Trading supended in Clean Air Power shares
LANCASHIRE-based Clean Air Power has applied for suspension of trading in the company’s ordinary shares on AIM and the immediate departure of two directors as it continues to look for a buyer.
The troubled £6.8m turnover specialist in the development and delivery of compression-ignited natural gas systems and software for heavy duty vehicles, which operates from Leyland, announced the departure of John Pettitt and Neil Skinner with immediate effect.
CAP said the sole reason for this was ensuring ongoing compliance with the Burmudan by-laws required following the resignation of Dr Ulrich Wöhr and Prof. Dr. Karl-Viktor Schaller as directors of the Company as announced on August 3.
The bye-laws of the group’s Bermudan holding company require that, at all times, there must be a majority of directors on the Board who are non-resident in the UK for tax purposes.
Following the resignation of Dr. Ulrich Wöhr and Prof. Dr. Karl-Viktor Schaller this majority was no longer in place.
“Mr Pettitt and Mr Skinner will remain employees and will provide full support to the board as the strategy review process is concluded and will continue to serve as directors of the US and UK subsidiary companies,” CAP said.
“The board confirms that it is in detailed discussions which may or may not lead to an offer for all or part of the Group.
“The terms and basis of any offer have not yet been finalised but, as previously stated, the board can provide no assurance on the value that would be returned to shareholders.
“As the group’s holding company is based in Bermuda the board, as advised by KPMG, is considering the options which are available under Bermudan and local jurisdictions to execute a transaction given the pressing short-term financial constraints under which the Group continues to operate.
“In the circumstances the company has requested that trading in its shares on AIM be suspended pending the outcome of the discussions and resulting clarification of the company’s financial position.”
