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Active Energy
- BY: Andrew Hore |
- POSTED: 26/04/2011 |
Energy efficiency technology business Active Energy is widening its product portfolio through the acquisition of Red Line Engineering Services.
At the same time, former British American Tobacco executive Gavin Little is taking over as executive chairman from Philip Palmer, who continues as an executive director. Little will receive his salary of £50,000 (after deductions for income tax) in shares, while Palmer and fellow director Christopher Foster will receive 50% of their £40,000 a year salaries in shares. The issue price will be a weighted average mid-market price that will be calculated each month.
Little already owns 6m shares, equivalent to 4.58% of the enlarged share capital. Active believes that his experience with business development will be invaluable to the company, particularly outside of the UK.
Shares in Active have risen by more than one-third to 4.75p, which values the company at £5.33m.
Active wants to offer a wider range of environmental electrical services. The existing business sells voltage optimisation equipment and Red Line (www.redlineengservices.com) supplies power distribution and cable management services, along with power surveys and testing. Rail is a speciality for Red Line. The acquisition will add installation and maintenance services to the group and should boost recurring revenues.
Active is paying £492,000 for Red Line through the issue of shares at 2.75p each. It will also take on Red Line’s liabilities of £60,000. Red Line made a post tax profit of £45,000 in the year to July 2010.
House broker Jendens will take its fees for the acquisition in shares.
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