21/11/2008
Renewable Power & Light says it has received an approach which ‘may or may not lead to an offer’.
The London-based company, which the other day settled a negligence and breach of contract action against former chief executive officer David Lewis and ex-business development boss Nick Colvin, has had a turbulent stock market history since floating on AIM at 70p in 2006. Last year, Renewable hit problems with a key palm oil supply contract and the company lost $5.4 million (£3.6 million) in the first half of 2008, though turnover was strongly ahead.
After reaching 137.5p in April 2007, the shares collapsed to 9.5p last month. They have now rallied to 16.75p, valuing the company at £16 million.
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Robert Tyerman
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