Disposal of investment in Opus Energy Group

RNS Number : 6286W

Telecom Plus PLC

10 February 2017

 

Telecom Plus PLC ("the Company")

Disposal of investment in Opus Energy Group Limited

Further to the announcement made on 6 December 2016, Telecom Plus PLC announces that it has today completed the sale of its 20% equity shareholding in Opus Energy Group Limited ("Opus") to Drax Group plc.

As previously confirmed, the Board intends to return the full net proceeds from this transaction to shareholders.

This is expected to take place through a tender offer of £70 million shortly after the publication of the Company's annual results for the year to 31 March 2017, which are due to be issued in June 2017. A circular will be sent to shareholders containing full details of how to participate in due course.

For further information, please contact:

Telecom Plus PLC

Andrew Lindsay, CEO                                                                        020 8955 5000

Nick Schoenfeld, CFO

Peel Hunt

Dan Webster / George Sellar                                                             020 7418 8900

JP Morgan Cazenove

Christopher Wood / Hugo Baring                                                       020 7742 4000

MHP Communications

Reg Hoare / Katie Hunt / Giles Robinson                                           020 3128 8100

About Telecom Plus PLC ("Telecom Plus"): www.utilitywarehouse.co.uk

Telecom Plus, which owns and operates the Utility Warehouse brand, is the UK's only fully integrated provider of a wide range of competitively priced utility services spanning both the Communications and Energy markets.

Members benefit from the convenience of a single monthly statement, consistently good value across all their utilities and exceptional levels of service. Telecom Plus does not advertise, relying instead on 'word of mouth' recommendation by existing satisfied Members and Partners in order to grow its market share.

Opus is a successful, profitable and fast growing independent supplier of gas and electricity to small, medium and large business customers.

Telecom Plus is listed on the London Stock Exchange (Ticker: TEP LN).  For further information please visit www.utilitywarehouse.co.uk

 

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