UPDATE, June 9, 2009.
In late London trade the stock was at 58 pence up 27.5%. We last visited ECO in April's "Carbon: President of CO2 developers EcoSecurities resigns (ECO.L)". Today, he's back. From Reuters via Forbes:
The co-founder of British-based clean energy project developer EcoSecurities, Pedro Moura Costa, is heading up a potential bid for the company at a price of 60 pence per share.
EcoSecurities described the approach as 'wholly inadequate' however and advised its shareholders to take no action.Costa -- who stepped down as president of EcoSecurities in April to pursue other interests -- is the chairman of vehicle Guanabara Holdings B.V, which said on Friday it was considering making an offer for EcoSecurities.
The offer would represent a 32 percent premium on Thursday's closing share price and would value the company at 70.8 million pounds ($114 million).
Shares in EcoSecurities -- which develops carbon offsetting projects under the Kyoto Protocol's Clean Mechanism scheme -- jumped 23 percent to a seven-month high of 58 pence by 0926 GMT.
A counter-offer was quite possible, as the potential bid did not reflect the recent increase in carbon prices, option value for the future or any cost-saving potential within the business, KBC Peel Hunt said....MORE
I lost track of this one. Mr. Moura Costa leaving and February's departure of CEO Bruce Usher made it tough to figure out what was going on with the company. Here's the chart through yesterday:
|ECO - EcoSecurities Group|