Millennium Investment & Acquisition Company (MIAC), a closed-end management investment company, has detailed plans to buy a US biomass facility in a recent Securities and Exchange Commission filing.
If the deal goes ahead, MIAC will develop the facility; its primary function is to produce premium activated carbon.
The filing, published late last week, did not disclose the size of the transaction, but the chairman and chief executive David Lesser commented on the motivation behind the investment. “This acquisition, if completed, will be consistent with MIAC’s objective of seeking to acquire assets on an attractive risk-adjusted return basis in the alternative energy business and related industries,” he wrote. “We believe we have developed a plan to bring the project to commercial operation and profitability.”
The facility in question is facing bankruptcy and MIAC’s agreement is with the bankruptcy trustee. The filing states that the deal is subject to unguaranteed conditions.
This proposed acquisition would be the first under MIAC’s new business plan, which was announced in proxy materials in November 2013. “As we described in the proxy materials, MIAC intends to expand its investment portfolio and diversify its investment base away from its single investment in SMC Global [an Indian stockbroking firm],” wrote Lesser in the filing.
“Overall, I believe that we have identified an interesting investment niche in alternative energy and look forward to announcing additional alternative energy transactions in the near future.”
An MIAC spokesperson was not willing to reveal further details but said that the firm plans to disclose additional information within the next month.
If you do not receive this within five minutes, please try to sign in again. If the problem persists, please email: