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Earnz PLC - Cheltenham, England-based energy services company focused on global decarbonisation - raises £1.0 million via placing of 14.2 million shares, just under 14% of the firm’s share capital, at 7.2 pence per share. Proceeds will be used to satisfy £840,000 initial cash consideration payable for A&D Carbon Solutions Ltd, as part of total £2.8 million price. Initial consideration totals £1.3 million including deferred £200,000 payable dependent on achieving earnings before interest, tax, depreciation and amortisation of £200,000 between June 1 and December 31 2025, and £260,000 payable in consideration shares. Deferred consideration of up to £1.5 million to be satisfied 60% in cash and 40% in additional new shares which is payable subject to A&D achieving certain performance targets. Earnz says the deal provides further potential for cross-selling opportunities and includes ‘synergistic opportunities’. On completion, Peter Smith will be appointed as chief executive, Bob Holt will become non-executive Chair, and John Charlton will resign as a director. Smith was most recently CEO of Sureserve Group PLC.
Current stock price: 4.12 pence, up 29% in London on Thursday
12-month change: down 47%
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