DUBLIN-BASED company Captive Audience Display Solutions (CADS), which is listed on London’s Plus market, has completed the reverse takeover of UK renewable energy company Proventus Energy, in a share swap deal valued at € 55 million.
CADS’s existing businesses in Ireland, which include IMC Exploration Group, and in the Middle East, where it provides digital advertising on petrol forecourts, will be unaffected by this transaction.
The company’s main focus in future will be renewable energy, through the creation of a new company, Proventus Renewables.
Executive chairman Liam McGrattan will head up the enlarged group. He will be joined by Dublin city councillor Nial Ring as vice-chairman. Todor Valev Todorov will act as chief executive.
Proventus Energy was set up to exploit wind farm and solar farm opportunities in Bulgaria, and in due course in other areas of strategic geographical interest.
It has a 200mw wind farm in Bulgaria which it expects to complete within the next 12-18 months. The company also owns Proventus Solar Ltd, which is involved in the operation of solar energy projects.
“We’re very, very positive about its potential and are happy to be involved in this project,” Mr McGrattan said.
The deal began last year when CADS was approached by a London stockbroker to consider investing in Proventus.
“We were looking to add value and increase return for our current shareholders, looking at a number of opportunities,” Mr McGrattan added.
In October, Proventus took a 17.6 per cent share in CADS, while CADS acquired almost 4 per cent of Proventus.
According to Mr McGrattan, Proventus Renewables is fully funded for the next 18 months.
