Inspired Energy PLC Final tranche of STC deferred consideration (1681V)
01 November 2017 - 6:00PM
UK Regulatory
TIDMINSE
RNS Number : 1681V
Inspired Energy PLC
01 November 2017
1 November 2017
("Inspired Energy" or the "Group")
Payment of deferred consideration pursuant to the acquisition
of
STC Energy and Carbon Holdings Limited
On 17 November 2015 Inspired Energy announced the acquisition of
100% of the issued share capital of STC Energy and Carbon Holdings
Limited ("STC"), a market leading energy bureau, billing and
management service provider to large multi-site organisations. The
consideration payable on completion which amounted to GBP9.0
million was satisfied in cash and shares.
In addition, there was provision for the payment of an earn-out
of up to GBP3.0 million, payable in the two tranches, to be
satisfied 50% in cash and 50% by the issue of new ordinary shares
of 0.125p each in the Group (the "Terms").
The Group settled an initial tranche of deferred consideration
of GBP1.5 million in May 2016 and is due to pay a further GBP1.3
million in deferred consideration under the Terms.
The Group has entered into a deed of variation of the Terms with
the vendors of STC (the "Revised Terms"). Based on the Revised
Terms, the Group will now satisfy all of the final GBP1.3 million
deferred consideration payable in cash and the Group will therefore
not be required to issue any additional new ordinary shares.
For further information, please contact:
Inspired Energy plc www.inspiredenergy.co.uk
Mark Dickinson (Chief Executive +44 (0) 1772 689250
Officer)
Paul Connor (Finance Director)
Shore Capital (Nominated Adviser
and Joint Broker)
Dru Danford
Edward Mansfield +44 (0) 20 7408 4090
Panmure Gordon (Joint Broker)
Ben Thorne
James Stearns +44 (0) 20 7886 2500
Gable Communications +44 (0) 20 7193 7463
Justine James +44 (0) 7525 324431
John Bick inspired@gablecommunications.com
This information is provided by RNS
The company news service from the London Stock Exchange
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