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The Chippenham-based business has placed 4.7 million new ordinary shares at a price of 85p per share, which is set to raise proceeds of about £4m for the energy company.
The proceeds of the placing are set to be used for marketing and brand awareness, development of its trading platform and expansion of its of the group’s development portfolio including onshore wind and large scale solar projects
Good Energy Group has also announced it is to withdraw from the Plus Market at close of business on 27 July and be admitted to trading on AIM at 8am on 30 July 2012.
The company announced its plans to move to AIM earlier this month. It said that trading in its shares and interest from institutional shareholders had been low on the Plus Market.
The business said: “The directors of the group now believe it is an appropriate time for the Group to seek admission to AIM, with its concurrent withdrawal from the Plus Market, as part of the continued development of the group and the board’s belief of the increasing need to seek access to institutional investors to help continue the growth of the group as the UK’s leading 100 per cent renewable electricity supplier.
“The directors also believe that admission to AIM will improve liquidity in the group’s ordinary shares and enhance the status of the group’s brand and market recognition.”
Good Energy Group was founded in 2000 and has about 30,000 electricity customers and 6,700 gas customers. It also owns a wind farm in Delabole.