4th Sep 2018 10:43
LONDON (Alliance News) - Gas and electricity services firm Bilby PLC said Tuesday its founder & deputy chair, as well as another member of the founding family, have resigned and exited their stakes, whilst the firm has appointed a new boss of the group.
Founder & Deputy Chairman Phil Copolo and Operations Director Leigh Copolo sold the entirety of their shareholdings. This followed the decision by the pair to retire from the firm.
In total, the pair sold 12.6 million shares in Bilby - equivalent to a 31% stake - at a price of 100 pence per share to a number of institutional investors. Bilby emphasised the new shareholders were "fully supportive of the group's stated organic and buy and build growth strategies."
Janet Copolo retains a 2.9 million or 7.2% stake in the firm. She is subject to a lock-up agreement until early September 2019.
The firm also added it has appointed current Finance Director David Ellingham as its new chief executive officer. Ellingham led the GBP17.0 million initial public offering of the firm in 2015. A new finance head will be appointed in due course.
Bilby also made a number of new executive director appointments to the board. This includes Managing Director Lee Venables of its largest subsidiary, Purdy Contracts Ltd. A founder of another subsidiary - DCB Kent Ltd - Chris Webster was also appointed.
"On behalf of the board I would like to thank Phil for his significant contribution to Bilby," Chairman Sangita Shah said.
"We are delighted at David's appointment as CEO of the group," Shah added. "Under his auspices we are confident that the business will continue to perform and grow.
"Equally, we are pleased Lee and Chris are joining the board," Shah continued. "As the driving forces behind the success of Purdy and DCB they are ideally placed to ensure the group continues to effectively take advantage of the significant opportunities that the market continues to present. We welcome our new shareholders to Bilby who have recognised these opportunities and fully support our strategy to capitalise on them."
Shares in Bilby were 0.9% higher at 107.00 pence on Tuesday.
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BILB.L