Pensions&Investments
By Daniel Brooksbank
December 25, 2009, 1:00 PM ET
Shell Asset Management Co., the manager of Royal Dutch Shell PLCs various pension funds, has taken its stake in hybrid electric power company Enova Systems to almost 20% following a $10 million capital raising exercise.
According to regulatory filings, SAMCO has just over 6 million shares representing a 19.4% stake in Torrance, Calif.-based Enova Systems, which develops electric, hybrid and fuel cell digital power-management systems and counts Ford Motor Co., Daimler AG and the U.S. military among its clients.
Enova was founded in 1976 and was formerly known as U.S. Electricar. The company reported a net loss of $1.3 million on revenues of $2.9 million for the quarter ended Sept. 30. SAMCO bought slightly less than 3.2 million shares at $1, according to a Dec. 15 filing. SAMCOs stake has been rising from an initial 7.8% disclosed in April 2008. SAMCOs recently appointed Chief Investment Officer Piet Roelandt signed an agreement with Enova in October whereby Stitching Shell Pensioenfonds, the Shell Contributory Pension Fund and the Shell Overseas Contributory Pension Fund, along with other investors, would buy just over 9 million shares.
Meanwhile, Stichting Shell Pensioenfonds says it has engaged via Hermes Equity Ownership Services with 114 companies on corporate governance and responsible investment issues in the third quarter of 2009. Issues included board structure, succession, child labor, climatic change, water and waste management and corruption.
Daniel Brooksbank is associate editor at Responsible Investor.
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