Kennedy backs Bglobal disposal
BGLOBAL’S largest shareholder, the ousted founder and former chairman Peter Kennedy, will not block the disposal of its software subsidiary Utiligroup.
The Blackburn company has agreed a £16.1m deal to sell its last trading business to a management team backed by NorthEdge Capital.
In a statement it said Mr Kennedy, who holds 23.6% of the shares, would vote in favour of the deal.
The sell-off follows a review of the business carried out by KPMG after Mr Kennedy was ousted last year by investors, led by London-based Hawkwood Capital, amid concerns over the firm’s strategy.
At the time Mr Kennedy said the move would lead to a fire sale of the company’s assets. He is expected to gain around £2.7m from the sale.
Management at Bglobal plan to return 11p a share and delist the company from the Alternative Investment Market.
The sale follows the £2.3m disposal in April of its metering division to Scottish firm Energy Assets Group, and the closure of BSmart Energy Solutions and Nutech Training after failing to find buyers.
