Inspired Energy PLC Announces Acquisition Of Direct Energy Purchasing Limited And Placing Of New Equity To Raise GBP1.0 Million

Inspired Energy PLC announced that it has entered into a conditional agreement (Acquisition Agreement) to acquire Direct Energy Purchasing Limited (DEP), an energy procurement adviser to predominantly multi-site corporates, for a consideration of up to GBP4.0 million (Acquisition) and also that it has raised GBP1.0 million (before expenses) through a placing of new ordinary shares. The total consideration for the Acquisition comprises initial consideration of GBP2.0 million to be satisfied by a cash payment of GBP1.25 million and the issue of 21,428,572 ordinary shares in the capital of Inspired (Consideration Shares) plus two deferred payments of up to GBP1.0 million each based primarily upon the financial performance of DEP in the two financial years ending March 31, 2013, and March 31, 2014. Inspired has raised £1.0 million (before expenses) through an oversubscribed placing by Shore Capital Stockbrokers Limited of 28,571,429 new ordinary shares of 0.125p each (together the Placing Shares) at a price of 3.5 pence per Placing Share, which will provide additional financing for the Group. The initial cash payment in respect of the Acquisition will be funded from the Group's existing cash resources and the Placing. The deferred consideration of up to gbp2.0 million is expected to be funded from existing cash resources as at completion and future cash-flows generated by the enlarged group.