Utilitywise plc Acquisition of Clouds (5235N)
October 01 2012 - 1:00AM
UK Regulatory
TIDMUTW
RNS Number : 5235N
Utilitywise plc
01 October 2012
1 October 2012
Utilitywise plc
("Utilitywise" or the "Company")
Acquisition of Clouds Environmental Consultancy Ltd
("Clouds")
Issue of Equity
Utilitywise (AIM:UTW), a leading independent utility cost
management consultancy which was admitted to AIM on 12 June 2012,
is pleased to announce the acquisition of independent energy
consultancy Clouds Environmental Consultancy Limited.
Clouds, based in Portsmouth, is an independent consultancy
specialising in energy management services which are designed to
help clients identify areas of potential energy and cost savings.
Its team of highly qualified energy consultants helps businesses
effectively manage their clients' energy and environmental impact
and, in so doing, improve resource efficiency and reduce business
overheads. The Clouds team will continue to operate from Portsmouth
and will provide Utilitywise with additional technical capabilities
for its suite of energy management products.
The total consideration is for a maximum of GBP985,000 with an
initial GBP600,000 paid on completion, (subject to adjustment on
the basis of completion accounts) with the balance of up to
GBP385,000 payable over the next 12 months, depending on certain
EBITDA targets being met. The acquisition will be financed equally
from the Company's cash resources and through the issue of new
ordinary shares in Utilitywise. Clouds reported revenue of
GBP945,000 and EBITDA of GBP185,000 in the year ending 30 April
2012.
With capacity to grow the Clouds team, the acquisition will
provide Utilitywise with a new base from which to address the South
of England, and further extends its coverage of the UK market.
Clouds has a range of products and services which complement and
extend the existing Utilitywise offerings in the areas of
legislative Compliance, Auditing and Surveying and Feasibility and
Design. They have an established market presence in both the public
and private sectors and will bring to Utilitywise an extensive
customer base, including customers such as British Airways,
Telefonica O2, Eli Lilly, Thales, NHS Heath Trusts and The National
Gallery.
Geoff Thompson, Chief Executive of Utilitywise, commented, "We
are pleased to have completed our first acquisition since admission
to AIM in June 2012. It has been our stated strategy to complement
our organic growth with acquisitions that enhance and broaden our
products and services. We have followed Clouds' progress for many
years and I am confident that their team of market leading energy
consultants, strong customer base and geographic platform will be
of great long term benefit to Utilitywise."
Issue of Equity
Application has been made for the admission of 394,736 new
ordinary shares of 0.1p each ("New Ordinary Shares") in the capital
of the Company to trading on AIM. It is expected that admission
will occur and dealing will commence in the New Ordinary Shares on
4 October 2012. The New Ordinary Shares will rank pari passu with
the existing Ordinary Shares currently trading on AIM.
The total number of Ordinary Shares in issue is therefore now
61,820,578. For the purposes of the Financial Services Authority's
Disclosure and Transparency Rules, the Company's total issued share
capital following Admission will consist of 61,820,578 Ordinary
Shares of 0.1p each, with one voting right per share. There are no
shares held in treasury.
The total number of voting rights in the Company will therefore
be 61,820,578.
The above figure may be used by shareholders as the denominator
for the calculations by which they will determine if they are
required to notify their interest, or a change to their interest,
in the Company, under the Disclosure and Transparency Rules.
For further information:
Utilitywise PLC 0870 626 0559
Geoff Thompson, CEO
Adam Thompson, COO
Andrew Richardson, CFO
finnCap (NOMAD and broker) 0207 220 0500
Matt Goode / Charlotte Stranner / Henrik Persson
(Corporate Finance)
Simon Johnson (Corporate Broking)
Hub Capital Partners Ltd 020 7535 1710
Stephen Bourne
Newgate Threadneedle 020 7653 9850
Josh Royston /John Coles/ Hilary Millar
Notes to Editors
Clouds is an independent consultancy specialising in energy and
environmental management services. Clouds offer a range of products
that complement those offered by Utilitywise, including full Energy
Performance of Building Directive compliance, an interim energy
management service whereby a consultant is embedded at a client's
site for a set number of days per month, a wide range of training
courses such as carbon and energy management and sustainable
procurement, together with support in meeting reporting obligations
necessary to comply with the Carbon Reduction Commitment and
European Union Energy Trading Scheme.
Additionally, the Clouds team has been using Utilitywise's
computerised Energy Audit Toolkit to produce Energy Audit reports,
and as a result, already has a good working knowledge of this
module of the Utilitywise product suite.
About Utilitywise
Utilitywise is a leading independent utility cost management
consultancy based in South Shields, Tyne and Wear. The company has
established trading relationships with a number of major UK energy
suppliers and provides services to its customers designed to assist
them in achieving better value out of their energy contracts,
reduced energy consumption and lower carbon footprint.
Businesses large and small rely on Utilitywise for their energy
management needs. Clients range in size from high street shops to
multinationals with thousand of sites and cover the whole of the
UK. In total, Utilitywise manages over 50,000 energy meters with an
overall energy spend of approaching GBP200 million per annum.
Utilitywise is a UK company quoted on the AIM market of the
London Stock Exchange. For more information, please visit
www.utilitywise.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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