Marwyn Buys Gas Transport Business From National Grid
June 17 2010 - 4:33AM
Dow Jones News
Investor Marwyn Investment Management LLP Thursday said it has
bought a loss-making gas transport business from National Grid PLC
(NG.LN) and intends to bring it to London's junior Alternative
Investment Market with a GBP11 million fundraising.
Marwyn said it plans to turn the company around and re-establish
it as a market leader in gas connections and transport.
Marwyn said its listed vehicle Marwyn Capital I Ltd. (MCIL.LN)
bought Fulcrum Group Holdings Ltd. from National Grid for a nominal
GBP10 in a reverse takeover.
Marwyn Capital I will be renamed Fulcrum Utility Services Ltd.
when the deal goes through and it is admitted to AIM.
The enlarged company has agreed to raise GBP11 million in a
share sale at 12 pence a share. The money will be used to fund its
turnaround.
Gas industry veteran John Spellman has been named chief
executive.
Shareholders in the enlarged group include insurer Legal &
General Group PLC (LGEN.LN), utilities and energy investor Ecofin
Water and Power and fund managers Artemis and F&C.
-By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272;
jason.douglas@dowjones.com
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