Dublin outdoor advertising firm Captive Audience Display Solutions (CADS) is holding an EGM today to approve its proposal to carry out a reverse takeover of the UK renewable energy firm Proventus Energy in an apparent €55m share-swop deal.
The EGM started at 10am this morning at the Shelbourne Hotel in Dublin.
CADS currently holds 3.3pc of the ordinary share capital of Proventus Energy. Once the proposed acquisition of the company goes through, CADS said it is set to acquire a further 96.7pc of the share capital.
The low-profile outdoor advertising company, which is based in Ballybough in Dublin 3, said it had been operating around placing TV screens in the forecourts of petrol stations.
Proventus Energy is supposedly a Bulgarian renewable energy company that is registered in England and Wales. It said its main interests are in exploiting wind energy. The company is supposedly developing a wind farm in the north-eastern region of Bulgaria, around 50km from the Black Sea.
Once the €55m reverse takeover of Proventus Energy goes ahead, CADS said today the new company – Proventus Renewables – will be a "major international force in the climate-change sector".
Executive chairman of CADS Liam McGrattan is set to head up the enlarged group and will be joined on the executive by Nial Ring, an independent councillor for Dublin City Council as vice-chairman. Todor Todorov, CEO of Maison Group AG, will become CEO, and Samrat Deep Bhandari, CEO of William Albert Securities, will become CFO of Proventus Renewables.
"We’re very confident that CADS shareholders will overwhelmingly approve the deal, meaning that we can move forward immediately to consolidate our strengths, and actively engage with the exciting projects and prospects available," said McGrattan today.
McGrattan is also a director of the IMC Exploration Group and managing director of Wilhan, a private investment company.