28th Apr 2022 15:29
finnCap Group PLC - London-based stockbroker - Pays GBP2.1 million for 50% interest in Energise Ltd, a Cambridge, England-based consultancy focused on environmental sustainability and achievement of net zero carbon emissions. finnCap pays GBP1.9 million in cash, plus 902,090 new finnCap shares worth a further GBP200,000. finnCap will have the option to buy the remainder of Energise for 12 months after the approval of Energise's financial 2025 accounts. This will be at an agreed earnings multiple and can be paid up to 50% in new finnCap shares.
Energise recorded earnings before interest, tax, depreciation and amortisation of GBP100,000 on revenue of GBP1.1 million in financial year that ended September 30 last year. The consultancy will continue to be led by Simon and Tamsin Alsbury, who founded Energise in 2008. "Our acquisition of a 50% interest in Energise is another key step in the product diversification strategy we set out at IPO and will give our clients access to a practice capable of assisting them with addressing the key sustainability challenges facing today's board room," says finnCap Chief Executive Officer Sam Smith.
Current stock price: 26.20 pence
12-month change: down 41%
By Tom Waite; [email protected]
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