The €55 million reverse takeover of British renewable energy company Proventus Energy by Dublin-headquartered company Captive Audience Display Solutions (CADS) has been formally approved by shareholders.
The new entity — which will go under the revised name of Proventus Renewables — will list, as of today, on the SME-focused GXG Market in London. CADS was previously floated on London’s PLUS market.
“Following approval of this remarkable deal, the enlarged Proventus Renewables group will be at the forefront of the renewable energy sector, internationally, allowing us to expand and achieve the company’s ambitions in this regard. We can now move forward immediately to consolidate our strengths, and actively engage with the exciting projects and prospects available. The approval of this deal allows us to fulfil our long-term strategy of diversification and growth,” said executive chairman Liam McGrattan who will manage the enlarged business along with Nial Ring and Proventus figures Todor Todorov, who will be chief executive of the new business, and Samrat Deep Bhandari, who will be chief financial officer.
Proventus Energy was originally set up to exploit wind farm and solar farm opportunities in Bulgaria and, in due course, in other areas of strategic geographical interest. The company’s main investments, to date, have been in wind and solar farms in Bulgaria.
Meanwhile, the CADS group’s other business activities in Ireland and the Middle East — where it provides digital advertising on petrol forecourts — will be unaffected by this transaction.
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