Sabien Tech scraps plans for strategic investment, financing framework
(Alliance News) - Sabien Technology Group PLC on Tuesday said it abandoned the strategic investment and financing framework previously announced in May.
The London-based provider of energy efficiency technologies will not proceed with the planned deal to raise up to GBP2 million through a senior secured convertible loan. Plans to acquire the shares held by Executive Chair Richard Parris and associated parties have also been scrapped.
Parris Group Ltd will retain its existing shareholding in Sabien and the proposed restructuring and refinancing of PGL debt will not go ahead.
Sabien said it is still in discussions with clean technology companies Haydale PLC and Intelligent Resource Management Ltd - which trades as SaveMoneyCutCarbon - over the agreement of a definitive UK distribution and implementation for the Sabien's M2G intelligent boiler optimisation platform.
The parties have exchanged contractual proposals but no definitive agreement has been reached yet and commercial and legal terms are under negotiation. There is no certainty that a binding agreement will be concluded or when it might occur.
Sabien shares surged 64% to 4.50 pence on Tuesday afternoon in London.
By Camilla Borri, Alliance News reporter
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