Result of Placing and Open Offer

RNS Number : 4125K

Good Energy Group PLC

30 July 2013

 



30 July 2013

THIS ANNOUNCEMENT IS RESTRICTED AND IT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, AUSTRALIA OR NEW ZEALAND OR ANY OTHER STATE OR JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL

Good Energy Group plc

("Company")

Result of Placing and Open Offer

The Company is pleased to announce that it has successfully raised approximately £882,000 through an Open Offer to its existing shareholders. This follows the announcement of the Company raising approximately £1.8m through the proposed placing of 1,440,000 New Ordinary Shares at 125 per share on 11 July. This means that the Company has now conditionally raised a total of approximately £2.68 million to help fund its development of new renewable energy generation projects.

On 11 July 2013, Good Energy announced that as well as a proposed placing of new shares it would provide existing shareholders with the opportunity to access new shares at the same price as the Placees through an Open Offer.

Commenting, Good Energy CEO and Founder Juliet Davenport OBE, said:

"The Open Offer was not only an opportunity to raise new money for our development plans, but the chance to provide our existing shareholders, many of whom are our customers, with a new opportunity to access new shares at the same price as the other institutional investors. These funds will play an important role in taking forward our generation asset development plans, which will provide the Company with access to new sources of renewable power for the foreseeable future."

The Open Offer follows previous successful share offerings in 2002, 2003 and 2007.

Davenport continues:

"We're delighted that our shareholders have once again chosen to support Good Energy's plans for the future. This builds on our track record of providing the broadest set of opportunities for people to benefit from Good Energy's continued success."

The Open Offer closed for acceptances at 11.00 a.m. yesterday and has resulted in subscriptions being received for a total of 705,247 Open Offer Shares, representing 42.15% of the maximum number of shares available under the Open Offer.

The Placing and Open Offer remain conditional upon, amongst other things, certain resolutions being passed by the Shareholders of the Company at the General Meeting, to be held at 10.00 a.m. today at the offices of Chippenham Town Hall, High Street, Chippenham, Wiltshire, SN15 1ER and upon Admission occurring by 8.00 a.m. on 31 July 2013 (or such later time and/or date as the Company may determine).

Application has been made to AIM for the admission to trading on AIM of the 1,440,000 Placing Shares and 705,247 Open Offer Shares ("Admission"). It is expected that Admission will commence at 8.00 a.m. on 31 July 2013.  Following Admission, the Company will have 14,667,896 Ordinary Shares of 5 pence each in issue.

The New Ordinary Shares to be issued pursuant to the Placing and Open Offer (in uncertificated form) are expected to be credited to CREST accounts on or around 8.00 a.m. on 31 July 2013 and definitive share certificates for the New Ordinary Shares to be issued pursuant to the Placing and Open Offer are expected to be despatched to certificated shareholders by 12 August 2013.

This announcement should be read in conjunction with the full text of the circular posted to Shareholders on 11 July 2013 (the "Circular"), copies of which are available on the Company's website at www.goodenergygroup.co.uk. Unless stated otherwise, capitalised terms in this announcement have the same meaning as given in the Circular.

Enquiries

Good Energy Group plc Juliet Davenport, Chief Executive Garry Peagam, Finance Director	Tel. [phone]
N+1 Singer (Nominated Adviser and Broker) Andrew Craig / Ben Wright	Tel: [phone]

Notes to editors

·     595 of 1,665 individual shareholders took advantage of the Open Offer to raise approximately £882,000 of new funding for Good Energy. This equates to 35.7% of shareholders.

·     Good Energy Group plc is listed on the AIM market of the London Stock Exchange. For more information please visit: www.goodenergygroup.co.uk 

·     Good Energy is a licensed electricity supplier. It ensures that all their electricity is 100% matched with electricity sourced from renewable energy, backed by Renewable Energy Guarantee of Origin certificates (REGOs) over the course of 12 months. To compare the fuel mix of other suppliers please visit: www.electricityinfo.org/suppliers.php 

·     Good Energy has over 34,000 renewable electricity customers. In 2008, Good Energy added a Gas product to its range. It now has over 10,500 gas customers.

·     Good Energy works with a community of over 52,000 small and medium scale renewable electricity generators.

·     Good Energy is the owner of Delabole Wind Farm, the UK's first commercial wind farm. It has targeted the development of 110MW of capacity of new renewable electricity generation assets by 2016.

·     Good Energy is a founder member of Ethex and the Social Stock Exchange.

·     Good Energy has recently won a number of awards, including:

o  Good Energy has come top in the latest Which? Customer Satisfaction Survey for energy suppliers in 3 of the last 4 years.

o  Good Energy won the Company of the Year Award in the British Renewable Energy Awards 2013

o  In 2013, Good Energy was named as the best green electricity supplier by the UK's leading ethical and environmental magazine, Ethical Consumer.

 

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