TPI provides its latest research note on eEnergy Group plc (EAAS.L).

Delivering on its stated ‘ buy-and-build’ strategy to develop into a broader sector-related services company, eEnergy on Friday announced its acquisition (‘the Acquisition’) of Beond Group (‘Beond’, ‘the Company’).

Together with its successful closing of a £3.2m (gross) equity Placing (‘the Placing’) conducted through an Accelerated Bookbuild (‘ABB’) that was priced at 10.0p/share.

The Acquisition was completed for a total consideration of c.£2.4m cash (including c.£0.7m free cash in the business) sourced through the ABB, plus c.64.9m new eEnergy shares. With completion scheduled for tomorrow, Beond’s integration will represent an important step toward the Board’s stated ambition to create an integrated energy management and savings platform.

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We would draw your attention to the various disclaimers in the document both at the beginning and at the end of the note. Retail clients (as defined by the rules of the FCA) must not rely on the research document. In particular you should note that the research document is a non-independent marketing communication. The analyst who has prepared the research is aware that TPI provides research to eEnergy Group plc. Accordingly the research has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibitions on dealing ahead of its dissemination.

The information in the document is published solely for information purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. The material contained in the document is general information intended for recipients who understand the risks associated with equity investment in smaller companies. It does not constitute a personal recommendation as defined by the FCA or take into account the particular investment objectives, financial situation or needs of individual investors nor provide any indication as to whether an investment, a course of action or the associated risks are suitable for the recipient.

Copyright © 2020 Turner Pope Investments (TPI) Limited, all rights reserved.

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