Last checked at 12 Aug 2021 07:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION
FOR IMMEDIATE RELEASE
Good Energy Group PLC
("Good Energy" or "the Company")
Statement re hostile offer document
The Board of Good Energy Group PLC (AIM: GOOD), the 100% renewable electricity supplier and innovative energy services provider, notes the announcement released on 11 August 2021 by Ecotricity Group Limited ("Ecotricity") regarding the publication of an offer document in respect of its hostile offer for the Company.
The Board of Good Energy will publish its full response in due course but, for now, would like to reiterate its unanimous and unequivocal rejection of Ecotricity's offer.
Will Whitehorn, Chair of Good Energy, said:
"The Board firmly rejects this highly opportunistic and hostile offer and does not agree that the takeover of Good Energy by a loss-making competitor would help the Company compete more effectively in the energy market.
"Such a takeover would deprive investors of the opportunity to support, and benefit from, Good Energy's future growth. It would place the collective interests of our investors and customers in combatting the climate crisis into the hands of one individual.
"As a standalone business, Good Energy has developed momentum in building the next phase of people-powered climate action in the UK. Together with Zap-Map, the UK's leading EV charging mapping service, we give our investors a rare opportunity to take part in the fast-growing clean energy and transport market."
In the meantime, Good Energy's shareholders are strongly advised by the Board to take no action in respect of the offer.
- Ends -
Enquiries:
Good Energy Group PLC Nigel Pocklington, Chief Executive Charlie Parry, Head of Investor Relations & CoSec
| Email: press@goodenergy.co.uk
|
SEC Newgate UK | Email: GoodEnergy@secnewgate.co.uk |
Elisabeth Cowell Andrew Adie | Tel: +44 (0)7900 248 213 Tel: +44 (0)7970 256 512 |
Investec Bank plc (Nominated Adviser and Joint Broker) Sara Hale / Jeremy Ellis |
Tel: +44 (0) 20 7597 5970 |
Canaccord Genuity Limited (Joint Broker) Henry Fitzgerald - O'Connor
| Tel: +44 (0) 20 7523 4617 |
Notes to editors:
About Good Energy www.goodenergy.co.uk
Good Energy is a generator and supplier of 100% renewable power and an innovator in energy services. It currently owns two wind farms, six solar farms and sources electricity from a community of 1,600 independent UK generators.
Since it was founded over 20 years ago, the company has been at the forefront of the charge towards a cleaner, distributed energy system. Its mission is to support UK households and businesses generate, store and share clean power.
Good Energy is recognised as a leader in this market, through our green kite accreditation with the London Stock Exchange and as a top rated Green energy supplier by Which?.
Sources and bases
The reference to Ecotricity being loss making is based on Ecotricity's Annual Reports and Consolidated Financial Statements which set out a total loss of: (i) £5,318,000 for the financial year ending 30 April 2020; (ii) £4,954,000 for the financial year ending 30 April 2019; (iii) £5,617,000 for the financial year ending 30 April 2018; and (iv) £19,086,000 for the financial year ending 30 April 2017.
Publication on website
In accordance with Rule 26.1 of the Takeover Code, a copy of this announcement will be available (subject to certain restrictions relating to persons resident in restricted jurisdictions) at group.goodenergy.co.uk by no later than 12 noon (London time) on the business day following the date of this announcement. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.
Additional Information
This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to this announcement or otherwise. The distribution of this announcement in jurisdictions other than the United Kingdom and the availability of any offer to shareholders of Good Energy who are not resident in the United Kingdom may be affected by the laws of relevant jurisdictions. Therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom or shareholders of Good Energy who are not resident in the United Kingdom will need to inform themselves about, and observe any applicable requirements.