Hill Dickinson has recently advised the shareholders of eLight Group Holdings Limited (eLight) on its sale to AIM-listed Alexander Mining Plc, which will now be known as eEnergy Group Plc (eEnergy). The consideration for the transaction was the issue to the eLight shareholders of shares in eEnergy, and the transaction constituted a reverse takeover for the purposes of AIM Rule 14.
eLight is an ‘energy efficiency as a service’ company that provides commercial customers with immediate energy and cost reductions, with zero upfront investment. eLight has built a strong position in the UK and Ireland, offering customers the ability to switch to LED lighting technology without capital investment, improve the quality of their lighting and reduce their carbon footprint.
Concurrent with the acquisition of eLight, eEnergy completed a placing of shares, raising gross amounts of £2 million, with admission of the enlarged share capital occurring on 9 January 2020. The proceeds of the fundraising will be used, amongst other things, to expand the sales resource of eLight in the UK and Ireland and to fund an initial tactical acquisition of assets or another company in the energy management sector.
Commenting on the transaction, Harvey Sinclair, chief executive officer of eEnergy, said:
‘This transaction means we can begin to realise our ambition to develop eEnergy. eEnergy is a new generation of energy services company which believes that reducing your carbon footprint should be profitable for your organisation.’