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Cole to chair Solco board

PERTH-BASED Allens Arthur Robinson senior partner, Steven Cole, will chair the board of Welshpool-based sustainable water and power company, Solco Ltd, as a part of the company’s restructure plans, which include a $3 million capital raising. Mr Cole also serves as deputy chair of the Professional Standards Councils of Australia and vice-president of the Australian Institute of Company Directors (WA). He will replace Robin Forbes, who agreed to step down last year as part of the restructure plans, but will remain on the board as an alternate director to managing director and major shareholder David Richardson. The company also announced plans to raise around $2.5 million from a 1:4 renounceable rights issue at seven cents per share, funding development and working capital. In other ASX news, John Hassen resigned last week as managing director and company secretary of Applecross-based pipe lining developer ShieldLiner Ltd.

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