Inspired Energy plc Completion of the Acquisition of Direct Energy Purchasing Limited and Issue of Equity
Further to the announcement of 4 April 2012, Inspired Energy plc (AIM: INSE) is pleased to announce that it has fulfilled the conditions set out in the acquisition agreement to acquire Direct Energy Purchasing Limited ("DEP"), an energy procurement adviser to predominantly multi-site corporates, for a total consideration of up to £4.0 million (the "Acquisition").
The total consideration for the Acquisition comprises initial consideration of £2.0 million to be satisfied by a cash payment of £1.25 million and the issue of 21,428,572 ordinary shares in the capital of Inspired (the "Consideration Shares") plus two deferred payments of up to £1.0 million each based primarily upon the financial performance of DEP in the two financial years ending 31 March 2013 and 31 March 2014. The vendors have agreed that they will not dispose of the Consideration Shares for a period of 12 months from admission of such shares to trading on AIM and, further, that in the next 12 months they will not dispose of any such shares other than through Inspired's broker with a view to maintaining an orderly market in the Group's shares. The initial consideration has now been settled in full and, accordingly, the Acquisition has today formally completed.
Commenting on completion of the Acquisition, Janet Thornton, Managing Director of Inspired said: "The acquisition of DEP received strong support from our shareholders. We look forward to working with the enlarged operational team and broader client base. We believe that both businesses will be stronger following the integration of DEP into the Group and we will continue to increase the breadth of sectors covered by the enlarged Group and grow the size of our client portfolio."
Admission to trading of Consideration Shares
The Consideration Shares will rank pari passu in all respects with the existing ordinary shares. Application has been made for the new Ordinary Shares to be admitted to AIM and dealings are expected to commence on 18 April 2012. Following admission of the Consideration Shares the enlarged issued share capital consists of 404,151,846 ordinary shares of 0.125p each.
The Company does not hold any shares in treasury and, therefore, the above figure may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in the Company.