15th Nov 2019 14:53
(Alliance News) - redT Energy PLC said Friday that as part of its upcoming merger with Avalon Battery Corp, it will make several changes to its board.
In July, redT and Avalon agreed to a merger which is a share-for-share acquisition of Avalon by redT, with redT shares valued at 1.65 pence each, valuing Avalon at USD37.5 million.
To begin with, Non-Executive Director Jeff Kenna will step down with effect at the end of 2019, after 13 years on the energy storage firm's board since 2006.
Chief Executive Officer Scott McGregor will also leave the company as at December 31, after stepping down from the board in March. McGregor has also spent 13 years at redT Energy, starting as chief financial officer from 2006 to 2009, before becoming CEO.
Subject to the completion of the merger between Avalon and redT, Avalon Chief Executive Larry Zulch will join the board of redT, and become chief executive officer of the merged entity.
"I would personally like to thank Jeff and Scott for their valuable service to the company over the many years they have served on the board and wish them well for the future. It is now time for a new chapter for redT. I am very much looking forward to the successful completion of our merger and being able to welcome Larry to the board. He will bring a wealth of valuable experience and I look forward to working with him," said Executive Chair Neil O'Brien.
Shares in redT Energy are currently suspended in London.
By Dayo Laniyan; [email protected]
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