Business
Acquisition and Director Appointment
Acquisition and Director Appointment.
About this update from Active Energy Group Plc
[{"type":"text","content":"\n \nRNS Number : 4044F Active Energy Group PLC 26 April 2011 \n\n26 April 2011\nAIM: AEG\nACTIVE ENERGY GROUP PLC\n(\"Active Energy\" or \"the Group\" or \"the Company\")\n \nAcquisition, Appointment of New Chairman & Strengthening of Management\n \nActive Energy, which supplies cutting-edge voltage optimisation technology to reduce the energy consumption and CO₂ emissions of commercial buildings, is delighted to announce the acquisition of Red Line Engineering Services Limited (\"Red Line\"), an engineering services specialist established in 1999, for a consideration of £492,250 satisfied by the issue of 17,900,000 new ordinary shares (\"Consideration Shares\") of 1p each in the capital of the Company. The Company has also assumed the outstanding liabilities of Red Line amounting to approximately £60,000. As part of the acquisition, the Group announces the appointment of Gavin Little as Executive Chairman, to drive the growth of the enlarged business and the strengthening of the Company's management team. The acquisition of Red Line is conditional on Admission of the Consideration Shares (\"Admission\").\n \nRed Line provides the Group with access to highly innovative technology and engineering (including specialised rail) capabilities and represents the first step in the Group's planned transformation into an end-to-end environmental electrical services and solutions business, significantly broadening the Company's service offering to manage the environmental requirements of companies. Red Line, in the 15-month period to 31 July 2010, recorded net profits after taxation of £45,265 and as at 31 July 2010 had net liabilities of £79,512. Red Line has been granted Transport for London (\"TFL\") approved supplier status which encompasses health and safety, and total quality processes for major installation and maintenance work.\n \nThe new Active Energy business model will offer integrated services that cover the broad spectrum of environmental issues including energy saving, renewable energy creation, recycling and carbon management. Across these sectors, the enlarged Group will provide a fully integrated process from auditing and recommending solutions using cutting-edge diagnostic surveys and independent review processes through to installation of the appropriate technologies.&nbs...