Cash shell Cholet Investments may be about to change its strategy following the departure of non-executive Brian Howard four days after the shares were suspended.
Cholet Investments was seeking to acquire businesses involved in the waste treatment and waste-to-energy sectors. Cholet wanted to buy a business with access to feedstock and that might have treatment plants processing large volumes of waste. Cholet would also like to supply the resultant feedstock from the treatment plants to customers producing renewable fuels.
Howard has been involved in the waste and recycling sector for more than 25 years and he was appointed to the Cholet board in April. He has worked for Thames Water, RWE and Cleanaway. He has been involved in researching and negotiating acquisitions in the waste sector through his involvement with Englefield Capital.
Jersey-registered Cholet used to be called The Off-Plan Fund but it is no longer a collective investment company investing in property and it has been turned into a shell. Cholet returned £1.43 million to investors, which left it with around £160,000 in the bank. At that time each share was split into 10 new shares.
In June, £150,000 was raised from a placing at 5p a share. Howard bought 100,000 shares at the time.
The shares were suspended on 25 November because Cholet had failed to find a suitable acquisition. At the suspension price of 4.75p, Cholet is valued at £240,000.
Cholet has six months to find an acquisition. Development Capital Management is acting as consultant on potential acquisitions.
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