10 Jul 2020
Inspired Energy has outlined plans to raise £35m and expand with the full acquisition of a counterpart.
The company – which has operations in Preston and Kent – is looking to raise gross proceeds of up to £30m by way of an accelerated bookbuilding process.
To enable other shareholders who are not able to participate to take part, the energy procurement specialist is also proposing to raise an additional £5m by way of an open offer made to qualifying shareholders.
Elsewhere, Inspired Energy has conditionally agreed to acquire the outstanding 60 per cent of Oxfordshire-based Ignite Energy that it does not already own for an initial consideration of £11m.
Under the agreement, further contingent consideration of up to a maximum of £19m in cash and shares may be payable subject to the achievement of certain performance criteria.
This will be funded by the £35m, with the remainder going towards further acquisition opportunities.
Chief executive Mark Dickinson said: “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.
“This fundraising will secure the company’s ability to respond quickly to, and execute, other acquisition opportunities which we believe are likely to emerge over the coming months and would add incremental capability to our growing platform.”