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VSA CAPITAL MARKET MOVERS - redT energy.

VSA Morning Alternative Energy Comment, 25/07/19

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redT energy#: Merger and Suspension

Energy storage company redT energy (LON:RED) has announced a proposed merger with US-based flow battery company Avalon Battery Corporation.

Non-binding MoU signed, subject to approval of both RED and Avalon shareholders.

Reverse takeover under AIM rules. All share transaction at 1.65p that values Avalon at US$37.5m. RED closed at 1.075p yesterday.

Combined operation will have physical operations in North America, Europe and Asia and a global sales footprint.

Proposed fundraise of at least [pounds]24m (US$30m) to fund the enlarged business also announced, subject to approval of RED shareholders. Substantial preliminary support announced by an unnamed strategic investor as well as from existing institutional investors in RED and both existing and certain proposed new investors in Avalon.

Stock suspended on AIM market as of 07:30 today.

As per the start of the strategic review on 14 March 2019, our research coverage remains suspended on the stock.

Risers and Fallers (Last Close)

Risers

Market Cap ([pounds]m)

Last Close ([pounds]p)

Price Movement ([pounds]p)

% Chg

Drax Group

1,202.7

303.6

16.80

+5.9%

redT energy

10.2

1.1

0.05

+4.9%

Dialight

107.0

329.0

9.00

+2.8%

Fallers

Market Cap ([pounds]m)

Last Close ([pounds]p)

Price Movement ([pounds]p)

% Chg

Edenville

2.5

0.1

(0.00)

-8.0%

Symphony Environmental

16.6

10.8

(0.75)

-6.5%

SIMEC Atlantis

57.9

13.5

(0.75)

-5.3%

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Publication:Oil Capital
Date:Jul 25, 2019
Words:444
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