Verditek Negotiates Complete Control Over Subsidiary

LONDON (Alliance News) - Verditek PLC said Friday it has purchased complete control of Greenflex Energy Ltd, which was previously a 51% subsidiary, and has liquidated its asset holding company Greenflex RSM.

The clean technology company said it thereby has consolidated all its solar power assets in its subsidiary Verditek Solar Italy.

The acquisition has been achieved with the cooperation of the minority interest holder, which Verditek didn't name, forgiving accumulated losses incurred in Greenflex RSM.

"The acquisition of the minority interest in Greenflex Energy and liquidation of Greenflex RSM allows us to operate decisively. A tremendous amount of work and commitment has been invested to turn this facility around and it will be gratifying to benefit fully from our efforts," Verditek Chief Executive Geoffrey Nesbitt explained.

Verditek also said it has been developing financial instruments to offer to reduce or remove the initial capital burden incurred by customers when installing solar power on their premises.

Shares were down 3.1% to 7.51 pence at Friday.