Energy procurement firm out to raise £5m in share placing

LANCASHIRE-based energy procurement specialist Inspired Energy looks set to raise up to £5m after launching a secondary share placing and issue of equity.

The AIM-listed Kirkham company is offering 35.2 million placing shares – representing 7.3% of the enlarged share capital – for 13.25p per ordinary share.

Inspired said the principal purpose of the sale is in response to strong institutional demand, which will broaden the group’s shareholder register and increase liquidity in the ordinary shares.

The placing will take place via an accelerated bookbuild arranged by joint bookrunners Shore Capital Stockbrokers and Panmure Gordon UK. The book for the placing will open with immediate effect.

The timing of the closing of the book will be at the absolute discretion of the joint bookrunners.

Meanwhile, chief executive Janet Thornton, her sales director husband Matthew Thornton and the company’s acquisition vehicle Praetura Ventures have entered into a two-year restriction on sale of their ordinary shares.

The locked-in parties have entered into irrevocable undertakings that they will not dispose of any interest in ordinary shares for a period of 12 months following the placing, save in certain very limited circumstances.
 
The group has also announced that, following the exercise of 750,000 share options under its 2011 Share Option Scheme at an exercise price of 8.75p by Paul Connor, finance director, it has made an application to the London Stock Exchange for the admission to trading on AIM of 750,000 new ordinary shares.
 
Admission is expected to occur at 8am on November 3.

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