Vincent Tchenguiz interested in Econergy

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The Independent Online

Shares in Econergy International, the AIM-listed wind farm developer, spiked yesterday after Vincent Tchenguiz said he may buy the company. Consensus Business Group, Mr Tchenguiz's investment fund, said it was considering one of three courses of action in relation to its 18 per cent holding in the company: sell it, make a bid for the entire group, and make a bid for certain assets. The company's shares, which have lost more than three-quarters of their value since a February 2006 float, leapt by 23 per cent to close at 29p on the news.

Dawnay Day said in a research note: "We suspect that this will spur other potential bidders - particularly given the company's low share price. This is significantly below the valuation of the company's existing and development assets." Consensus has been an investors since the stock market float. Econergy, which specialises in wind farm and renewable energy projects in Latin America, is seen as having high potential but being cash short. Dawnay Day said its portfolio, if developed, could be worth £116m. After yesterday's share price surge, the group was worth just £25m. It said that Mr Tchenguiz may be most interested in the group's landfill gas projects in America.