News blog

Specialist Energy Group / Nviro Cleantech

  • BY: Andrew Hore |
  • POSTED: 20/01/2010 |

Nviro Cleantech has completed its reverse takeover of engineer Southbank but it won’t be changing its name to Specialist Energy Group for a couple more days.

Southbank joined CISX in March 2006 after it acquired Hayward Tyler. Luton-based Hayward Tyler was established in 1815 and supplies fluid filled electric motors and pumps for the power generation and oil and gas markets. It has installed equipment in two-thirds of the nuclear power stations in North America.

The offer was 100 Nviro shares – after a 10-for-one consolidation - for every 7,849 Southbank shares – valuing Southbank at £7.27m. The group also raised £4m via a placing at 76p a share. The net proceeds were £3.16m. The cash is most likely to be spent on Hayward Tyler rather than Nviro’s original operations.

The post-consolidation share price rose 7.5p to 62.5p a share, valuing Nviro at £12.5m. The share price is still well below the placing price.

Fairfax IS has taken over as nominated adviser from Grant Thornton.

© 2021 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Browse by issue
All issues
Popular tags
All tags

betbrokers, financial, gold, health, leisure, media, mobile, resources, services, technology

AIM Micro feeds

Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds