17th Jul 2020 11:19
(Alliance News) - Inspired Energy PLC on Friday said it has completed the acquisition of the remaining 60% stake in Ignite Energy Ltd.
Earlier in July, the Lancashire, England-based energy procurement consultant said it would purchase the outstanding 60% of Ignite Energy Ltd for an initial consideration of GBP11 million, comprising GBP5.5 million cash and GBPP5.5 million of shares. This followed Inspired Energy's investment in the initial 40% of Ignite Energy in August 2019 for GBP5 million.
The 60% stake buy includes a further contingent consideration of up to a maximum of GBP19 million in cash and shares which may be payable depending on the achievement of certain performance criteria.
Inspired Energy said that following the admission of 32.1 million shares on Thursday issued to vendors of Ignite, its share capital now comprises 822.5 million shares.
The stock was trading 6.3% lower at 15.00 pence each on Friday morning in London.
By Ife Taiwo; [email protected]
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