BidEnergy Provides Axis Transaction Update

BidEnergy Limited (ASX: BID) advises that it has agreed the mutual termination of the Asset Purchase Agreement entered into between the Company, its US subsidiary, BidEnergy, Inc. and Ameresco, Inc. (NYSE:AMRC) on or around 28 June 2017 and accordingly, will not proceed with the acquisition of Ameresco’s Axis utility bill management business.

Despite best endeavours by both parties, certain closing conditions relating to the transfer of an account holding Axis customer funds to a treasury account under BidEnergy’s management were not able to be satisfied due to unforeseen banking challenges. In light of this, the parties have elected to terminate the Asset Purchase Agreement on mutually agreeable terms, including the payment by BidEnergy to Ameresco of break-up fees totalling US$273,000 in full satisfaction of contractual penalties and any other liabilities under the Asset Purchase Agreement.


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