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Aspen Clean Energy looks for another aquisition

Aspen Clean Energy is selling its operating subsidiary less than six months after it bought the business. The shell will then look for another environmental business to acquire.

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Last December when it was known as Shield Capital the company acquired Aspen Clean Fuels, which supplies more environmentally-friendly alkylate fuels for small motorised tools. The acquisition price was £14.3m in shares at a price of 10p each - a level the shares have never reached in the market. The sale price is £13.3m in cash - the buyer also takes on borrowings of £4.6m. The Swedenbased business is being acquired by Lantmannen, a Swedish co-operative of 52,000, which recently merged with Aspen's main customer.

The shell is considering returning £9.5m to investors. The rest will be retained to finance another acquisition.

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