TIDMEAAS TIDMLUCE
RNS Number : 7097S
eEnergy Group PLC
08 November 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU AS IT FORMS PART OF THE LAW
OF ENGLAND AND WALES BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL)
ACT 2018.
8 November 2023
eEnergy Group plc
("eEnergy" or "the Company")
Strategic Investment from Luceco plc
Board considering unlocking value via a disposal of the Energy
Management division
eEnergy (AIM: EAAS), the net zero energy services provider, is
pleased to announce it has signed a strategic investment agreement
(the "Investment") with long standing partner, Luceco plc
("Luceco"), pursuant to which Luceco will invest GBP1,753,900 via a
subscription for new ordinary shares ("New Shares") in eEnergy.
eEnergy has a longstanding relationship with Luceco principally
relating to its role as a significant supply partner to the
Company's eLight business, part of its Energy Services division.
Luceco is a leading supplier of wiring accessories, EV chargers,
LED lighting, and portable power products and is listed on the Main
Market of the London Stock Exchange .
The subscription is for 35,078,000 New Shares at a price of 5p
per share (the "Subscription Price") representing a premium of
approximately 25% to the Company's closing share price on 7
November 2023. Following completion of the Investment, Luceco will
hold approximately 9.1% of the Company's issued share capital as
enlarged by the issue of the New Shares. Completion of the
Subscription is subject to admission of the New Shares to trading
on AIM. The subscription proceeds will be used for general working
capital purposes, including settlement of certain trading balances
due to Luceco.
Following the Investment, eEnergy will maintain Luceco's share
of applicable lighting spend at current levels, subject to
competitive pricing and stock being made available. For so long as
Luceco holds more than 6% of the voting rights in the Company, the
Investment entitles it to appoint a director to the Board of
eEnergy together with a right to participate, pro rata to its
shareholding, in certain issues of equity securities including any
future equity fundraisings.
Potential disposal of Energy Management Division
During the first half of 2023, the Board received a number of
unsolicited approaches expressing interest in acquiring the Energy
Management division (the "Division"). The Board engaged
professional advisers to conduct a strategic review of the
Division, following which the Board received a number of indicative
cash offers which valued the Division in excess of GBP30 million.
The Board has now entered into a period of exclusivity with one of
the interested parties.
The Board intend to re-invest proceeds from any sale of the
Division to ensure the Company and its subsidiaries ("Group") have
the appropriate financial resources to capitalise on the
substantial growth potential within its Energy Services
division.
While discussions are at an advanced stage, there is no
guarantee they will lead to a transaction or as to the final terms
of any such transaction. Any disposal of the Division will require
the approval of shareholders by way of an ordinary resolution at a
general meeting in accordance with the AIM Rules for Companies. A
further announcement will be made as appropriate.
Admission and Settlement
Application will be made for the New Shares to be admitted to
trading on AIM ("Admission"). It is expected that Admission will
become effective and dealings in the New Shares will commence at
8.00 a.m. on or around 13 November 2023.
The New Shares will be allotted and credited as fully paid and
will rank pari passu in all respects with the Company's existing
Ordinary Shares, including the right to receive all dividends and
other distributions declared, made or paid on or after the date on
which they are issued.
Total voting rights
On Admission, the Company's total issued share capital will
consist of 387,224,625 Ordinary Shares with voting rights. The
Company does not hold any Ordinary Shares in treasury and
accordingly there are no voting rights in respect of any treasury
shares. On Admission, the abovementioned figure of 387,224,625
Ordinary Shares 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 Company under the Financial Conduct Authority's
Disclosure Guidance and Transparency Rules.
Harvey Sinclair, CEO of eEnergy plc, commented: "I am delighted
to welcome Luceco as a new shareholder to the Group. The strategic
investment cements our already longstanding relationship and
demonstrates our combined confidence in the growth opportunities
for our markets. I look forward to working with John and his team
on this new partnership.
"As discussed at our Interim Results, we continue to position
the Group to be able to win new larger mandates and optimise
financing solutions. Following a number of inbound enquiries
earlier in the year we have appointed an independent adviser and
entered into a short period of exclusivity with one of the parties
which has expressed interest in acquiring our Energy Management
division. We will update shareholders on this process as
appropriate."
John Hornby, CEO of Luceco plc, commented: "Energy efficiency
has been an important driver of growth for Luceco through our LED
lighting category. More recently we have invested in EV charging
because we anticipate that this, and the clean energy category more
generally, will be an important growth area.
eEnergy's Energy Services division is already an important
customer for our lighting projects business. As the economy
decarbonises it is well positioned to become an increasingly
relevant channel in the non-residential segment, and we look
forward to supporting the growth of eEnergy and exploring the
potential for increased co-operation between our businesses. "
Contacts:
eEnergy Group plc Tel: +44 20 7078 9564
Harvey Sinclair, Chief Executive Officer info@eenergyplc.com ; www.eenergyplc.com
Crispin Goldsmith, Chief Financial
Officer
Strand Hanson Limited (Nominated Tel: +44 20 7409 3494
Adviser)
Richard Johnson, James Harris
Canaccord Genuity Limited (Joint Tel: +44 20 7523 8000
Broker)
Max Hartley, Harry Pardoe (Corporate
Broking)
Turner Pope Investments (Joint Broker) Tel: +44 20 3657 0050
Andy Thacker, James Pope info@turnerpope.com
Tavistock Tel: +44 207 920 3150
Jos Simson, Simon Hudson, Katie Hopkins 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 the
Group's 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.
About Luceco plc
Luceco plc - Bringing Power To Life
Luceco plc (LSE:LUCE) is a supplier of high quality and
innovative wiring accessories, EV chargers, LED lighting and
portable power products for a global customer base.
For more information, please visit www.lucecoplc.com
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END
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