eEnergy Group plc

("eEnergy" or "the Group")

Issue of Shares for UtilityTeam Earn Out Consideration

eEnergy (AIM: EAAS), the net zero energy services provider, announces payment of earn out consideration for the acquisition of UtilityTeam, now a key part of the Group's Energy Management division.

Payment of Earn Out Consideration

On 17 September 2021, the Group completed its acquisition of UtilityTeam for up to £21 million in cash and ordinary shares of 0.3p in eEnergy ("Ordinary Shares"), comprising initial consideration of c.£15.86 million and deferred consideration of up to c.£5.15 million (with the first c.£1.47 million payable in cash and then up to c.£3.67 million payable in Ordinary Shares), based on the EBITDA delivered by UtilityTeam for the 12 month period to 31 December 2021.

As a result of UtilityTeam achieving its minimum EBITDA target for the 12 months ended 31 December 2021, a payment of earn out consideration has become due. The UtilityTeam vendors have agreed to receive their consideration in eEnergy Ordinary Shares rather than cash. As a result, the Group will issue 4,000,000 Ordinary Shares ("New Ordinary Shares") to the vendors, based on an issue price of 24 pence.

The New Ordinary Shares represent c.1.1% of the issued share capital of the Group, as enlarged by the New Ordinary Shares.

Lock-In

The New Ordinary Shares will be subject to a lock in agreement until 17 September 2023 and an orderly market agreement until 17 September 2024.

Total Voting Rights and Admission

Application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will take place at 8.00 a.m. on 2 August 2022.

On Admission, the issued share capital of the Company will comprise 350,779,959 Ordinary Shares each with one voting right ("Ordinary Shares"). The Company does not hold any Ordinary Shares in treasury. Therefore, from Admission, the above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

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About eEnergy Group plc

eEnergy (AIM: EAAS) is a net zero energy services provider, empowering organisations to achieve net zero by tackling energy waste and transitioning to clean energy, without the need for upfront investment. It is making net zero possible and profitable for all organisations in four ways: 

·     Transition to the lowest cost clean energy through our digital procurement platform and energy management services. 

·     Tackle energy waste with granular data and insight on energy use and dynamic energy management. 

·     Reduce energy use with the right energy efficiency solutions without upfront cost. 

·     Reach net zero with onsite renewable generation and electric vehicle (EV) charging. 

eEnergy is a Top 5 B2B energy company and has been awarded The Green Economy Mark by London Stock Exchange.