24th Apr 2025 15:29
(Alliance News) - Pod Point Group Holdings PLC on Thursday said it has a received a takeover offer from its majority shareholder that values the entire company at GBP10.1 million.
The London-based electric vehicle charging network operator said the proposal from 53%-owner EDF Energy Customers Ltd, part of France's Groupe EDF, is for 6.5 pence per share in cash for each share that EDF doesn't already own.
Pod Point shares were up 18% to 6.16p in London on Thursday afternoon.
Pod Point said the proposal is non-binding and conditional; however, it said EDF has "completed outside-in due diligence, has a clear understanding of Pod Point's business and requires only limited confirmatory diligence to proceed to an announcement of a firm intention to make an offer". Under UK takeover rules, EDF has until May 22 to announce a firm intention to make an offer.
As result of the potential offer, Pod Point said it won't be able to publish its 2024 results by the end of April. Therefore, its shares will be suspended from trading in London from May 1.
Pod Point expects to report an adjusted loss before interest, tax, depreciation and amortisation of GBP22 million for 2024. This would be widened from a GBP15.3 million adjusted Ebitda loss in 2023. Pod Point reported GBP63.8 million in revenue in 2023.
By Tom Waite, Alliance News editor
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