 30 220 136 900
Potsdamer Platz 1
10785 Berlin
---------------------------------------------------------------------
25.11.2015 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
416057 25.11.2015
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