3rd Jan 2020 15:06
(Alliance News) - Regency Mines PLC said Friday it has completed the buy-out of the 20% minority stake in its UK energy storage business, Allied Energy Services Ltd.
Regency has issued a total of 2.5 million shares to the minority shareholders and now holds a 100% stake in the unit.
The new shares are expected to be admitted to London's junior market next Thursday, giving the Regency a total of 89.3 million issued shares. The company recently carried out a 1 for 100 share consolidation.
When Regency announced the deal to buy the remaining stake in mid-December, it commented: "The company views energy storage as a critical component of the energy transition as power networks and energy markets evolve to accommodate changing demand and supply profiles, decarbonisation and the emergence of EVs. With the increasing focus on security of supply for UK businesses, Regency is positioning itself as a first mover in the UK energy storage space, complementing its existing interests in battery metals."
Shares in Regency Mines were down 1.9% in London on Friday afternoon at 3.14 pence each.
By Paul McGowan; [email protected]
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