30th Jan 2019 18:22
LONDON (Alliance News) - Rockpool Acquisitions PLC said Wednesday it has advanced its proposed acquisition of Northern Irish energy company Greenview Gas Ltd "considerably".
The special purpose acquisition vehicle invested GBP793,000 in Greenview in November 2017. The loan was used by Greenview to acquire two businesses. It will be secured by debentures over the assets of Greenview and the two target companies.
The loan agreement allowed, on demand by Rockpool, Greenview shareholders to grant Rockpool an option to acquire the entire share capital of Greenview in a stock deal, worth GBP1.1 million.
On Wednesday, Rockpool said Greenview has "successfully" integrated the companies it acquired in late 2017, with trading of Greenview and its subsidiaries in line with management expectations.
"The proposed acquisition of Greenview has advanced considerably and the key components leading to a successful completion are in place. Rockpool looks forward to working actively with the Greenview team going forward, with what should be a very exciting period for the group," said Non-Executive Director Mike Irvine.
Greenview has obtained a new 12-month secured term loan and a revolving debt facility totalling GBP3.8 million from Exworks Capital Fund I LP. Rockpool said GBP2.3 million of the facility is currently available and was used to fund the acquisition of Central Heating Services Ltd.
Greenview acquired CHS, a wholly owned subsidiary of Electrical Services Southern Ltd for GBP650,000 in cash. CSH reported revenue of GBP8.8 million and earnings before interest, tax, depreciation and amortisation of GBP356,808 in the financial year ended March 31.
Shares in Rockpool Acquisitions are currently suspended but last closed at 9.00 pence each.
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