Andalas shares slide as it announces strategic review

Andalas Energy and Power announced on Thursday that, following the recent changes to its board on 4 February, its directors and management team would conduct a review of the business, with a view to formulating a revised strategy.

The AIM-traded firm said the review would address its current assets in the UK and Indonesia, as well as additional growth options, in a bid to maximise the value of its existing platform.

“The board expects to complete its review within the next two weeks with further communications to follow soon thereafter,” the board said in its statement.

“It was earlier announced that the company proposes a name change to Advance Energy, subject to shareholder approval at a general meeting scheduled for 26 February,” it also noted.

At 0946 GMT, shares in Andalas Energy and Power were down 7.22% at 0.19p.