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Inspired Energy PLC  -  INSE   

Final tranche of STC deferred consideration

Released 07:00 01-Nov-2017

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 £9.0 million was satisfied in cash and shares.

 

In addition, there was provision for the payment of an earn-out of up to £3.0 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 £1.5 million in May 2016 and is due to pay a further £1.3 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 £1.3 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

Mark Dickinson (Chief Executive Officer)

Paul Connor (Finance Director)

www.inspiredenergy.co.uk

+44 (0) 1772 689250

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

Justine James

John Bick

+44 (0) 20 7193 7463

+44 (0) 7525 324431

inspired@gablecommunications.com

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Final tranche of STC deferred consideration - RNS