REG - eEnergy Group PLC - Increase in Ownership in Smart Metering Business

EenergyAnnouncement

31/05/2022 07:00

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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 £781,000. The qualified pipeline of sales opportunities has grown
from £1.8m to £2.6m.

 

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 £196,500
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 operations."

 

 

Contacts:

 

 eEnergy Group plc                                              Tel: +44 20 7078 9564
 Harvey Sinclair, Chief Executive Officer                       info@eenergyplc.com (mailto:info@eenergyplc.com)  ; www.eenergyplc.com

                                                              (http://www.eenergyplc.com/)
 Ric Williams, Chief Financial Officer

 Singer Capital Markets (Nominated Adviser and Joint Broker)    Tel: +44 20 7496 3000
 Justin McKeegan, Mark Taylor, Asha Chotai (Corporate Finance)

 Tom Salvesen (Corporate Broking)

 Turner Pope Investments (Joint Broker)                         Tel: +44 20 3657 0050
 Andy Thacker, James Pope                                       info@turnerpope.com (mailto:info@turnerpope.com)

 Tavistock                                                      Tel: +44 207 920 3150
 Jos Simson, Heather Armstrong, Katie Hopkins                   eEnergy@tavistock.co.uk (mailto: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 sectors. 

 

eEnergy has been awarded The Green Economy Mark by London Stock Exchange. 

 

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