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In a busy day for news, Renergen lifted (a little) after it got a financial boost from Italy's SOL group, while Sasfin confirmed its new chair. In international news, the US is pressing ahead with plans to secure its supply of strategically important microchips.
Helium and natural gas group Renergen said on Wednesday that Airsol, part of Italian industrial gases group Airsol, had subscribed for an additional $4 million (R76 million) in convertible debentures, bringing its total to $7 million. Debentures refer to a debt instrument, and they are convertible to shares upon condition of Renergen listing on the Nasdaq. Renergen is eyeing a US listing when the time is right, saying on Wednesday SOL also brings a wealth of expertise and technical knowledge. "The two groups have been working closely on this transaction for some time now, and it is pleasing to see the results of the detailed technical due diligence culminate in what promises to be a mutually beneficial transaction for both parties as SOL gains access to upstream helium, and Renergen the benefit of technical partnerships as we roll out the Virginia Gas Project," said Stefano Marani, CEO of Renergen, in a statement. Renergen initially lifted some 5% after the news, but it closed only about 0.6% higher.
Sasfin Holdings announced it has appointed Richard Buchholz as its new chair with effect from 19 March, which follows the resignation of Deon de Kock for health reasons. Buchholz has been the lead independent director since 2019 and Sasfin has benefitted from his wise counsel, experience and contribution and is confident that he will ably lead the board, Sasfin said in a statement. A chartered accountant, Buchholz has experience in risk management, commercial banking strategy, accounting and auditing, as well as corporate governance and compliance, the firm's website reads.
