Shares in Danish wind power project business Greentech Energy Systems gained 73.8% during September to end the month at DKK21.20 as a new investor in the company called an extraordinary general meeting for 15 October to elect a new board of directors.
The Italian investor, GWM Renewable Energy, announced in mid-September that it had acquired a further 1.4 million shares in Greentech, bringing its total investment to more than 10.4 million shares and representing a stake of 21.2% in the company.
The current board of Greentech said that it had not received any information about candidates whom GWM intends to nominate for the board.
Greentech, which is valued at around DKK1 billion (£116 million), is focused on developing and operating wind energy projects and currently has activities in Denmark, Germany, Italy, Norway and Poland. Its objective is to become a leading operator of mid-sized wind energy projects across Europe.
Recent interim results for the firm showed that it generated a first half loss of DKK14.5 million (H1 2009: DKK250 million loss) on revenues of DKK38.6 million (H1 2009: DKK36 million). In mid September, the firm announced that its monthly production for August increased to 13.6 MW-hours from 6.1 MW-hours in August of last year.
Shares in NASDAQ OMX-listed Greentech currently trade for around one-fifth of their peak price, which was achieved three years ago.
GWM Renewable Energy is a subsidiary of GWM Group – an international wealth management business.
Market: Nasdaq OMX
Symbol: GES
Price: DKK21.20
12 month high/low: €22.50/€10.70
Market cap: €1bn
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