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LONDON - Active Energy Group PLC (AIM: AEG, OTCQB: ATGVF), a company specializing in biomass-based renewable energy, announced today the appointment of two new directors to its board. Mr. Paul Elliott has been named a director, and Mr. Pankaj Rajani joins as a Non-Executive Director, both effective immediately.
The company, which previously announced a capital injection through loan notes, is undergoing changes as James Leahy, the Non-Executive Chairman, prepares to step down at the upcoming Annual General Meeting. Michael Rowan will remain on the board temporarily post-AGM to ensure a smooth transition.
Paul Elliott, a seasoned property developer, brings over 30 years of experience in real estate. He has a track record of turning around distressed assets and has managed various successful property developments. His background includes starting his career at NatWest Bank and co-founding a property management agency.
Elliott is also the director and ultimate beneficial owner of Zen Ventures Ltd, which has agreed to use funds to subscribe for new loan notes issued by Active Energy. It is worth noting that Elliott has faced bankruptcy twice and has been involved with companies that have gone into liquidation. However, in each bankruptcy, creditors were fully repaid.
Pankaj Rajani, a Chartered Accountant since 1987, has a history of fostering organic growth and successful mergers in his accountancy firm. His expertise in corporate finance transactions, international trade, and investor relations is expected to benefit Active Energy Group's board.
Rajani's past directorships include involvement with Elysian Fuels 7 LLP, which entered compulsory liquidation and was dissolved after consolidation with other entities due to insufficient funds to distribute to creditors.
These board changes come as Active Energy Group continues to position itself in the renewable energy sector. The company's announcement is based on a press release statement and contains inside information under the UK's Market Abuse Regulation. The information is now considered to be in the public domain following this announcement.
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