Inspired places shares to continue acquisition plan

Kirkham-based Inspired Energy is set to continue its growth through acquisition after placing new shares which will boost its funding post by as much as £35m.

The company initially raised £10.7m through a firm placing of 71,396,800 new ordinary shares. It has conditionally raised a further £19.3m through a conditional placing of 128,603,200 new ordinary shares. Both were priced at 15 pence per placing share.

The new funds were immediately used to purchase the remaining control of Ignite Energy, of which it bought 40 per cent in 2019. The deal includes an initial £11m in cash, and further considerations of up to £19m dependent on future performance.

Mark Dickinson, chief executive officer of Inspired Energy, said: "We are delighted to have received strong levels of support in our fundraise from new and existing investors.

"This fundraising will secure the company’s ability to respond quickly to, and execute, other acquisition opportunities which we believe are likely to emerge over the coming months and would add incremental capability to our growing platform."

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