FULCRUM UTILITY SERVICES LIMITED
(“Fulcrum” or “the Group”)
Domestic Asset Sale Update
Further to its initial announcement on 23 December 2019, Fulcrum announces an update on the sale of its domestic customer gas connection assets and associated meters to E.S. Pipelines Limited (“ESP”).
The Group is pleased to confirm the successful completion of tranche five of the domestic gas assets transfer to ESP for a total consideration of £2.1 million on 31 May 2022.
£2 million of this was received in cash today, 1 June 2022, with the retention balance of £0.1 million expected to be received on 30 November 2023.
The total gross consideration receivable by Fulcrum is expected to be c.£49 million. £30.7 million has been received to-date, leaving approximately £17.9 million to be received.
The arrangement with ESP also includes further milestone targets which, if achieved, would trigger additional enhanced payments of up to £3.8 million over the remaining term of the contract.