Mooney throws Carnegie a lifeline

18/03/2019 - 15:51

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Carnegie Clean Energy company secretary and non-executive director Grant Mooney has agreed to help fund the company’s operations, while administrators KordaMentha attempt to recapitalise its core wave energy business.

Mooney throws Carnegie a lifeline
Under a recapitalisation proposal, Carnegie's EMC would be sold or wound down.

Carnegie Clean Energy company secretary and non-executive director Grant Mooney has agreed to help fund the company’s operations, while administrators KordaMentha attempt to recapitalise its core wave energy business.

In a statement, Carnegie said Mr Mooney and another key stakeholder, Asymmetric Asset Management, had agreed in principle to provide interim funding support.

Mr Mooney is the principal of Perth-based corporate advisory firm Mooney & Partners.

Under the recapitalisation proposal, Carnegie’s solar-focused Energy Made Clean (EMC) business would be sold or wound down.

“There will be no further losses from this business that will be funded by shareholders,” the statement said.

“The recapitalisation proposal being developed will allow shareholders to participate in that future through an equity raising whilst dealing with the current creditor build-up and legacy issues associated with the solar-battery business.”

Carnegie entered voluntary administration last week, just days after the state government pulled funding from its flagship Albany wave project.

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