28th Oct 2024 10:39
(Alliance News) - Good Energy Group PLC on Monday said it received a non-binding proposal from Esyasoft Holding Ltd relating to a possible takeover offer.
Good Energy shares jumped 18% to 348.60 pence each on Monday morning in London.
The Chippenham, England-based renewable electricity supplier and energy services provider said it will evaluate the proposal received on Friday, with no certainty that an offer will be made.
Esyasoft Holding has until November 25 to announce a firm intention to make an offer or to announce it does not intend to make an offer.
Separately, Good Energy announced the acquisition of Empower Energy Ltd for up to GBP8.0 million. It will initially pay about GBP6.3 million in cash, with a further deferred consideration of GBP1.0 million payable in January 2026.
Further, Good Energy will allot 254,237 new shares at 295 pence each.
Empower Energy had a revenue of GBP10.1 million and pretax profit of GBP1.8 million in the financial year ended August 31.
Good Energy expects the acquisition to be "substantially earnings enhancing in 2025 and beyond," alongside its acquisition of Amelio Enterprises Ltd. Earlier this month, Good Energy announced the acquisition of Amelio on a debt-free, cash-free basis for an initial consideration of GBP5.5 million.
Good Energy Chief Executive Officer Nigel Pocklington said: "Businesses are increasingly recognising that the commercial rationale for installing solar is strong, even before you consider the associated benefits of carbon reduction. With energy costs remaining high, businesses and organisations with rooftop real estate can achieve excellent returns on investment."
He added: "As the fourth solar acquisition Good Energy has made in 18 months and the second in only weeks, we have rapidly scaled our service coverage and capability. We will now be focussed on integrating these businesses under the Good Energy brand, leveraging our increased operational scale and vertical integration to provide a cohesive experience for commercial customers looking to cut their energy bills and their carbon through installing solar."
By Tom Budszus, Alliance News slot editor
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