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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”

Takeover of Claimar Care Group plc

Takeover of Claimar Care Group plc

Registered Social Landlord and registered charity Housing 21 made an agreed all-cash offer for Claimar of 39p per share, valuing Claimar at £20m.

Claimar is one of the UK’s leading providers of domiciliary care services. The price represented a premium of 233% over the average share price in the 12 months prior to the offer Nick Winks had joined the Claimar board as a non-executive director in April 2009 and will resign on completion of the takeover together with the other NED’s.

Nick Winks commented “The bid followed a strategic review in which we focussed on finding the best home for Claimar Care. Housing 21 represents the right fit for our business, offering an excellent choice of care and support for older people. The all cash offer represented an outstanding outcome for Claimar’s institutional shareholders and debt providers”.