KPMG advisers appointed to Bglobal after boardroom tussle
Listed smart meter business calls in KPMG a week after shareholders ousted father and son from the board
ADVISERS FROM KPMG have been appointed to run a strategic review of embattled smart meter company Bglobal.
The appointment of KPMG is the latest development in what has been a torrid few weeks for the listed business.
Founder and executive chairman Peter Kennedy was voted off the board last week, while his son and CFO Nick Kennedy was suspended pending an investigation into his conduct.
The smart meter business has seen its share price collapse amid falling revenues, while government plans to install smart meters into every home has been pushed back a year to 2020. Its share price currently stands at 8.63p, giving the business market cap of £9m. In January 2012 its share price was nearly 24p.
Tim Jackson-Smith, CEO, said: “The board is delighted to have appointed KPMG to work with us in carrying out a wide ranging review of the business and to assist us in delivering value to our shareholders.
“KPMG has extensive experience in the sectors that the group operates in and will provide the independent and objective assessment of the business that is vital in allowing us to fulfill the group’s potential.”
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