Good Energy raises over £3.1million in oversubscribed share offer
Independent energy supplier Good Energy has raised £3.1million and reported a significant over-subscription in its latest share offer.
The majority of the 2,000 individual applications were from Good Energy customers.
The Wiltshire-based firm, which supplies 100% renewable electricity and green gas and also generates power from its own solar and wind farms, has a history of raising funds through its customer base and other investors.
Juliet Davenport OBE, founder and Chief Executive of Good Energy said:
“I’m delighted by the demand we received for this share offer. It’s a strong signal that renewable energy remains an attractive investment. We’ve gone back to our roots by inviting customers, bondholders and shareholders the opportunity to invest and once again there has been a real appetite from them to get involved. I’m very pleased to see so many of our customers backing Good Energy once again. Customer-ownership is a big part of our ethos.
“It’s our most successful share offer since Good Energy was admitted to AIM in 2012 and our second most 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 its financial position.
The company has 220,000 customers and aims to grow to one million customers (household equivalents) by 2020.
Notes to editors
- 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 has announced that it has raised the full amount from the Share Offer, which closed on Sunday 19th June 2016.
- 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.
- A further announcement will be made following the Company’s AGM.
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