REG - Good Energy Group - Response to hostile bid by Ecotricity

Good EnergyAnnouncement

22/07/2021 15:00

RNS Number : 1834G
  
Good Energy Group PLC
  
22 July 2021
  
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION
FOR IMMEDIATE RELEASE
 
Good Energy Group PLC
 
("Good Energy", "the Company" or "the Group")
 
Response to hostile bid by Ecotricity
 
The Board of Good Energy Group PLC (AIM: GOOD), the 100% renewable electricity supplier and innovative energy services provider, notes the announcement issued earlier today by Ecotricity Group Limited ("Ecotricity") with respect to a hostile bid for the Group.
As set out in its response announcement on 14 July 2021, the Board believes that the offer significantly undervalues the Group and its future prospects and reiterates its unanimous and unequivocal rejection of the offer.
The Board strongly advises that shareholders should take no action at this time.
The Board will be writing to shareholders with its formal response to the offer in due course, once the offer document has been posted. Further announcements will be made as and when appropriate.
Will Whitehorn, Chair of Good Energy, said:
"We firmly reject this highly opportunistic and hostile offer by a direct competitor to the Company. The Board believes the offer is not in the best interests of our shareholders as a whole, nor is it in the best interests of our employees and customers. We have a clear growth strategy, a strong leadership team and a proven track record of delivering on our objectives.
 
"We are disappointed to see Ecotricity pressing ahead with its offer regardless of the Board's unequivocal and unanimous rejection."
 
- Ends -
 
Enquiries:



Good Energy Group PLC
Nigel Pocklington, Chief Executive
Charlie Parry, Head of Investor Relations & CoSec
 


Email: press@goodenergy.co.uk
 




SEC Newgate UK


Email: GoodEnergy@secnewgate.co.uk




Elisabeth Cowell


Tel: +44 (0)7900 248 213




Emma Kane
 


Tel: +44 (0)7876 338 339 
 




Investec Bank plc (Nominated Adviser and Joint Broker)
Sara Hale / Jeremy Ellis


 
Tel: +44 (0) 20 7597 5970




Canaccord Genuity Limited (Joint Broker)
Henry Fitzgerald - O'Connor 
 


Tel: +44 (0) 20 7523 4617



 
Notes to editors:
 
About Good Energy www.goodenergy.co.uk 
 
Good Energy is a generator and supplier of 100% renewable power and an innovator in energy services. It currently owns two wind farms, six solar farms and sources electricity from a community of 1,600 independent UK generators.
Since it was founded 20 years ago, the company has been at the forefront of the charge towards a cleaner, distributed energy system. Its mission is to support UK households and businesses generate, store and share clean power.
Good Energy is recognised as a leader in this market, through our green kite accreditation with the London Stock Exchange and as a top rated Green energy supplier by Which?. 
 
Publication on website 
In accordance with Rule 26.1 of the Takeover Code, a copy of this announcement will be available (subject to certain restrictions relating to persons resident in restricted jurisdictions) at group.goodenergy.co.uk by no later than 12 noon (London time) on the business day following the date of this announcement. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.
Additional Information
This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to this announcement or otherwise. The distribution of this announcement in jurisdictions other than the United Kingdom and the availability of any offer to shareholders of Good Energy who are not resident in the United Kingdom may be affected by the laws of relevant jurisdictions. Therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom or shareholders of Good Energy who are not resident in the United Kingdom will need to inform themselves about, and observe any applicable requirements.
 
 

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