3rd May 2019 18:01
LONDON (Alliance News) - Verditek PLC on Friday said it will terminate its shareholder agreement with BBR Filtration in order to focus on its Italian solar business.
Verditek has a minority interest in BBR Filtration, a biofiltration company, and was developing sales opportunities in multiple global regions in 2018. Alongside this, BBR Filtration has been looking into partnering opportunities that focus on commercialisation.
Verditek has now issued a termination notice of its shareholder agreement to the minority BBR Filtration shareholders. BBR Filtration will therefore develop its commercial relationships with a new company.
The move was attributed to Verditek's need to focus more on its Italian solar business.
Verditek Chief Executive Geoff Nesbitt said: "Steve Bennington and staff at BBR Filtration have done a great job of developing the commercial funnel over the last 9 months. Working with other firms established in the water industry, and with boots on the ground in the relevant territories, will ensure greater focus in the pursuit of new business in this activity I would like to thank everyone for their efforts as we enter this new phase for BBR Filtration."
Shares in Verditek closed up 5.3% at 7.50 pence on Friday.
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