Thalassa Holdings Ltd is requisitioning a general meeting at Renewable Power & Light.
Thalassa wants to appoint Duncan Soukup, Peter Redmond and Robert Porter to the board and remove the incumbents except for Timothy Hunstad. Thalassa says that it is open to nominations for other potential directors of RPL.
If the RPL board appoint the new directors and resign then Thalassa says it will not have to go through with the costly and time consuming general meeting. So far, RPL has distributed dividends worth 18p a share. RPL was in discussions with a potential bidder but these talks have ended.
Thalassa wants to stop RPL winding itself up and turn it into a shell. RPL ended its biodiesel operations and has been selling off its assets.
In February, Thalassa managed to prevent the RPL board selling the US subsidiary. Thalassa claims that a competing and substantially higher offer for RPL’s US subsidiary was tabled at a 100,000% premium to the $1 price – i.e. $100,000.
At 52.5p a share, the same price it has been for the past year, Thalassa is valued at £3.41m.
At 1.625p a share, RPL is valued at £1.44m. On 11 March, Novus Capital Markets bought 4m shares in RPL through contracts for difference. The cost was 1.2p a share. Novus has an interest in 26.9% of RPL.
Thalassa has a 29.8% stake in RPL.
© 2021 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.