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Helius Energy

  • BY: Andrew Hore |
  • POSTED: 12/07/2011 |

Non-executive director Angus McDonald has injected cash into Helius Energy in order to help it overcome short-term working capital problems.

Helius develops and operates biomass-fuelled renewable energy generation plants. Helius needs cash to finance further projects including one at Avonmouth.

McDonald invested 698,000 at 16p a share, thereby increasing his stake from 19.12% to 22.97%. He has also provided an unsecured loan of 302,000.

Keith Henry, Barclay Forrest and David Brocksom have stepped down from the board as part of a cost cutting exercise. Northland believes that this will save 150,000 a year. Former chief executive John Seed has been appointed chairman.

At 16.12p a share, up 2.5p, Helium is valued at 14.1m. 

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