eEnergy Group PLC has successfully completed the sale of its Energy Management Division to Flogas Britain Limited for an initial consideration of £29.3 million, with additional contingent consideration expected. The company has received the initial cash consideration of £25 million and used the remaining amount to repay debts. The net proceeds from the sale will be reinvested into the company's high-growth energy services division and to pay down all external debt facilities. The board restructuring reflects the company's focus on its core energy services division, with John Foley stepping down and Andrew Lawley being appointed as Non-Executive Chair. Additionally, David Nicholl is stepping down from the board, while John Hornby is joining as Non-Executive Director.
Harvey Sinclair, eEnergy CEO, expressed his pleasure at the completion of the sale, stating that it unlocks value for shareholders and strengthens the company's balance sheet. He thanked the departing directors for their valuable contributions and expressed well wishes to the Energy Management Division's colleagues. The company's website and contact information were provided for further inquiries.
The announcement also included additional information in accordance with paragraph (g) of Schedule Two of the AIM Rules for Companies, detailing the current and past directorships of John Hornby, who has no direct interests in the company's ordinary shares.