Proventus looks to complete takeover
Irish wind and solar farm operator Proventus Renewables is looking to wrap up takeover talks with an unnamed sector player in the coming weeks.
The Dublin-based firm is in discussions with a PLC involved in the renewables industry "with a view to a takeover of Proventus in a share swap/cash based transaction", according to Proventus.
The board, which owns more than 75pc of the shareholding, has now withdrawn its listing from Denmark's GXG First Quote Market as talks continue.
Proventus announced last year that it was planning to list on the London Stock Exchange.
Speaking to the Irish Independent, Proventus chairman Liam McGrattan said that, if the takeover goes ahead, the combined company will also look to list on the London exchange. He said that Proventus would continue the process to list on the London exchange if the takeover talks break down.
"Talks will be going on for the next couple of weeks, although it will depend on how negotiations progress," he said. "If talks don't lead to a takeover the process to list Proventus is already under way [and] if the takeover goes ahead the combined company will be listed."
It is understood that the takeover talks could be completed by the end of the month.
The company was originally established to exploit windfarm and solar farm opportunities in Bulgaria, the location of the company's main investments so far. Dublin outdoor advertising firm Captive Audience Display Solutions (CADS) approved a reverse takeover of Proventus in 2012 for €55m.
The company's most recent accounts available show that it made a loss of just under €7.5m in 2013.