Portfolio

Verditek shares jump as it agrees sale of solar assets

By Josh White

Date: Wednesday 28 Feb 2024

Verditek shares jump as it agrees sale of solar assets

(Sharecast News) - Verditek shares were surging on Wednesday afternoon, after it announced a conditional sale and purchase agreement to divest its solar business, including Verditek Solar Italy, to Verditek Solar Limited for £0.53m.
The AIM-traded firm said the deal depended on shareholder approval at the general meeting also taking place on Wednesday.

It said key stakeholders, including all current directors and bondholders representing 30% of its issued share capital, had committed to voting in favour of the proposed resolutions.

Pending completion of the transaction, there were proposed changes to the board, with current directors Lord David Willetts, Robert Richards and George Katzaros to resign, and Bob Holt and John Charlton slated for appointment as directors.

Verditek said Holt would bring over 35 years of executive experience across diverse sectors, notably serving as chief executive officer of Revolution Beauty, and leading successful turnarounds at companies such as Sureserve Group and Mears Group.

John Charlton, with extensive corporate banking and risk management expertise from Barclays, would also join the board.

Following the completion of the disposal and subsequent equity fundraising, the reconstituted board planned to pursue acquisition targets in the energy services sector, intending for such acquisitions to constitute a reverse takeover under the AIM rules.

The company said a fundraising initiative was aiming to raise around £1.5m through the issue of new shares.

On completion of the disposal, Verditek would be considered an AIM rule 15 cash shell, necessitating acquisitions within six months to avoid suspension of trading or cancellation of its AIM listing.

The firm said it intended to change its name to EARNZ plc, standing for 'Energy Advisory Regeneration Net Zero', to reflect its future focus on energy advisory services and its commitment to sustainability.

At 1403 GMT, shares in Verditek were up 75% at 0.14p.

Reporting by Josh White for Sharecast.com.

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