7th Dec 2018 10:41
LONDON (Alliance News) - Inspired Energy PLC said Friday that will raise GBP19 million via equity issue to fund the GBP19.5 million acquisition of rival energy procurement services consultancy Inprova Finance Ltd.
The company will place 115.2 million new ordinary shares at 16.5 pence per share. It has agreed to buy Inprova Finance on a debt free cash free basis from Inprova Group Ltd.
Shares in Inspired were trading 2.6% higher at 17.09 pence each on Friday morning.
"This acquisition provides an opportunity to drive further growth from Inspired's established platform and deliver value creation, both strategically and operationally, in addition to strengthening the group's position as a leading third party intermediary in the UK and Ireland," said Inspired Chief Executive Mark Dickinson.
The Inprova Finance acquisition is expected to be earnings enhancing in 2019 and beyond, and will be part funded from the company's existing bank facilities.
Inprova Finance provides energy procurement services to its customers analysing usage data to recommend the appropriate options on either flexible procurement arrangements or a fixed price basis. It also provides consultancy services to enable customers to buy energy efficiently and monitor and reduce their carbon footprint.
Shore Capital and Peel Hunt are acting as joint bookrunners in connection with Inspired's share placing.
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