Powerhouse Ener Regulatory News (PHE)

10 Dec 2007 07:00

Bidtimes PLC10 December 2007 10 December 2007 Bidtimes plc ("Bidtimes" or "the Company") Board Changes Appointment of Strand Partners as Nomad and WH Ireland as Broker Suspension and Proposed Change of Investment Strategy On 8 December 2006, shareholders approved the adoption of a change in strategyfor Bidtimes to that of an investment company. Under the AIM Rules, the Companyis required to complete a reverse takeover by 8 December 2007 or trading in theordinary shares of the Company on AIM will be suspended for up to six months,following which the listing on AIM will be cancelled if a reverse takeover hasnot been completed by that time. Whilst the Directors have evaluated a number of potential opportunities, nonehave been suitable to be put to shareholders for approval. As a result tradingin the Company's ordinary shares have been suspended with immediate effect. The Company will be seeking permission from shareholders to amend its investmentstrategy in order to acquire businesses in the clean energy sector and it isintended that a circular will be sent to shareholders in due course. Board Change Russell Stevens is stepping down from the Board as Non-Executive Chairmaneffective immediately and the Board of Bidtimes would like to thank Russell forhis guidance and support and wish him well for the future. Appointment of Nominated Adviser and Broker Strand Partners Limited has been appointed nominated adviser and WH Ireland hasbeen appointed broker, both with immediate effect. Enquiries: Richard GriffithsBidtimes plc tel: +44(0)870 389 6999 James HarrisWarren PearceStrand Partners Limited tel: +44(0)20 7409 3494 Tim CofmanWH Ireland tel: +44(0) 121 265 6330 John Bick tel: +44(0)7917 649362 This information is provided by RNS The company news service from the London Stock Exchange