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Active Energy (AIM:AEG) - shares power higher
Posted 21/11/11
Shares in the AIM quoted voltage optimisation specialist received a boost after it announced the acquisition of a provider of biomass energy resources to industrial power facilities in Poland.
The acquisition of Bioenerho-Leader Limited was for an all share initial consideration of 40,000,000 shares at an issue price of 7.5p, equivalent to 16.9% of the enlarged issued share capital of the Company. The share price of AEG (greater ticker!) moved 20% higher to 3.62p on the news.
Bioenerho was established in October 2011 to carry out forestry and logging services in Ukraine and to provide biomass energy resources (wood chips) to industrial power facilities in Poland.
Bioenerho has recently entered into a number of supply contracts, one of which is with a state owned forest situated in Lyuboml, Ukraine, for the supply of up to 100,000 tonnes of timber per annum at a fixed price per tonne. No doubt will learn more of the demands of the industrial power facilities over the coming months!
The latest acquisition is in line with the Group’s strategic plan and complements the activities of the Redline Engineering business acquired in April 2011 and the repositioning of the company in the eco/energy management sector.
Active Energy raised £1.8m in May 2011 to support the transformation of the business into an end-to-end environmental services and solutions business.
With a strong committed team behind it, an interesting energy story is starting to evolve!
This entry was posted 6 months ago.
