The formal sales process for TEG Group is continuing and more than one indicative proposal is being considered.
There has been some disappointing news for the company. TEG’s joint venture with Alkane Energy has not been able to raise satisfactory finance for a proposed anaerobic digestion facility in north east Wales.
This means that it is no longer preferred bidder for the facility.
Progress is being made with the in vessel composting and AD facility in Dagenham and the funding should be secured by the end of June. TEG will build and operate the facility and have a stake in the special purpose vehicle that will own it. The Perth AD plant – a 50/50 joint venture with Albion Ventures - is generating electricity.
TEG says that its own operations are trading well but it is holding off on publishing its 2011 figures while the sale process is going on. A new contract with Viridor will provide further green and food waste for the company’s facilities.
12-month high/low: 26.06p/6.25p
Market cap: £9.54 million