Announcement • Jan 27
Active Energy Group Plc Announces Board Changes
Active Energy Group Plc announced the appointment of Mr. Paul Elliott as Director, effective immediately. Additionally, Mr. Pankaj Rajani has joined the Board as a Non-Executive Director, also effective immediately. James Leahy remains as Non-Executive Chairman of the Company but has announced his intention to resign as a director of the Company at the conclusion of the forthcoming Annual General Meeting ("AGM") . Michael Rowan will temporarily continue to serve on the Board as a Non-Executive Director after the conclusion of the forthcoming AGM to facilitate a smooth transition. Paul is a property developer and entrepreneur with over 30 years of experience in the real estate industry. Starting his career at NatWest Bank, he transitioned to property management, co-founding his own agency. Paul's keen eye for potential and strategic investments led to the development, rental, and sale of numerous properties, including commercial buildings and Victorian conversions. His portfolio boasts successful turnarounds of distressed assets. Pankaj qualified as a Chartered Accountant with KPMG in 1987 and has since established an accountancy firm that delivers exceptional success for its clients. As a founding partner of Macilvin Moore in 1990, Pankaj has played a pivotal role in the firm's organic growth and the recent merger that led to the formation of today's Macalvins. Pankaj excels in Corporate Finance transactions, international trade, joint ventures, and investor relations. Paul Robert Elliott The following information is disclosed relating to Mr. Paul Elliott pursuant to rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies. Paul Robert Elliott, aged 54 years, is or has been a director of the following companies during the five years preceding the date of this announcement:Current directorships /partnerships: 22A, B & C Derby Road Management Co Ltd, Aldpic Limited, Astute Estates Ltd, St Elphin's (Darley Dale) Limited, Wilmslow Road Developments Limited and Zen Ventures Ltd; Past directorships /partnerships within the last five years: Blue Dog Property 2 Ltd, G4 Group Limited, Hilton House Mgt Co Ltd, Lex Dominus Ltd. and Tipmain Limited; On 1 November 2024, the Company announced it had received an injection of £125,000 (the "Zen Loan") from Zen Ventures Limited ("Zen") on 15 October 2024 and a further £75,000 on 31 October 2024. Zen and the Company have agreed that this amount will be used by Zen to subscribe for £200,000 of new loan notes issued by the Company (the "Loan Notes"). £27,616.02 of the Loan Notes will be convertible into 29.9 per cent of the Company's issued share capital, as enlarged by such conversion, at a price of £0.0004 per new ordinary share (the "Convertible"). Paul is a director and the ultimate beneficial owner of Zen. Paul Elliott was declared bankrupt in May 2008 and again in September 2014. On both occasions, all creditors were fully repaid, and he was subsequently discharged from each bankruptcy. Paul was appointed as a director of Compare52 Ltd. on 6 October 2015. The company entered into a creditors' voluntary liquidation on 5 January 2017. There were no secured or preferential creditors. Unsecured creditor claims totalled approximately £125,000; no distribution was made to creditors. The company was dissolved on 3 December 2019. Paul was appointed as a director of Elliotts Vehicle Services Ltd. on 26 August 2005. The company entered into a compulsory liquidation on 3 September 2008 and commenced winding up on 19 January 2009. Paul was appointed as a director of St Elphin's (Darley Dale) Limited on 9 June 2004. The company entered into a creditors' voluntary liquidation on 29 April 2005. The insolvency case is ongoing at the time of this announcement. Paul was appointed as a director of St Elphin's School Limited on 17 August 2004. The company entered administration on 17 April 2003 which was discharged on 23 July 2009. The company also entered into a corporate voluntary arrangement on 17 August 2004 which completed on 31 October 2005. Creditors were due approximately £249,000 and a dividend was paid to all class of creditors of 100 pence in the pound. The company was dissolved via compulsory strike-off on 13 July 2010. The following information is disclosed relating to Mr. Pankaj Rajani pursuant to rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies. Mr. Pankaj Keshavlal Rajani, aged 63 years, does not hold any interest in Active Energy Group plc and is or has been a director of the following companies during the five years preceding the date of this announcement: Current directorships /partnerships: Annakut Limited, Boxerdome Limited, Connect Property Limited, Eightways Estates Limited, Finzo Accontants Ltd, Finzo Ltd, Granite Mountain Limited, Hampstead Golf Club Limited, Macalvins Group Limited, Macalvins Limited, Macilvin Moore Reveres Limited, Liability Partnership Oceanie-Le-Ciel Plutus (Rye) Limited, Plutus Estates (Braintree) Limited, Plutus Estates Limited, PSH Grosvenor Consultants LLP, Staffa Rock plc, Valtrust Capital (UK) Ltd. and Vuug Ltd.Past directorships /partnerships within the last five years: Elysian Fuels 7 LLP, Bright Visions Group Limited, CM Strategic 614 Limited, CM Strategic 615 Limited, Coronex Ltd, Finzo Fit Ltd, Finzo Group Ltd, Lomas Kingston Limited, Mazoe Road Ltd, Performance Horse Management Ltd, Plutus (Ipswich) Limited, Tekkpro Limited and Uniqum Services London Limited. Pankaj was appointed as an LLP member of Elysian Fuels 7 LLP on 16 March 2012. The company entered compulsory liquidation with winding-up proceedings commencing on 7 March 2016. Elysian Fuels 7 LLP was among 33 LLPs placed into administration. Consequently, HMRC, the sole creditor, agreed with the joint liquidators to consolidate the LLPs into a single account, rather than managing 33 separate accounts. Therefore, an individual joint liquidator report for Elysian Fuels 7 LLP is not available. HMRC, as an unsecured creditor, submitted claims across all LLPs totalling approximately £5.2 million. There were insufficient funds to distribute to creditors and the company was dissolved on 16 July 2024.