Results of Share Offer

RNS Number : 9858B
Good Energy Group PLC
22 June 2016
 

22 June 2016

Good Energy Group PLC

("Good Energy" or the "Company")

 Offer of New Ordinary Shares

Results of Share Offer

Good Energy reports significant demand for its Share Offer to support future growth

On 7 June 2016, Good Energy (AIM: GOOD), the AIM quoted renewable electricity supplier and generator, announced a share offer to shareholders, bondholders, customers and other interested persons to raise gross proceeds of c. £3.1 million.

Good Energy is pleased to announce that it has raised the full amount from the Share Offer, which closed on Sunday 19th June 2016.

Highlights

·      The Share Offer was significantly oversubscribed with around 2,000 individual applications and the Company proposes to increase the total size of the Share Offer to £3.8m, subject to shareholder approval at the forthcoming AGM on 23rd June 2016

·      This is the most successful Share Offer since the Company was admitted to AIM in 2012 and the second successful fundraise with significant participation from our customers

·      The money raised through the Share Offer will be used to invest in Good Energy's operational platform, generation portfolio and to further strengthen our financial position

 

Initial Allotments

To ensure that electronic and postal applications are treated equitably the Company has decided to make allotments in two stages, allowing time for funds associated with postal applications to clear.

It is expected that Share Allotments will take place as follows:

·      A first allotment of 1,298,858 New Ordinary Shares, in respect of which an application has been made for Admission to trading on AIM and it is expected that Admission and commencement of dealings will be on or around 23rd June 2016; and

·      A second allotment of 197,041 New Ordinary Shares following receipt of cleared funds, in respect of which a new application will be made for these New Ordinary Shares to be admitted to trading on AIM as soon as possible.

Following Admission of the Share Allotments, the Enlarged Share Capital of the Company will consist of 16,466,579 Ordinary Shares.  Therefore, the total number of voting rights in the Company is 16,466,579 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company.

An applicant who has been allocated shares under the first allotment will be notified as soon as possible.

Increase in size of the Share Offer

To maximise the opportunity for our customers, bondholders, shareholders and other interested persons to participate in the Share Offer, the Company proposes to increase the total size of the Share Offer by a further 358,920 New Ordinary Shares at the Offer Price of 208 pence. The Company has received additional applications for New Ordinary Shares in excess of this amount but this is the maximum number of New Ordinary Shares the Company can allot under the Share Offer whilst keeping proceeds at less than €5 million. Issuing shares above this level would have required the issue of a full prospectus increasing the total cost of the Share Offer.

The proposed increase to the maximum size of the Share Offer is subject to the relevant share allotment resolutions being passed at the Company's AGM on Thursday 23rd June 2016 at 10.30 am. If the resolutions are passed, the Company intends to allot a total of 358,920 New Ordinary Shares as soon as possible. Application for these New Ordinary Shares to be admitted to AIM will be made in due course.

Qualifying applicants who will be allocated shares under the increase to the Share Offer will be notified as soon as possible.

Juliet Davenport, CEO of Good Energy, said:

"I am delighted that we have received such overwhelming support and would like to thank our new and existing shareholders for once again choosing to support Good Energy's plans for the future. We are delighted with the strong response and support from our customers, shareholders and bondholders. In light of its success, we have decided to increase the Share Offer by c. £0.8m so that even more people can share in our vision for the future. It is of course still possible to buy Good Energy shares on the open market.

We are excited to be embarking upon the next stage of our journey, in which we are aiming to deliver a five-fold growth in the number of customers (household equivalents) by 2020, helping more people to benefit from and meet the increasing consumer demand for 100% renewable electricity and green gas."

 

A further announcement will be made following the Company's AGM on 23rd June 2016.

 

For further information please contact:

 

 

 

 

 

Arden Partners plc (Nomad)

0121 423 8900

Steve Douglas

 

Patrick Caulfield

 

 

 

Camarco (Financial PR Adviser)

020 3757 4980

Geoffrey Pelham-Lane

 

Georgia Mann

 

 

 

Good Energy Press Office  

01249 478 358

Luke Bigwood

 

 

 

Notes to editors

- Good Energy is a fast-growing 100% renewable electricity and green gas company, offering award-winning customer service.

- An AIM-listed PLC, and founder member of the Social Stock Exchange, its mission is to support change in the energy market, address climate change and boost energy security.

- The company has consistently performed well in the annual Which? energy company customer satisfaction survey, winning first or second place in each of the last five years.

- It now has more than 68,000 renewable electricity customers and 38,800 gas customers. It also provides Feed-in Tariff administrative services to more than 112,600 sites. (All figures as at 31 December 2015.)

- Good Energy is the owner of Delabole Wind Farm, the UK's first commercial wind farm, and owns and operates Hampole Wind Farm, near Doncaster. The company also owns and operates seven solar farms.

- Good Energy has won a number of awards including Renewable Energy Association Company of the Year Award 2016, BusinessGreen Company of the Year Award 2015, and, was named Social Impact Company of the Year at the 2014 and 2015 Small Cap awards.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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