12th Jun 2025 09:46
(Alliance News) - Pod Point Group Holdings PLC on Thursday said it has agreed to a GBP10.6 million takeover by its majority shareholder EDF Energy Customers Ltd, as it reported a wider pretax loss in 2024.
EDF will pay 6.5 pence in cash for each Pod Point share it does not already own. The gas and electricity provider, which is part of France's Groupe EDF, has a 53% stake in Pod Point already.
This offer values the London-based electric vehicle charging network operator at GBP10.6 million on a fully diluted basis. The sum is a 24% premium to Pod Point's 5.24p closing price on April 23, the day prior to EDF proposing a takeover.
"An independent Pod Point would require substantial third party financing, which would be highly challenging to obtain given current market conditions. Absent such further financing, Pod Point faces liquidity pressures and it is therefore clear that Pod Point requires a sustainable long term solution that eliminates the risk of financial distress," EDF said on Thursday.
"EDF believes that Pod Point will be better positioned to pursue its long-term strategic goals as a wholly-owned subsidiary, free from the short-term demands of public equity markets and able to benefit from long-term funding commitments and EDF capabilities in Flex, Public Charging and home energy management."
The offer has the support of just over 18% of Pod Point shareholders, in addition to EDF's majority holding. Takeover is expected to complete in the third quarter of 2025.
Pod Point Chair Andy Palmer commented: "After much careful deliberation and active engagement with EDF, the board has determined that this offer represents the best value for all Pod Point shareholders, employees and other stakeholders. As a good strategic fit within the EDF Group, we believe it puts Pod Point on the road to a long-term, sustainable future, to the wider benefit of all its stakeholders."
Also on Thursday, Pod Point released its full-year results for 2024.
Revenue fell 17% to GBP52.9 million in 2024 from GBP63.8 million a year prior, while the firm's pretax loss widened to GBP84.5 million from GBP83.2 million.
Pod Point attributed the revenue drop to weak performance in its Home segment, as the private new car market was weak.
The company said it delivered below its expectations in the UK Home segment.
It noted that "ongoing challenges" with electric vehicle charging infrastructure have continued to slow EV sales.
"Pod has achieved a lot in 2024 against a difficult market backdrop. As expected, 2024 has proven to be a transitional year in terms of our disappointing financial performance, adversely affected by several items. We made good progress on our gross margin and cost reduction at a group level, while our Energy Flex business saw exponential year-on-year growth," said Chief Executive Officer Melanie Lane.
The company's shares have been suspended from trading since the start of May.
By Michael Hennessey, Alliance News reporter
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