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This stock tends to have 'funny Friday's if memory serves me correctly. I might do the analysis if I can find time..

This looks like more organised than normal however, and if we get some large 'after hours' trades today, I suspect an RNS will drop Monday.

Well, if you could give one of your old colleagues a call and ask them to get a wriggle on, that would be appreciated. :)

Given this is your first post, what prompted you to contribute?

Profit taking for sure. If someone got in at the time of the potential sale (sp @ c5p) they are sitting on c40% profits, so it is understandable. Longer term holders might need to see a bit more upside. :) I am averaged in at 6.7, and agree with your sentiment on valuation. 13-17p seems a sensible range, and I remember when this stock went to 27p when they weren't even profitable. in terms of the deal, it does feel like the sale is close, but I am sure I said that mid December... :)

I believe we will see a more positive AIM market in 2024, so I hopefully this stock feels those tailwinds. Good luck all.

Yes I believe so, albeit they probably didn't pay anywhere near £21m in reality.

"eEnergy acquired the entire issued share capital of Utility Team for up £21 million, comprising a combination of up-front cash consideration and the issue of shares in eEnergy and an earn-out."

I suspect this might trundle along a bit longer to be honest, thinking mid month. I doubt the lawyers are even back at work yet. I hope I am wrong. :)

Must be leaky ship. I doubt this is retail investor activity given the time of year. RNS on the horizon...? and I agree, a lot of upside in this one. Glad I nibbled again sub 6p.

I agree, but something makes me think this will bounce into the New Year now. I am sure eEnergy will be keen to get a deal over the line but the buyer is likely to be a large corporate, and as such I suspect key resources maybe going offline for the festive season, if not already. I am still very positive on this stock however, for all the reasons you cite.

I agree.

I would imagine they absolutely don't want this to trip into the New Year, so I reckon it will be a busy weekend for the lawyers and I hang my hat on a Monday RNS.

3m of volume across 139 trades before 11am.. given the previous few months of apathy, it seems like the deal is done and some are getting in ahead of the RNS.

Given the Energy Services adj EBITDA of £2.3 million in the interims, a multiple of 10x plus £30m in the bank should push this to the higher end of your SP projections imho and as you say,

Today's RNS is intriguing. UDI appears to have been a service provider for an eEnergy acquisition for a number of years, yet they are only formalising the relationship now. I suspect this was identified as a risk in the duedil and they are tidying up loose ends. Positive news if that is the case and a deal imminent, likely before the AGM on the 14th?

Nice insight, thanks Shandy. Your 10x multiple example is why I pitched a final possible sale price being closer to £40m rather than £30m. I will hang my hat on £36m.. :)

SP is rarely a good indicator. EAAS hit 28p when they weren't making any money! We will. Good luck all.

MCap is only but one valuation method. There are plenty of examples where listed businesses have been bought for much higher valuations than what the SP denotes. As per the interims, the Energy Management division has revenue of £13.6 million and an adj EBITDA £4.4 million. A sale of this division of £30m represents quite an average multiple (whether of revenues or profits), and the statement suggests it is a price in excess of £30m.

Remember, the acquirer might not be listed so it is how they value the book that matters. If the client base is loyal and super attractive to the buyer, I suspect the end sale price might be closer to £40m rather than £30m.

I would imagine that duedil is largely done for them to publicly confirm a sale price of £30m, and that they have entered in to a period of exclusivity. To me that shows both sides have confidence in the deal crossing the line. We will see.