Freeplay Energy Plc (FRE.L) announced that it completed the disposal of its Freeplay Division to Devinder Raj Narang. The total consideration is $14.5 million, subject to adjustment, and includes the assumption of approximately $5 million of bank debt.
Following the disposal and sale of the rights to the Freeplay name and associated trademarks, it has been agreed that Freeplay has changed its corporate name to Fieldbury Plc. Further, the company's shares will continue to be traded on AIM under Fieldbury Plc and will have a new RIC code, FIE.L, that will come in to effect during the week beginning August 4.
In addition, the company stated that Harold Reiter will become Finance Director of Fieldbury and will also remain chief executive officer of the group's Dixie Sales division.
The company noted that Rory Stear, executive chairman will continue as a director of Fieldbury and chairman of the board and will also continue to chair Freeplay Energy.
Colin Batt, finance director of Freeplay Energy Plc, and David Floyd, managing director of Freeplay Energy, will resign as directors of Fieldbury but will continue to be employed by Freeplay Energy.
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