PROVENTUS RENEWABLES PLC: Renewable energy specialist launches on GXG Markets
- Currently engaged in the development of wind farms and solar farms in Bulgaria
- Optimally positioned to be at the forefront of the internationally renewable energy sector and in diverse renewable energy technologies
- Strong and diversified Board of directors
- Market capitalization of £52,500,000with strong pipeline of news
- Well financed
Commenting on the Company's GXG Markets listing, Liam McGrattan, Chairman, said:
"There has never been a more relevant and opportune time for a business like Proventus Renewables. The Company's aim is to be a leader in the international renewable energy sector, as well as at the forefront of diverse renewable energy technologies.
"Proventus Renewables is working towards assisting Eurozone countries achieve 2020 targets through a mixture of renewable energy technologies, including wind, solar, geothermal, bio-mass, tide, wave and ocean.
"The Company has a strong, select and complementary acquisition pipeline and looks forward to updating shareholders on progress regularly and in due course."
|Proventus Renewables plc||+44 (0) 203 006 3240|
|Liam McGrattan (Chairman)|
|Todor Todorov (Chief Executive Officer)|
|Samrat Deep Bhandari (Chief Financial Officer)|
|Yellow Jersey PR Limited||+44 (0) 7768537 739|
Proventus Renewables was originally incorporated in October 2010as Proventus Energy plc, to exploit wind farm and solar farm opportunities in Bulgaria and, in due course, in other areas of strategic geographical interest. On 25May 2012, at the EGM held by PLUS-SX quoted Captive Audience Display Solutions, shareholders overwhelmingly approved a €55 million reverse takeover deal and move to GXG Markets as a new exchange platform.
Proventus Renewables' main investments to date have been in wind and solar farms in Bulgaria. The Company holds 90% of the entire Share Capital of Proventus Energy Bulgaria OOD, which is a project management company.
Proventus Renewables 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, which has a total capacity of 200MW and is situated in the windy North Eastern part of Bulgaria, at a distance of approximately 50km from the Black Sea and the Sea Capital of Bulgaria, Varna, was valued by an independent Energy Auditor in January 2012 which indicated a value of approximately €36,800,000.
Proventus Renewables 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 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 Proventus Solar". The Photovoltaic Power Plant Project (75MW), located in the sunny South Eastern part of Bulgaria, close to the Bulgarian-Turkish-Greek Border, was valued by an independent Energy Auditor in November 2011, indicating a value of approximately €18,622,000.
Proventus Renewable Energy Action Plan
Proventus Renewable Energy Action Plan, the Company's mission statement, lays down the Company's commitment to improve social conditions and achieve social outcomes. Proventus Renewables will be seeking to:
- Make "investment in only renewable energies to address the European target of reducing CO2 emissions by 20% by 2020 and increase the share of renewable energies in electrical supply to 20% by 2020";
- Follow the trend to decentralized power generation to unleash private investments on a broader scale, improve grid stability and enable a larger group of investors to generate income;
- Create a diverse portfolio of renewable energy technologies including, but not limited to wind, solar, geothermal and biomass;
- Establish renewable energy assets globally, with initial focus on Europe; and
- Launch a Research &Development Centre to create innovative renewable energy products.
Strong and diversified Board
Liam McGrattan (Chairman)
For the past ten years Liam has specialised in the small cap equities market and has been involved in a number of highly successful private and publicly quoted companies on the PLUS-quoted market and the Alternative Investment Market of the London Stock Exchange. Liam has a background in sales and finance, and successfully launched Custom Finance Limited in 1989, a specialist leasing company.
Liam currently holds directorships in IMC Exploration Group Plc which is quoted on the PLUS-quoted market. He is also Managing Director of Wilhan Limited, an international private investment company.
Nial Ring (Vice Chairman & Director)
Nial Ring (FCCA) is a fellow of the Association of Chartered Certified Accountants and started his career with Allied Irish Bank plc having graduated from Dublin City University with an Accounting/Finance Degree in 1983. He is a licentiate of the Institute of Bankers and has a Diploma in Financial Services Law from University College, Dublin.
Nial has a background in the financial services industry in Dublin, London and New York and has held senior banking positions with Allied Irish Bank plc and Bankgesellschaft, Berlin. He has also served as General Manager of Barrick Capital Corporation, a wholly owned subsidiary of Barrack Gold, based in Dublin's International Financial Services Centre.
Nial holds a number of directorships and has served as a Government appointee on the Board of IDA Ireland, the Irish Government's International Industrial Development Authority. He is currently a director of Teknomining Plc (PLUS), IMC Exploration Group Plc (PLUS) and Great Western Mining Corporation Plc (AIM).
Nial is presently involved in a number of businesses as an executive and investor and is an elected member of Dublin City Council. He is also a member of the Irish Commercial Mediation Association and is a Peace Commissioner appointed by the Irish Minister for Justice, Equality and Law Reform.
Graham has worked with the National Westminster Bank with responsibility for high value clients, pension fund portfolios and major trusts where the bank was either trustees or advisers to the clients. He then acted as regional Personal Financial Planning Manager over forty two West End of London branches including major investment business to the bank and winning the top new business award for two years.
In 1994, he was appointed new business manager for Coutts Private Bank of London with responsibility for developing new business from UK based clients. In 1997, he was appointed Coutts Middle East Private Bank Manager in the Gulf Region and eventually headed up the whole Middle East team in London. In 1998, Coutts Bank extended his remit adding their high value client base in Egypt, Jordan, Turkey, Lebanon and selected clients in UAE, Saudi Arabia and Brunei. In 2003, he was given exclusive responsibility for the personal portfolios of the main Middle East ruling royal families until his retirement.
Graham now acts in a personal capacity as an independent adviser to a small number of selected high value families in the Middle East and Europe.
Todor Todorov (Chief Executive Officer)
Todor Todorov holds a Psychology Degree from University of Cologne, Germany and a Sociology Degree from Humboldt Universitat Berlin, Germany. Todor has held the position of CEO in a variety of companies including Bimex Ltd., a Bulgarian company and Tet Eood, an International trade and consulting and rail Infrastructure company, based in Sofia, Bulgaria.
Todor was a partner and director with Yomi Engineering Ltd from 1999 to 2006. This company has been involved in the development and construction of the first and largest wind farm in Bulgaria, St. Nikola near Kavarna. As Wind Energy Development has only existed in Bulgaria since 1999, Mr Todorov, along with his partners from Yomi Engineering Ltd., are considered pioneers within this sector.
From 2004 - 2008, Todor was a consultant for a number of investment projects in Bulgaria on behalf of ECE ProjeKtmanagement G.m.b.h & Co. KG (company of Family Otto, Hamburg, Germany), Erste Bank and Sparkasse Austria, AES Corporation USA and many others.
Since 2008, Todor has been the CEO of Maison Group AG based in Switzerland, CEO of Proventus Energy Plc based in the UK and CEO of Proventus Energy Bulgaria Ltd, a Bulgarian based company involved in renewable energy projects.
Todor is heavily involved in the strategic planning and management of Proventus Renewables and has a hands-on approach to the day to day running, direction and leadership of the Company.
Samrat Deep Bhandari (Chief Financial Officer)
Samrat Bhandari holds a Bachelor of Arts Degree from St. Stephen's College, University of Delhi and a Bachelor of Law Degree from the University of Delhi, India. He also holds a Masters of Science in Finance Regulation and Risk Management from the University of Reading, UK. Samrat is a Chartered Secretary (corporate law specialist) with the Institute of Chartered Secretaries and Administrators in England & Wales.
From December 2001 to March 2003, Samrat was the Vice-President of First Global Limited, UK, an FSA stock broking firm with membership of the London stock exchange. The company was mainly involved in institutional broking.
From March 2003 to April 2008 Samrat was a Director of First Trade UK Limited, an FSA regulated stock broking firm which gave investment advice to retail and professional clients and was responsible for the overall management of business on a day to day basis.
From July 2007 to date, Samrat has been a Director of First Trade Global Limited, UK which is involved in investing and the set up of financial and ancillary services.
Samrat has also acted as a Director and CEO of William Albert Securities Limited, UK from December 2007 to date. William Albert Securities Limited is an FSA regulated investment firm involved in stock broking, investment research and corporate finance.
Proventus Renewables is working towards assisting Eurozone countries achieve 2020 targets through a mixture of renewable energy technologies, including, wind, solar, geothermal, bio-mass, tide, wave and ocean.
The Company's aim is to be a leader in the international renewable energy sector internationally, as well as at the forefront of diverse renewable energy technologies.
Proventus Renewables has a strong, select and complementary acquisition pipeline and looks forward to updating shareholders on progress regularly and in due course.
THE DIRECTORS OF THE ISSUER ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT
 Draft of the Bulgarian energy strategy 2020, November 2008