Verditek Share

[Glauco Schlembach]

Verditekshares 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.

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.

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.

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The London-listed company said that it plans to raise 3.0 million via share placing of nearly 40 million shares at 7.5 pence each and a further 700,000 through a subscription of 9.4 million shares at the same price.

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