Aggregated Micro Power Holdings PLC Acquisition of Billington Bioenergy Limited (5195U)
25 October 2017 - 5:00PM
UK Regulatory
TIDMAMPH
RNS Number : 5195U
Aggregated Micro Power Holdings PLC
25 October 2017
Aggregated Micro Power Holdings plc
("AMP", the "Group" or the "Company")
Acquisition of Billington Bioenergy Limited
Aggregated Micro Power Holdings plc (AIM: AMPH), a distributed
energy company specialising in the sale of wood fuels and the
financing and installation of distributed energy projects including
biomass boiler ESCOs (Energy Supply Contracts), stand by power
generation and battery storage facilities, is pleased to announce
that it has today agreed to acquire 100% of Billington Bioenergy
Limited ("Billingtons") from Drax Smart Supply HoldCo Limited
("Drax") for a consideration of GBP2.0m comprising GBP1.6m in new
ordinary shares of 0.5 pence in the issued share capital of the
Company ("Ordinary Shares") to be issued at a price of 98.5 pence
per Ordinary Share and GBP0.4m in cash (the "Acquisition").
Billingtons supplies circa 40,000 tonnes of premium wood pellet
to commercial customers per annum, has four depots, a head office
in Liverpool and employs 34 staff. Billingtons has a fleet of 16
well maintained, specialised vehicles and serves over 1,500
customers. As at 30 June 2017, Billingtons had unaudited net assets
of GBP1.5m. In the year ended 31 December 2016, Billingtons had
unaudited revenues of GBP6.8m and a loss before tax of GBP0.43m
which includes certain management re-charges allocated to
Billingtons by Drax.
Richard Burrell, Chief Executive of Aggregated Micro Power
Holdings plc, said:
"We are delighted that Drax has become a long term investor in
AMP and we look forward to working with Drax on a range of
development projects which should help to expand our assets under
management in the distributed energy space. Billingtons has built a
strong and well-regarded business in the wood pellet market in
England over the last ten years and is an excellent fit with Forest
Fuels."
Issue of Equity
Completion of the Acquisition is conditional upon admission of
the 1,624,365 Ordinary Shares to be issued to Drax in connection
with the Acquisition being admitted to trading on AIM
("Admission"). AMP will apply to the London Stock Exchange for the
Admission of such Ordinary Shares.
It is expected that Admission will become effective and trading
will commence in the new Ordinary Shares at 8.00 a.m. on 31 October
2017. On Admission the Company's issued share capital will comprise
39,434,787 Ordinary Shares, of which none are held in treasury.
Therefore the total number of Ordinary Shares in the Company with
voting rights will be 39,434,787. This figure may be used by
shareholders in the Company 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 share capital of
the Company under the FCA's Disclosure Guidance and Transparency
Rules.
Contacts
Aggregated Micro Power Holdings plc 020 7382 7800
Neil Eckert, Executive Chairman
Richard Burrell, CEO
Helene Crook, Investor Relations
Haggie Partners
Peter Rigby / Brian Norris 020 7562 4444
finnCap Ltd
Ed Frisby/Simon Hicks (Corporate Finance) 020 7220 0500
Stephen Norcross/Sultan Awan (Corporate
Broking) 020 7220 0513
About Aggregated Micro Power Holdings plc
The AMP Group was established to develop, own and operate
renewable energy generating facilities. It specialises in the sale
of wood fuels and in the installation of distributed energy
projects. AMP's wholly owned subsidiary Forest Fuels sells high
quality wood chip and wood pellet to end customers throughout the
UK, while its projects division installs biomass boiler and biomass
CHP systems for a wide range of applications and customers. AMP is
also active in developing projects for stand-by power generation
and battery storage facilities which aim to balance the
transmission grid at times of peak demand. www.ampplc.co.uk
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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