News blog
ReEnergy Group
- BY: Andrew Hore |
- POSTED: 15/07/2008 |
- COMMENTS: Add yours
ReEnergy Group is looking for a new business.
Having sold its waste separation business to VT Group for £1.65m ReEnergy was talking about returning its remaining cash to shareholders. It now wants shareholders to agree to a new investing strategy. The new strategy is to acquire a “UK-based trading company involved primarily in renewable energy, waste management or financial services and which is capable of significant organic growth”.
An acquisition is expected within 12 months of the EGM on 30 July which is being held to agree the new strategy. If the strategy isn’t approved at the meeting then the company will be wound-up.
ReEnergy will be left with cash of around £550,000 – equivalent to 0.5p a share.
At the suspension price of 3p, ReEnergy is valued at £3.05m. The shares will return from suspension when the company’s accounts are published. The audit will start after the EGM and take up to eight weeks. It will then be coming up to the required date for the interim results and these may also have to be published so that the shares can start trading again.
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