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.
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