Inspired Energy to raise £35m to fund Ignite acquisition
By Iain Gilbert
Date: Friday 10 Jul 2020
(Sharecast News) - Energy procurement consultant Inspired Energy proposed a placing of new ordinary shares on Friday as part of an effort to raise funds for the acquisition of Ignite Energy.
Inspired Energy will look to raise up approximately £30m by way of an accelerated bookbuilding process and an additional £5m by way of an open offer made to qualifying shareholders.
The AIM-listed group said the move would allow it to acquire the outstanding 60% stake in Ignite Energy not already owned by the company for an initial consideration of £11m.
Under the agreement, a further contingent consideration of up to £19m may be payable, assuming Ignite meets certain performance criteria.
Chief executive Mark Dickinson said: "I am delighted we have reached agreement to acquire the outstanding 60% of Ignite, which represents an important milestone in our strategic focus of accelerating the growth of our optimisation services offering.
"We are pleased with the progress made to date in identifying cross-selling opportunities and look forward to maximising the commercial overlap between the optimisation and assurance services' markets."
As of 1030 BST, Inspired shares had slipped 5.48% to 16.21p.
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