Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks IPOs and placings
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
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.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
