IN BRIEF: eEnergy Raises Funds To Aid Acquisition Of Beond Group

eEnergy Group PLC - energy efficiency services provider based in London - Agrees to acquire ...

Alliance News 11 December, 2020 | 3:54PM
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eEnergy Group PLC - energy efficiency services provider based in London - Agrees to acquire renewable energy consulting and procurement business Beond Group Ltd.

Acquisition to be funded by GBP2.4 million in cash, with GBP700,000 of surplus cash in the business, and the issue of 64.9 million shares. To fund cash element, company raises GBP3.2 million through placing of 32.0 million shares at the price of 10 pence each.

Acquisition is in line with eEnergy's strategy to develop into broader energy services company through "buy and build" acquisition strategy.

"The acquisition of Beond is the next step in our journey to delivering a sustainable future for our clients. Beond's, a climate action business, leverages award-winning technology to secure the best zero carbon energy supply for their customers. With a focus on energy management, their technology will add significant value to eEnergy's existing client base by helping to make 'Net Zero' a reality," said Chief Executive Officer Harvey Sinclair.

Following issue, eEnergy will have 240.0 million shares issued overall.

Current stock price: 10.21 pence

Year-to-date change: down 15%

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
eEnergy Group PLC 14.35 GBX -0.35 -

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