Final tranche of STC deferred consideration
Payment 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 […]
Payment 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, payable in the two tranches, to be satisfied 50% in cash and 50% by the issue of new ordinary shares of 0.125p each in the Group (the “Terms”).
The Group settled an initial tranche of deferred consideration of £1.5 million in May 2016 and is due to pay a further £1.3 million in deferred consideration under the Terms.
The Group has entered into a deed of variation of the Terms with the vendors of STC (the “Revised Terms”). Based on the Revised Terms, the Group will now satisfy all of the final £1.3 million deferred consideration payable in cash and the Group will therefore not be required to issue any additional new ordinary shares.
