REG - eEnergy Group PLC - UtilityTeam Earn Out Consideration Issue of Shares

EenergyAnnouncement

28/07/2022 07:16

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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 division.

 

Payment of Earn Out Consideration

 

On 17 September 2021, the Group completed its acquisition of UtilityTeam for
up to £21 million in cash and ordinary shares of 0.3p in eEnergy ("Ordinary
Shares"), comprising initial consideration of c.£15.86 million and deferred
consideration of up to c.£5.15 million (with the first c.£1.47 million
payable in cash and then up to c.£3.67 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.

 

Lock-In

 

The New Ordinary Shares will be subject to a lock in agreement until 17
September 2023 and an orderly market agreement until 17 September 2024.

 

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 August 2022.

 

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.

 

 

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/)
 Crispin Goldsmith, 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)

 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 Hopkins                   eEnergy@tavistock.co.uk (mailto: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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