Aggregated Micro Power Holdings PLC Acquisition of Billington Bioenergy Limited (5195U)

TIDMAMPH

RNS Number : 5195U

Aggregated Micro Power Holdings PLC

25 October 2017

Aggregated Micro Power Holdings plc

("AMP", the "Group" or the "Company")

Acquisition of Billington Bioenergy Limited

Aggregated Micro Power Holdings plc (AIM: AMPH), a distributed energy company specialising in the sale of wood fuels and the financing and installation of distributed energy projects including biomass boiler ESCOs (Energy Supply Contracts), stand by power generation and battery storage facilities, is pleased to announce that it has today agreed to acquire 100% of Billington Bioenergy Limited ("Billingtons") from Drax Smart Supply HoldCo Limited ("Drax") for a consideration of GBP2.0m comprising GBP1.6m in new ordinary shares of 0.5 pence in the issued share capital of the Company ("Ordinary Shares") to be issued at a price of 98.5 pence per Ordinary Share and GBP0.4m in cash (the "Acquisition").

Billingtons supplies circa 40,000 tonnes of premium wood pellet to commercial customers per annum, has four depots, a head office in Liverpool and employs 34 staff. Billingtons has a fleet of 16 well maintained, specialised vehicles and serves over 1,500 customers. As at 30 June 2017, Billingtons had unaudited net assets of GBP1.5m. In the year ended 31 December 2016, Billingtons had unaudited revenues of GBP6.8m and a loss before tax of GBP0.43m which includes certain management re-charges allocated to Billingtons by Drax.

Richard Burrell, Chief Executive of Aggregated Micro Power Holdings plc, said:

"We are delighted that Drax has become a long term investor in AMP and we look forward to working with Drax on a range of development projects which should help to expand our assets under management in the distributed energy space. Billingtons has built a strong and well-regarded business in the wood pellet market in England over the last ten years and is an excellent fit with Forest Fuels."

Issue of Equity

Completion of the Acquisition is conditional upon admission of the 1,624,365 Ordinary Shares to be issued to Drax in connection with the Acquisition being admitted to trading on AIM ("Admission"). AMP will apply to the London Stock Exchange for the Admission of such Ordinary Shares.

It is expected that Admission will become effective and trading will commence in the new Ordinary Shares at 8.00 a.m. on 31 October 2017. On Admission the Company's issued share capital will comprise 39,434,787 Ordinary Shares, of which none are held in treasury. Therefore the total number of Ordinary Shares in the Company with voting rights will be 39,434,787. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Contacts

 
 Aggregated Micro Power Holdings plc           020 7382 7800 
 Neil Eckert, Executive Chairman 
  Richard Burrell, CEO 
  Helene Crook, Investor Relations 
 Haggie Partners 
  Peter Rigby / Brian Norris                   020 7562 4444 
 finnCap Ltd 
  Ed Frisby/Simon Hicks (Corporate Finance)     020 7220 0500 
  Stephen Norcross/Sultan Awan (Corporate 
   Broking)                                      020 7220 0513 
 

About Aggregated Micro Power Holdings plc

The AMP Group was established to develop, own and operate renewable energy generating facilities. It specialises in the sale of wood fuels and in the installation of distributed energy projects. AMP's wholly owned subsidiary Forest Fuels sells high quality wood chip and wood pellet to end customers throughout the UK, while its projects division installs biomass boiler and biomass CHP systems for a wide range of applications and customers. AMP is also active in developing projects for stand-by power generation and battery storage facilities which aim to balance the transmission grid at times of peak demand. www.ampplc.co.uk

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

This information is provided by RNS

The company news service from the London Stock Exchange

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October 25, 2017 02:00 ET (06:00 GMT)