Acquisition of EMC by Carnegie Clean Energy
Following Carnegie Clean Energy’s (“Carnegie”) $4.5m investment in emerging Western Australian-based renewable development group, Energy Made Clean (“EMC”), in April 2016, in October 2016 Carnegie announced that it had agreed to acquire the 65% of EMC it did not own from founder John Davidson. The consideration comprised $1.6m in cash and 297.1m Carnegie ordinary shares (with a value at closing of ~$12.0m) payable upfront, and a further $1.0m in cash tied to performance hurdles.
Following receipt of Carnegie shareholder approval, the transaction completed in December 2016.
Azure acted as financial adviser to John Davidson and EMC on the transaction.