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FOR IMMEDIATE RELEASE
Shareholders overwhelmingly approve €55 million deal in renewable energy sector
Captive Audience Display Solutions (CADS) will become dynamic renewable energy and media company Proventus Renewables PLC
Dublin , May 23 rd , 2012 Dublin-based company Captive Audience Display Solutions PLC (CADS PLC), with head offices on Ballybough Road, today held an EGM to address the proposal of their €55million deal to buy outright Proventus Energy PLC, which was approved overwhelmingly. The approval of this significant deal for CADS establishes them as a major international force in the climate change and renewable energy sector with a variety of rapidly developing prospects. The company will operate under the new name Proventus Renewables PLC, and launches on the GXG Markets tomorrow.
“Following approval of this remarkable deal, the enlarged Proventus Renewables group will be at the forefront of the renewable energy sector internationally, allowing us to expand and achieve the company’s ambitions in this regard. We can now move forward immediately to consolidate our strengths, and actively engage with the exciting projects and prospects available. The approval of this deal allows us to fulfil our long-term strategy of diversification and growth,” commented Liam McGrattan, Chairman of Proventus Renewables PLC. Mr. McGrattan will head up the enlarged group and is joined on the executive by Nial Ring as Vice-Chairman. Todor Todorov becomes Chief Executive Officer, and Samrat Deep Bhandari becomes Chief Financial Officer of Proventus Renewables PLC.
Mr. McGrattan continued, “The purchase of Proventus Energy PLC by CADS means that we are in a prime position to take full advantage of the wealth of opportunities on offer in this constantly changing field. This is a key development in our strategy to expand, and our highly experienced executive team working from the Dublin head office will drive the growth of the newly revitalised operation. It’s a hugely exciting development and allows us to showcase our strengths internationally.”
Proventus Energy PLC is a UK based company involved in the renewable energy sector and focuses on activities in Central and Eastern Europe. It actively participates in the global processes of climate change prevention, environmental protection and creating secure conditions for a positive future for society. The CADS group’s other business activities in Ireland and the Middle East will continue unaffected by these developments.
Nial Ring, an independent councillor for Dublin City Council, joins the board as Vice-Chairman. Ring has a background in the financial services industry in Dublin, London and New York. He is presently involved in a number of businesses as an executive and an investor, and is a former board member of the IDA. Chairman Liam McGrattan is also a director of the IMC Exploration Group Plc and Managing Director of Wilhan Ltd, a private investment company. He has been involved in a number of highly successful private and publicly quoted companies.
Samrat Deep Bhandari is the CEO of William Albert Securities Ltd, a UK based stockbroking, investment research, and corporate finance company. Since 2008, Todor Todorov has been the CEO of Maison Group AG based in Switzerland. He has vast experience in the wind energy sector and is considered a pioneer in the field.
For further information please contact Kathryn Byrne / Tara Carey, Limelight Communications, 085 233 6033 or 01 668 0600
NOTES TO EDITOR:
The Directors of CADS have entered into an agreement, approved by shareholders today, with Samrat Deep Bhandari and Todor Valev Todorov to acquire the entirety of the issued share capital which CADS does not currently own of Proventus Energy PLC for approximately GBP 47,523,900 (Euro 55,600,000), by issuing to the shareholders of Proventus Energy PLC 2,715,651,436 new Ordinary Shares in CADS representing approximately 92 per cent of the enlarged issued share capital. Each new ordinary share of nominal value Euro 0.0001 will be issued at a premium of Euro 0.02 being a total consideration per Ordinary Share of GBP0.0175p.
Proventus Energy PLC was set up to exploit wind farm and solar farm opportunities in Bulgaria and in due course in other areas of strategic geographical interest. The Company’s main investments to date have been in wind and solar farms in Bulgaria. Proventus Energy PLC holds 90% of the entire Share Capital of Proventus Energy Bulgaria OOD, which is a project management company.
Proventus Energy PLC holds 80% of the entire Share Capital of Dobrotich Wind EAD, a Bulgarian company which owns the rights to construct wind turbine generators over 35 separate land plots for a period of 25 years. The Dobrotich Wind Farm Project was valued by an independent Energy Auditor in January 2012 which indicated a value of approximately €36,800,000.
Proventus Energy PLC also owns Proventus Solar Ltd, which is involved in the operation of solar energy projects and is the 100% Shareholder of two companies which currently own various land plots in the South Eastern region of Bulgaria. It is intended that these land plots will be utilised for a solar energy project known as the “Photovoltaic Power Plant Project Sunsitovo”. The Photovoltaic Power Plant Project was valued by an independent Energy Auditor in November 2011, indicating a value of approximately €18,622,000.
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