Changes at the top at Energetix as it raises cash

Things are changing fast at energy efficient boiler developer Energix Group, as the company has given executive powers to its chairman, Clare Spottiswood, and launched a share placing to raise funds for expansion.

The company is to raise £4.6m through a placing of 18.3 shares at 25p each, a 3p discount to the mid-market closing price of the stock on the day before the placing was announced.

The new shares being issued represent 21.9% of the company's issued share capital as enlarged by the placing.

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The proceeds will be used to grow a newly created energy supply business and to prepare for the supply of increasing volumes of Kingston microCHP (micro combined heating & power) appliances. A small proportion of the funds will also be used to support the Pnu Power business through to profitability.

The firm said the Kingston microCHP boiler "will be able to generate a proportion of the household's electricity needs in the home which should enable Kingston Energy to achieve a higher profit from each customer than for a typical energy supplier."

In other news, Clare Spottiswoode, formerly the director-general of the gas industry watchdog Ofgas, is to take on executive powers in her role as Chairman, while Tony Stiff will take on the additional role of Chief Executive Officer (CEO) of the Energy Supply Business.

Recruitment is in progress of a seasoned senior executive to become the CEO of the Kingston product company, responsible for the supply of the Kingston microCHP boiler. Adrian Hutchings, current Energetix Group CEO, will manage this role on an interim basis, and on appointment of the new CEO Adrian will take on the role of Energetix Group Executive Deputy Chairman.

Alan Aubrey, former Chairman of the company has resigned as a director of the firm with immediate effect.

There have been a number of changes to the board in recent months, which the firm said "reflect the company's transition from a development company into a business pursuing a commercialisation strategy for its innovative products."

The share price fell 7.14% to 26.00p by 13:15.

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