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Latest UK-related finance news headlines
Wednesday, 20th September 2006 08:17
Climate Exchange merges with Chicago Exchange, 12.2 mln stg placing
LONDON (AFX) - Climate Exchange PLC said it will acquire the 60 pct of Chicago Climate Exchange, Inc (CCX) it does not already own for 6.2 mln stg cash plus shares.
The company also said it will place 12.2 mln stg of new shares, comprising 4.17 mln new shares at 293p, representing approximately 10.1 pct of the enlarged share capital following the merger.
As CCX also owns the 51 pct of the European Climate Exchange (ECX) not already owned by the company, the acquisition brings full ownership of CCX and ECX within the Climate Exchange group.
Trading at Chicago Climate Exchange and its subsidiary Chicago Climate Futures Exchange (CCFE) has been strong during 2006 compared to the same period in 2005. In the eight months ended Aug 31, CCX traded approximately 8 mln tonnes of carbon in comparison with 0.53 mln tonnes traded in the same period in 2005.
CCFE also offers standardized and cleared futures contracts on sulphur dioxide emission allowances. A total of 7,912 contracts
have been traded since Jan 1, 2006.
ECX has also experienced strong trading volumes with 257 mln tonnes of carbon traded in the first eight months of 2006 compared with volumes traded in 2005 from April (commencement of trading) to December of 95 mln tonnes.
Following the acquisition, Climate Exchange will evolve into a holding company and no longer requires the services of its investment manager EEA Fund Management Ltd which had been a necessary service within the former investment company focus. EEA's contract will be terminated with payments to EEA aggregating 5.5 mln stg being made during the period ending Dec 31, 2007.
newsdesk@afxnews.com
joy
COPYRIGHT
Copyright AFX News Limited 2005. All rights reserved.
The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
Climate Exchange merges with Chicago Exchange, 12.2 mln stg placing
LONDON (AFX) - Climate Exchange PLC said it will acquire the 60 pct of Chicago Climate Exchange, Inc (CCX) it does not already own for 6.2 mln stg cash plus shares.
The company also said it will place 12.2 mln stg of new shares, comprising 4.17 mln new shares at 293p, representing approximately 10.1 pct of the enlarged share capital following the merger.
As CCX also owns the 51 pct of the European Climate Exchange (ECX) not already owned by the company, the acquisition brings full ownership of CCX and ECX within the Climate Exchange group.
Trading at Chicago Climate Exchange and its subsidiary Chicago Climate Futures Exchange (CCFE) has been strong during 2006 compared to the same period in 2005. In the eight months ended Aug 31, CCX traded approximately 8 mln tonnes of carbon in comparison with 0.53 mln tonnes traded in the same period in 2005.
CCFE also offers standardized and cleared futures contracts on sulphur dioxide emission allowances. A total of 7,912 contracts
ECX has also experienced strong trading volumes with 257 mln tonnes of carbon traded in the first eight months of 2006 compared with volumes traded in 2005 from April (commencement of trading) to December of 95 mln tonnes.
Following the acquisition, Climate Exchange will evolve into a holding company and no longer requires the services of its investment manager EEA Fund Management Ltd which had been a necessary service within the former investment company focus. EEA's contract will be terminated with payments to EEA aggregating 5.5 mln stg being made during the period ending Dec 31, 2007.
newsdesk@afxnews.com
joy
COPYRIGHT
Copyright AFX News Limited 2005. All rights reserved.
The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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