eEnergy Group PLC UtilityTeam Earn Out Consideration Issue of Shares
RNS Number : 0051U
eEnergy Group PLC
28 July 2022
eEnergy Group plc
("eEnergy" or "the Group")
Issue of Shares for UtilityTeam Earn Out Consideration
eEnergy (AIM: EAAS), the net zero energy services provider,
announces payment of earn out consideration for the acquisition of
UtilityTeam, now a key part of the Group's Energy Management
Payment of Earn Out Consideration
On 17 September 2021, the Group completed its acquisition of
UtilityTeam for up to GBP21 million in cash and ordinary shares of
0.3p in eEnergy ("Ordinary Shares"), comprising initial
consideration of c.GBP15.86 million and deferred consideration of
up to c.GBP5.15 million (with the first c.GBP1.47 million payable
in cash and then up to c.GBP3.67 million payable in Ordinary
Shares), based on the EBITDA delivered by UtilityTeam for the 12
month period to 31 December 2021.
As a result of UtilityTeam achieving its minimum EBITDA target
for the 12 months ended 31 December 2021, a payment of earn out
consideration has become due. The UtilityTeam vendors have agreed
to receive their consideration in eEnergy Ordinary Shares rather
than cash. As a result, the Group will issue 4,000,000 Ordinary
Shares ("New Ordinary Shares") to the vendors, based on an issue
price of 24 pence.
The New Ordinary Shares represent c.1.1% of the issued share
capital of the Group, as enlarged by the New Ordinary Shares.
The New Ordinary Shares will be subject to a lock in agreement
until 17 September 2023 and an orderly market agreement until 17
Total Voting Rights and Admission
Application has been made to the London Stock Exchange for the
New Ordinary Shares to be admitted to trading on AIM ("Admission").
It is expected that Admission will take place at 8.00 a.m. on 2
On Admission, the issued share capital of the Company will
comprise 350,779,959 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.
eEnergy Group plc Tel: +44 20 7078 9564
Harvey Sinclair, Chief Executive Officer email@example.com ;
Crispin Goldsmith, 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)
Canaccord Genuity Limited (Joint Broker) Tel: +44 20 7523 8000
Max Hartley, Tom Diehl (Corporate Broking)
Kit Stephenson (Sales)
Tavistock Tel: +44 207 920 3150
Jos Simson, Heather Armstrong, Katie eEnergy@tavistock.co.uk
About eEnergy Group plc
eEnergy (AIM: EAAS) is a net zero energy services provider,
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 and has been awarded The
Green Economy Mark by London Stock Exchange.
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(END) Dow Jones Newswires
July 28, 2022 02:00 ET (06:00 GMT)
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