Pressure Technologies (LON: PRES)
Pressure Technologies has been trying to complete the spin-off of its Greenlane biogas equipment subsidiary into a TSX-V quoted company for six months. This could finally happen in the next few weeks. That will remove a poorly performing part of the group, leaving a business with strong recovery prospects.
The loss-making alternative energy division is being injected into shell company Creation Capital Corp for £11.1m in cash and shares. Completion is expected by the end of May.
Activist investor Gresham House Strategic (LON: GHS) has been building up a stake in Pressure Technologies. The stake has reached 15.1%, with related Gresham House fund management operations taking the total to 19.6%.
Pressure Technologies was founded on its leading market position as a designer and manufacturer of high pressure systems serving the global energy, defence and industrial gases market. Since listing on AIM in 2007 it has grown by acquisition and today continues to serve those markets from a broader engineering base with specialist precision engineering businesses.Gresham House Strategic PLC (LON:GHS) has a 5.4% ownership of Pressure Technologies as of June 2018