Tchenguiz in talks with Econergy

Consensus Business Group, the investment firm founded by Vincent Tchenguiz in 2001, has announced that it is in takeover discussions with Econergy, the £20.45m (US$40.3m) AIM-listed, Americas-focused renewable energy producer.

Shares in Econergy rose by at least 23.40% to 29p on 10 April. Econergy has stated that it “has received a number of preliminary approaches which may or may not lead to an offer being made for all of the Company’s issued and to be issued share capital.”

The Tchenguiz Family Trust already owns 18.3% of Econergy’s share capital, in the form of contracts for difference through its subsidiary Elsina Limited.

Consensus Business Group explains: “In light of the decline in the share price of Econergy International PLC, the trustees of the Tchenguiz Family Trust announce that they are reviewing their options with respect to their economic interest in Econergy, which include a potential offer for the ordinary share capital of Econergy, an offer to the Econergy Board in relation to specific assets, or a potential sale of their economic interest at a premium.”

Vincent Tchenguiz, Chairman and CEO of Consensus, said: “The Trust has held a significant investment in Econergy since it was listed on AIM in 2006. The Trust has a high regard for the board, management and employees of Econergy, is supportive of the company’s strategy and believes in its long-term potential. However, we believe that this potential can best be realised in the private sector.”

Founded in 1994 and headquartered in the Isle of Man, Econergy operates from offices in the United States, Brazil, Mexico, the UK and Costa Rica. It has one project in operation and five projects under construction which include hydro power, wind power and coal mine methane.

Vincent Tchenguiz and the Consensus Business Group support the core funding of the UK’s Renewable Energy Foundation.