solco recharges the future

Sydney - Thursday - April 19: (RWE Aust Business News) -Solco Ltd
(ASX:SOO) believes the significant past negative operational performance
has now been substantially arrested through systematic remedial action
since late August 2006.
This program of remedial work to resolve the underlying problems
of the past is not complete, and has led to a revenue reduction, as
underperforming lines of operation have been rationalised.
However, it said it now presents a sound base from which to
leverage the future potential.
From April 18 2007 the board of Solco is to comprise:
Steven Cole (chairman), John Beech (non-executive director and
company secretary), David Richardson (managing director).
Robin Forbes has retired from his position as non-executive
chairman but will remain temporarily as an alternate director to Mr
Richardson.
Mr Cole said he believed that the world was only now beginning to
realise the potential of the sustainable energy sector.
"The opportunities for Solco, as an emerging participant in this
dynamic sector, are significant," he said.
Solco announced an initial capital raising program of $2.95
million for development and working capital to allow it to build its
human and strategic infrastructure requirements.
These funds are to be raised as a $2.45 million (approx) 1:4
renounceable pro rata rights issue at 7c a share to existing
shareholders.
Subject to shareholder approval, $500,000 will be raised by the
placement of 7,142,857 shares at 7c each to interests associated with
Steven Cole.
Solco expects that, in addition to organic growth, it will make
strategic acquisitions of complementary businesses in target sectors to
assist it in achieving the economies of scale and scope necessary.
To allow the board to respond quickly to strategic acquisition
opportunities as they may arise, at the proposed June EGM, approval will
also be sought from shareholders to authorise it to issue up to 35pc of
Solco's share capital base for such purposes.