4th Apr 2016 14:05
LONDON (Alliance News) - Regenersis PLC Monday said it has now formally completed the sale of its repair services business and shuffled its board, and said it will also formally change its name as part of its restructuring later this week.
The company has sold the business for EUR103.5 million under a deal that was originally struck back in February, turning the company primarily into a pure play global software business, comprising Blancco, SafeIT, Xcaliber and Tabernus.
Regenersis reiterated its plans to return up to GBP50.0 million to shareholders following the sale through a tender offer, and said it will send details to shareholders shortly.
Following the sale, Regenersis will formally change its name to Blannco Technology Group PLC from this Wednesday, and the company has also shuffled its board.
Patrick Clawson has moved from his role as chief executive of the company's digital security software business to take over at the helm of the entire group. Matthew Peacock, as a result, is now a non-executive chairman rather than an executive board member and will now handover his executive duties to Clawson, the company said.
Following the sale completed Monday, the Chief Executive of the repair services business, Ian Powell, has retired.
Regenersis shares were trading up 8.8% to 228.50 pence per share on Monday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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