Specialist Energy Group PLC (AM: SEGR) said finance director Nick Flanagan bought 140,000 shares in the company today at a price of 42.5 pence per share, and thus holds approximately 0.57 percent. of the issued share capital.
SEG is a niche engineering and manufacturing company which was formed in January 2010 when Southbank UK reversed into Nviro Cleantech. The company’s principal asset is the Hayward Tyler subsidiary, which manufactures boiler circulating pumps and specialist motors.
Going forward, SEG will focus primarily on the power generation market and the core engineering business of Hayward Tyler. It has effectively drawn a line under the old Nviro business. Efforts will be made to try and monetise the Vertus clean fuels technology through third parties.
The other technologies are expected to be developed independently of SEG. The opportunities to out-license the Vertus technology and, if possible, divest the other technologies are being actively pursued while at the same time the costs of the operations are being significantly reduced in scale. However, if the licensing and disposal discussions do not reach a satisfactory conclusion the intention is to shut down the operations.