The board of Ludgate Environmental Fund (Ludgate) and The general partner of Headway Investment Partners III L.P. (Headway) have announce that they have reached agreement regarding the terms of a recommended cash offer to be made by Headway for the entire issued ordinary share capital of Ludgate, which will be effected by means of a takeover offer. Under the terms of the Offer, Ludgate Shareholders shall be entitled to receive 16 pence in cash for each ordinary share. The Offer Price reportedly values the entire issued ordinary share capital of Ludgate at approximately £8.5 million and represents a discount of approximately 8.6 per cent. to the Closing Price of 17.5 pence on 20 December 2016; a premium of approximately 6.7 per cent. to the closing bid price for an Ordinary Share of 15.0 pence on 20 December 2016; and a discount of approximately 22.7 per cent. to Ludgate’s last published NAV per Ordinary Share of 20.7 pence as at 30 September 2016.
About Ludgate Environmental
The Ludgate Environmental Fund invests in a diverse portfolio of cleantech companies for capital growth. The Fund focuses on the following core areas within the cleantech sector: Waste and recycling; Renewable energy; Energy efficiency; Water. Ludgate Environmental Fund invests in cleantech companies that demonstrate the following attributes: Clear environmental improvement; Proven technology with a scalable business model; Revenue generation or clear, near-term visibility to substantial sales; Experienced management with technical expertise and track record of delivery; Defensible, differentiable intellectual property or know-how; Significant potential market with high existing, or expected, growth rates; Clear exit strategy within the anticipated life of the fund.
Ludgate Environmental receives cash offer from Headway Investment Partners at 16p per share : LEF