Green CO2 completed its reversal into Wyatt on 9 April 2009.
Wyatt acquired two energy performance reports and consultancy services providers. Innovative HIP and Commercial Energy Performance Pack provide Home Information Packs and Commercial Energy Performance Certificates. There are plans to start certification of air conditioning units. The company bought the two businesses in return for 57.6m shares - valued at £720,000. There is potential deferred consideration of 22m shares.
An open offer at 1.25p a share raised £44,000. A placing at the same price had already raised £517,000. Debt owed to directors of £200,000 was swapped for 16.42m shares.
Legislation is the business driver for Green CO2. Energy performance certificates are required by all commercial properties over 50 metres square when they are sold or rented. Commercial and public sector air conditioning units also have to be checked. Green CO2 believes the UK market is worth more than £1bn a year.
Green CO2 still has retained the employee benefits businesses that were part of the group prior to the latest acquisition.
The reversal was well received and the shares jumped 1.5p to 3.25p a share, which values Green CO2 at £4.36m.
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