Edison Investment Research - LB-Shell (ITNRF) GTL transaction not going ahead

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Edison Investment Research

Anne Margaret Crow

GTL transaction not going ahead

Intelligent Energy (IEH) has announced that the deal to acquire the Energy Management Business of GTL will not now be consummated. The move leaves management free to concentrate on driving sales of commercially ready B2B products, which is a key element of its strategy. We adjust our FY17e revenue estimate while leaving our pre-exceptional losses and cash-flow forecasts unchanged.

01/12/2016 3 EN

Underlying

LB-Shell

LB Shell delivers energy solutions for the distributed energy, diesel replacement, automotive and aerial drone markets. Co. delivers energy solutions for its target markets through the development and manufacture of modular air cooled fuel cell stacks and systems. Co.'s air-cooled systems comprises of the AC64 fuel cell stack and AC10 fuel cell stack. Co. is organized into two business segments of Fuel Cell Technology, focusing on hydrogen fuel cell applications across a range of industries; and Indian Power Management (Essential Energy), which focuses on power management for telecom towers in India. Co. also operates in Japan, India, China, Singapore, and France.

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GB00BNB7LQ31 Pink OTC Markets United States

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Anne Margaret Crow

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GTL transaction not going ahead

Benelux Morning Notes

Intelligent Energy Holdings - Termination of coverage

Trading in line with expectations

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

AAC Clyde Space - Solid start to the year with further order growth

Tinexta - Typical seasonality in Q124

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