(Alliance News) - Energiser Investments PLC on Wednesday said it will change its investment policy, rename itself and will raise GBP650,000 through a share placing.
The real estate investment company also separately reported a pretax loss of GBP72,000 for 2019, narrowed sharply from GBP498,000 a year ago. Revenue totalled GBP2,000 versus nil.
The narrowed loss was attributed to a GBP117,000 reversal of accrued remuneration for former director and recover of a GBP19,000 bad debt.
As part of proposed changes to its investing policy, Energiser intends to rename itself Drumz PLC and focus on investing principally, but not exclusively, in the technology sector within Europe.
Currently, the company holds only one investment, a 8.8% stake in KCR REIT PLC.
In addition, Energiser has also decided to make several board changes and place 130 million new ordinary shares at 0.5 pence per share, raising GBP650,000. The proceeds will be used to principally to provide the company with working capital to source, evaluate and select investment opportunities.
The company said Stephen Wicks and John Depasquale will resign as directors, Simon Bennett will be proposed as non-executive chair, Angus Forrest as new chief executive and John Wakefield as a non-executive director. Nish Malde will remain as a non-executive director.
Bennett - a chartered accountant - has over 30 years of investment banking and capital markets experience and currently serves as senior independent non-executive director at Inland Homes PLC
Forrest was the CEO of investment company Billam PLC, which changed its name to Energiser Investments in 2008.
Concurrently with his appointment, Forrest intends to purchase 5 million Energiser shares from outgoing director Wicks and subscribe for up to 20 million shares. On this basis, Mr Forrest's aggregate investment in the company will be GBP150,000.
Wakefield - a solicitor - was a corporate finance director of WH Ireland Ltd from 2009 until retirement in 2016.
By Tapan Panchal; tapanpanchal@alliancenews.com
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