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  • BY: Andrew Hore |
  • POSTED: 12/11/2013 |

Bglobal is planning to sell its metering business B Global Metering Ltd and refocus its remaining business.

Bglobal believes that another owner may be better placed to develop the metering business.

The initial results of the strategic review have been announced ahead of a general meeting on 22 November which has been requisitioned by former chairman Peter Kennedy. Kennedy who was removed from the board at the previous general meeting in August wants to remove Tim Jackson-Smith and James Newman from the board. Last month, Bglobal dismissed finance director Nick Kennedy.

The strategic review includes plans to cut head office costs and implementing cash management procedures. Bglobal will retain the software business Utiligroup. The offer period for the group as a whole has come to an end.

At 7p a share, up 0.87p, Bglobal is valued at 7.44m. Interim results will be published in early December and there will be more news of the strategic review.

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