Southbank UK plc – reverse takeover

Southbank UK plc – reverse takeover

On 23 December 2009, specialist engineer Southbank announced the reverse takeover of AIM listed shell Nviro Cleantech plc accompanied by a £4m fundraising which was applied to reduce bank indebtedness and create additional working capital for future development of the business. The transaction was approved by shareholders in January 2010 and the group renamed as Specialist Energy Group plc.

Nick Winks joined the Southbank board as a non-executive director in May 2009 alongside Paul Herbert who had been an adviser to Southbank’s principal business, Hayward Tyler Group through a turnaround process. Nick will remain on the board of Specialist Energy Group as a non-executive.

Speaking after completion of the transaction, Nick Winks commented “The transaction has refinanced the core Hayward Tyler engineering business at a time when its market prospects are particularly strong. At the same time shareholders now enjoy a full AIM market listing and bank indebtedness and working capital pressures have both been reduced sharply”

Tags:

No comments yet.

Leave a Reply