Payment of initial tranche of deferred consideration pursuant to the acquisition of STC Energy and Carbon Holdings Limited

On 17 November 2015 Inspired Energy announced the acquisition of 100% of the issued share capital of STC Energy and Carbon Holdings Limited (“STC”), a market leading energy bureau, billing and management service provider to large multi-site organisations. The consideration payable on completion which amounted to £9.0 million was satisfied in cash and shares.

In addition, there was provision for the payment of an earn-out of up to £3.0 million based on the financial performance of STC for the periods ending 31 March 2016 and 30 September 2016 (a maximum of £1.5 million to be payable in respect of each period). Any additional consideration payable in the two periods is to be satisfied 50% in cash and 50% by the issue of new ordinary shares of 0.125p each in the Company (“Earn-out Shares”).

STC’s financial performance has exceeded the challenging financial hurdles set for the first earn-out period ended 31 March 2016 triggering the maximum earn-out for the period. Accordingly, the Group has today paid £750,000 in cash and £750,000 to be settled through the issue of 5,524,861 Earn-out Shares in the Group equating to a price of 13.575p per Earn-out Share being the average mid-market price for the five business days prior to 31 March 2016.

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