Hellaby Holdings Limited : Hellaby to Realise Holding in Energy Intellect

Hellaby Holdings ("Hellaby") advises that Energy Intellect Limited has resolved to sell its operations and assets under a joint offer received from Vector Limited and EDMI Limited, confirmed at a Special General Meeting of Energy Intellect shareholders held earlier this week. The agreement is subject to completion of due diligence and finalisation of the sale and purchase agreement. 

Following the sale and purchase agreement becoming unconditional it is expected that a liquidator will be appointed and the remaining assets will be distributed to current Energy Intellect shareholders, including Hellaby, upon the liquidation of the company. It is anticipated that this process will be completed during the first half of 2012 and that the final return to Hellaby will exceed the carrying value of its investment. Hellaby currently has a 34% shareholding in Energy Intellect.

For further information please contact:

John Williamson
Managing Director 
Hellaby Holdings Limited
Phone: [phone]
Mobile: [phone]                                                                                                                   

Richard Jolly
Chief Financial Officer / Company Secretary
Hellaby Holdings Limited
Phone: [phone]
Mobile: [phone]