26th Feb 2015 10:50
LONDON (Alliance News) - Energy Technique PLC saw its shares fall Thursday, despite the company hoisting the for sale sign in an attempt to drive better shareholder value.
In a statement, the fan coils and commercial heating products manufacturer said it has appointed Cavendish Corporate Finance LLP as financial adviser to conduct a sale process.
"Whilst the board believes that the company has a secure future as an independent business, the board has taken this decision in order to seek to unlock and crystallise value for shareholders," it said.
Earlier this month, Energy Technique said its pretax profit rose in the first nine months of its financial year on the back of an improving UK fan coils market and by a solid performance in its commercial heating business.
At that time it has said it was pushing forward with granting franchise deals in other countries and has signed a deal with Unico Inc in the US which will see the fan coils of its Diffusion business distributed in the US, Canadian and Caribbean markets. It was also holding talks with a potential distributor for the Middle East market.
Energy Technique shares were down 3.4% at 302.00 pence Thursday morning, although they have risen by 52% over the past year.
By Steve McGrath; [email protected]; @stevemcgrath1
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