Currently part of energy transmission network National Grid, Fulcrum Group is to be purchased for a nominal consideration of £10 in a deal that constitutes a reverse takeover. Under the terms of the deal, National Grid will then supply an additional £5 million to be used by Fulcrum as working capital.
Marwyn also intends to raise a further £11 million to assist in the ‘turnaround’ of Fulcrum, with John Spellman to be appointed as CEO of the enlarged group and Philip Holder as non-executive chairman.
Spellman comments, ‘I am looking forward to the opportunity to lead Fulcrum onto AIM and re-establishing the business as the leading connections provider to the UK market.’
Following admission to AIM, the company is to be renamed Fulcrum Utility Services.
The business provides unregulated gas connection services to the UK market and is a licensed gas transporter.