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Chariot to review transitional power division
(Sharecast News) - Chariot announced a strategic review of its transitional power division on Monday, in a move aimed at optimising its operations and maximising shareholder value. The AIM-traded firm said the division focuses on delivering sustainable power and water solutions in Africa, including renewable energy generation projects and electricity trading.
Since 2020, Chariot said it had expanded its scope to include natural gas, renewables, and green hydrogen, attracting diverse capital streams.
However, the transitional power division, now concentrated in the South African energy market, required funding in the near and medium term to fully realise its potential.
It said management had been actively exploring debt and equity financing options at the subsidiary level, receiving indications of potential interest from investors focused on the South African market.
The strategic review could lead to outcomes including a full or partial sale, demerger, or retaining the division within the Chariot group.
Chariot said the primary objective was to maximise value for Chariot's shareholders.
Notably, Chariot's green hydrogen division would remain part of the group, with management continuing to explore financing options at the subsidiary level.
While the strategic review did not guarantee a transaction, the company's management said it was committed to considering all options.
"I am very proud of our work across our transitional power division and wider business over the past three years," said chief executive officer Adonis Pouroulis.
"In light of the impending funding requirements needed to deliver projects from the portfolio, we believe that launching this strategic review is in the best interests of all stakeholders as we look to realise value from this division whilst enabling it to continue its ongoing growth and development.
"This review comes at a time of renewed focus on our near-term natural gas development assets in Morocco with the medium-term ambition of returning capital to shareholders from gas revenues."
At 1230 GMT, Chariot shares were down 3.61% at 7.42p.
Reporting by Josh White for Sharecast.com.
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