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Sabien Technology Group plc announced on 6 February 2025 that it reviewed its minority investment in Aeristech Limited after being informed Aeristech will be placed into administration. Sabien had invested £100,000 at £2.40 per share in Aeristech on 26 February 2021. A full impairment provision will be made in Sabien's interim accounts for the six months ended 31 December 2024, due before the end of March 2025.
| Date | 6 Feb 2025 |
| Time | 11:43:39 |
| Category | Corporate updates |
| ID | 2122W |
The information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the UK Market Abuse Regulation
6 February 2025
Sabien Technology Group plc
("Sabien", the "Company" or the "Group")
Update in relation to Aeristech Limited
Sabien (AIM: SNT), a leading provider of energy reduction technologies, announces that it has reviewed the value of its minority investment in Aeristech Limited ("Aeristech"). This follows the Company being informed that Aeristech will be placed into administration.
On 26 February 2021, Sabien announced that it had invested £100,000 at £2.40 per share into Aeristech, a UK-based manufacturer of power-dense compressors used within hydrogen fuel cells.
During the period following Sabien's investment, Aeristech regularly raised funds in excess of £2.40 per share. Despite this, the board of directors of Sabien (the "Board") was surprised to learn of the recent demise of Aeristech and that it will be placed into administration.
In light of this, the Board no longer expects to recover any of its investment in Aeristech. Accordingly, a full impairment provision will be made in the interim accounts for the Company for the six months ended 31 December 2024 which are due to be announced before the end of March 2025.
Richard Parris, Executive Chairman of Sabien, commented: "It was very disappointing to learn of the administration of Aeristech. The company had a highly innovative product with significant carbon reduction potential. Sabien continues to seek aggregation opportunities in the green technology sector but will place increasing emphasis on intellectual property that we can develop and exploit in-house."
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For further Information, please contact:
Sabien Technology Group plc Richard Parris, Executive Chairman
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+44 20 7993 3700 investors@sabien.com |
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Allenby Capital Limited (Nominated Adviser) John Depasquale / Nick Harriss / Vivek Bhardwaj
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+44 203 328 5656
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Peterhouse Capital Limited (Broker) Duncan Vasey / Lucy Williams
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+44 207 469 0930 |
About Sabien Technology Group plc
Sabien Technology Group plc provides energy reduction solutions designed to help businesses achieve their sustainability goals, with a particular focus on reducing energy consumption and carbon emissions.
The Sabien Technology Group plc holds the Green Economy Mark from the London Stock Exchange, recognising companies generating over 50% of their revenues from sustainable products and services.
Website: www.sabien.com