Good Energy Group joins AIM

Monday, 30th July 2012

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The Chippenham-based renewable energy business started trading on AIM at 8am today (30 July) after announcing it was to move markets earlier this month.

Good Energy Group has raised £4m by placing 4.7 million ordinary shares at 85p which has given it a market capitalisation of £10.6m on admission.

The business said following admission to AIM, the completion of the placing and the sale of £2.7m of its Renewable Obligation Certificate inventory, the company will have around £8m of cash on its balance sheet.

The placing was conducted by N+1 Brewin, the company’s nominated adviser and broker.

Juliet Davenport, Good Energy Group chief executive, said: “This is a natural next step for Good Energy. AIM provides better liquidity for our existing shareholders and allows us to reach institutional shareholders for the first time. We look forward to continuing to grow both our customer base and our own generation capacity as renewables become an increasingly important part of the UK’s energy mix. “

Good Energy Group posted a turnover of £21.6m for the year to 31 December 2011 with a pre-tax profit of £1.1m.

In a trading statement on 25 June, the business added that it was on course for a “strong performance” in the first half of 2012 and expects this to continue for the rest of the year.

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