Sharecast News
12 Feb, 2024 10:27 12 Feb, 2024 10:28

Good Energy to acquire Kent-based solar and storage business

dl good energy group aim electricity renewable supplier zap map ev logo
Good Energy GroupSharecast graphic / Josh White

Renewable energy group Good Energy has entered into a conditional binding agreement to acquire Kent-based solar and storage outfit JPS Renewable Energy for up to £13.75m.

Good Energy will make an initial consideration of £7.0m for JPS, and its wholly-owned subsidiary, Trust Solar Wholesale, with £3.7m to be paid in cash upon completion and £3.3m to be satisfied via the allotment of 1.32m ordinary shares.

The placing price represented a discount of 9.4% to the stock's mid-market closing price of 276.0p on 9 February

A further deferred consideration of up to £6.75m, payable in cash over a two-year period, was said to be subject to certain performance conditions.

The AIM-listed group stated the acquisition would strengthen its service offering and accelerate its energy services growth strategy in targeting higher margin, growth markets with lower working capital requirements.

Good Energy also noted that the addition of JPS to the group was also expected to be earnings accretive in the current year.

As of 1025 GMT, Good Energy shares were down 5.21% at 261.63p.

Reporting by Iain Gilbert at Sharecast.com


News Source: © 2024 Web Financial Group (UK) Limited. All rights reserved and terms of use apply.

Important Legal Notice about News Sources: Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news and we may not share the views of the author or publisher. We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.

The value of investments can fall and you may get back less than you invested.

 

Important Legal Notice about News Sources

Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.

The value of investments can fall and you may get back less than you invested.