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Zenergy Power

  • BY: Andrew Hore |
  • POSTED: 13/04/2011 |

Rebel shareholders have removed the non-executive directors of superconductor products developer Zenergy Power after they disagreed with the strategy of selling the company.

Chairman John Poulter and non-executives Keith Hodgkinson, Tony O’Reilly, Christopher Nash and David Jeffcoat have all left the board. They felt that it would not be in the interest of shareholders to enter into a public debate on the strategy, which was originally decided on because the board felt that the company was too small to be viable as an independent business.

The process of selling the company and/or its constituent businesses was still at an early stage. This process has been stopped. Nobody had started due diligence. The rebel shareholders believe that the sale would not have produced a valuation in line with the underlying value of Zenergy.

Simon Cleaver becomes executive chairman and David Whelan and Georg Oehm join the board as non-executives. Whelan is chief executive of Cloverleaf, which owns more than 10% of Zenergy. Dr Oehm owns 1.7% of the company. Two more non-executives will be appointed in due course.

Karen Chandler had already said that she was stepping down as finance director.

Zenergy is expected to lose money in 2011 and 2012 even though revenues should grow strongly. Broker Peel Hunt believes that there could be a cash call even if there was 13m in the bank at the end of 2010. The existing cash may not last much longer than one year.

At 14p a share, down 5.38p, Zenergy is valued at 9.67m.

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