RNS Number : 3165N
eEnergy Group PLC
31 May 2022
eEnergy Group plc
("eEnergy" or "the Group")
Increase in Ownership in Smart Metering Analytics Business
Issue of Equity
eEnergy (AIM: EAAS), the digital energy services company, is
pleased to announce it has increased its ownership in the Group's
MY ZeERO smart metering and analytics platform from 51% to 85.5%.
The investment has been made via its subsidiary, eEnergy Insights
Ltd ("EIL"), the entity that holds MY ZeERO.
MY ZeERO trading update
Since the announcement of interim results on 16 March 2022,
meters under contract have increased by 33% to 522, resulting in an
increase in contracted revenues to GBP781,000. The qualified
pipeline of sales opportunities has grown from GBP1.8m to
Increase in interest in EIL
On 25 October 2021, the Group announced it had increased its
ownership in MY ZeERO from 37.5% to 51% following the successful
completion of specific development milestones.
The Group announces today it has completed a restructuring of
the EIL shareholder register in order to increase its economic
share of the business, remove consent rights granted to minority
investors under the Shareholders Agreement and allow EIL to benefit
from funding from the Group's SVB debt facility.
Certain minority investors have agreed to transfer their
holdings of GBP196,500 of loan notes issued by EIL and 2,548
ordinary shares of 1p in EIL to the Group, in each case at their
par value. Such amount has been used by the investors to subscribe
for 1,637,716 Ordinary Shares ("New Shares") of eEnergy plc at a
price of 12 pence per New Share. Following this transfer and the
issue of further equity in EIL at nominal value to eEnergy, the
Group's interest in EIL will increase from 51.0% to 85.5%.
The New Shares and shares previously issued to the same
investors in October 2021, will be subject to a new lock in
agreement until July 2023.
Save as set out above, other terms and mechanics of the
shareholders agreement remain unchanged. Application has been made
to the London Stock Exchange for the New Shares to be admitted to
trading on AIM ("Admission"). It is expected that Admission will
take place at 8.00 a.m. on 6 June 2022.
Total Voting Rights
On Admission, the issued share capital of the Company will
comprise 346,779,959 Ordinary Shares each with one voting right
("Ordinary Shares"). The Company does not hold any Ordinary Shares
in treasury. Therefore, from Admission, the above figure may be
used by shareholders in the Company as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the
share capital of the Company under the FCA's Disclosure Guidance
and Transparency Rules.
Harvey Sinclair, CEO, eEnergy, commented:
"I am pleased to announce our increased ownership in MY ZeERO,
our Smart Metering Analytics Business, at a time of developing
momentum. We first invested in MY ZeERO in April last year as we
recognised the opportunity to integrate this proprietary energy
analytics hardware and software into our Energy Efficiency
division. We are pleased with the rollout of these new smart meters
which give eEnergy a differentiated and valuable proposition in the
market. The restructuring simplifies the ownership structure and
allows for EIL to be further embedded into the Group's
eEnergy Group plc Tel: +44 20 7078 9564
Harvey Sinclair, Chief Executive Officer firstname.lastname@example.org ;
Ric Williams, Chief Financial Officer www.eenergyplc.com
Singer Capital Markets (Nominated Adviser Tel: +44 20 7496 3000
and Joint Broker)
Justin McKeegan, Mark Taylor, Asha Chotai
Tom Salvesen (Corporate Broking)
Turner Pope Investments (Joint Broker) Tel: +44 20 3657 0050
Andy Thacker, James Pope email@example.com
Tavistock Tel: +44 207 920 3150
Jos Simson, Heather Armstrong, Katie eEnergy@tavistock.co.uk
About eEnergy Group plc
eEnergy (AIM: EAAS) is a digital energy services company,
empowering organisations to achieve net zero by tackling energy
waste and transitioning to clean energy, without the need for
upfront investment. It is making net zero possible and profitable
for all organisations in four ways:
-- Transition to the lowest cost clean energy through our
digital procurement platform and energy management services.
-- Tackle energy waste with granular data and insight on energy
use and dynamic energy management.
-- Reduce energy use with the right energy efficiency solutions without upfront cost.
-- Reach net zero with onsite renewable generation and electric vehicle (EV) charging.
eEnergy is a Top 5 B2B energy company, currently managing 4.2TWh
of energy for 1,800 customers across the public and private
eEnergy has been awarded The Green Economy Mark by London Stock
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(END) Dow Jones Newswires
May 31, 2022 02:01 ET (06:01 GMT)
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