IN BRIEF: Earnz raises funds to part-fund A&D Carbon Solutions deal
Earnz PLC - Cheltenham, England-based energy services company focused on global decarbonisation - raises GBP1.0 million via placing of 14.2 million shares, just under 14% of the firm's share capital, at 7.2 pence per share. Proceeds will be used to satisfy GBP840,000 initial cash consideration payable for A&D Carbon Solutions Ltd, as part of total GBP2.8 million price. Initial consideration totals GBP1.3 million including deferred GBP200,000 payable dependent on achieving earnings before interest, tax, depreciation and amortisation of GBP200,000 between June 1 and December 31 2025, and GBP260,000 payable in consideration shares. Deferred consideration of up to GBP1.5 million to be satisfied 60% in cash and 40% in additional new shares which is payable subject to A&D achieving certain performance targets. Earnz says the deal provides further potential for cross-selling opportunities and includes "synergistic opportunities". On completion, Peter Smith will be appointed as chief executive, Bob Holt will become non-executive Chair, and John Charlton will resign as a director. Smith was most recently CEO of Sureserve Group PLC. Read More