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Artumas repris par private equity

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1 Artumas repris par private equity le Sam 11 Juil - 9:43

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de facto avec 6% du capital
Comme toute private equitty, ils vont monétiser le patrimoine
- farm out des activities de gaz Tanzanie en revendant 20% TDPC (donc 20% des faris de dévelopment à date)
- un prét Tanzanien de 7m$
- un contrat de 20 ans pour la fourniture de gaz pour centrales électriques à un prix constant de US$ 5.00/mmbtu pour 41 bcf maxi. Ce donne valeur du gaz en Tanzanie, de fait...



Artumas Group Inc. is pleased to announce that Mr. Michael Jansa, a Managing Director of Emerging Capital Partners (ECP) which is headquartered in Washington DC, has been appointed to the board with immediate effect. ECP was among the largest shareholders in Artumas prior to the conversion of the US$115 million in convertible bonds into equity and was a participant in the US$ 8 million placement of new convertible bonds.

Mr. Jansa is a Managing Director and founding partner of ECP. ECP is the first private equity group to raise more than $1.6 billion for investment in companies across the African continent. ECP has been investing in Africa since 2000 and has made over 50 investments in more than 40 countries and in all major regions of Africa. Before joining ECP, Mr. Jansa was a Vice President of GE Capital's Structured Finance Group. Mr. Jansa received a BA degree from Iowa State University and an MBA degree from the London Business School.

The immediate principal objective of the company is to optimize and monetize certain company assets in both Tanzania and Mozambique. This is a continuation of the process started in 2008 to sell down/farm-out the company's interests in hydrocarbon concessions and power assets. In addition, the company will continue to consider restructuring transactions which can provide a more sound financial foundation for the company.

Tanzania

Gas Business

Artumas today announced that it has signed a Joint Operating Agreement with Tanzanian Petroleum Development Company (TPDC) which will govern concession operations. Contemporaneously, TPDC confirmed that it will exercise its right to participate in development of the concession by electing to take a 20% interest. Accordingly, Artumas will invoice TPDC for its US$ 28.7 million prorata share of development costs incurred on the concession to date. The arrangement also provides for the possible entry of other joint venture participants in the future.

The Government of Tanzania through its Ministry of Finance and Economic Affairs has confirmed it will provide US$ 7.0 million to Artumas in the form of a loan to the Company's Tanzanian gas business, thus providing financial stability to production operations critical to the generation of power in the Mtwara region. The terms of this loan are now being documented and will be announced when they are finalized.

Power Business

The company's small rural electrification project has recently secured US$ 7.5 million in funding from the Government of Tanzania allowing for an expansion of distribution facilities which will substantially increase the customer base and future power revenues. All long term contractual arrangements for this project have been signed, including a 20 year Gas Sales Agreement. This agreement ensures that the power business will have sufficient gas to expand generation facilities up to a 30MW capacity, with a maximum contract quantity of 41 bcf at a price of US$ 5.00/mmbtu (constant) over the life of the contract. Regulatory license and tariff applications have all been filed. It is anticipated that the regulatory authority EWURA will provide its approval for the project before the end of 3Q.

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

SOURCE: Artumas Group Inc.

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