Renewable Power & Light has posted the circular for its AGM, which will include the motions submitted by AIM-quoted investment company Thalassa Holdings.
Thalassa wants to remove all of RPL’s directors other than Timothy Hunstad and replace them with Duncan Soukop, Peter Redmond and Robert Porter.
RPL’s board recommends that shareholders should vote against the resolutions.
Thalassa and its allies control 29.8% of RPL, while the directors own 0.57%. Novus Capital owns 26.9% of RPL and the board says that if it votes with Thalassa they would pass all the resolutions.
If Thalassa bid for RPL it would have to pay at least 3p a share because that is the highest price it has paid for shares in the past year. At the time, Thalassa said that “additional consideration, of up to 1p per share, may be due if RPL’s net assets are subsequently found and announced to be greater than 3.75p per share”.
At a market price of 1.62p a share, RPL is valued at £1.44m. The RPL board says that it would recommend a bid of 3p a share.
RPL has ended its biodiesel operations and has been selling off its assets but Thalassa blocked the sale of the US subsidiary.
BVI-registered greater Investment Ltd has bought an initial 7m shares giving it a 7.89% stake in RPL
The Thalassa share price has not moved from 52.5p in the past year.
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