Inspired Energy PLC Announces Completion Of Acquisition Of Direct Energy Purchasing Limited And Issue of Equity

Inspired Energy PLC announced that further to the announcement of April 4, 2012, Inspired announced that it has fulfilled the conditions set out in the acquisition agreement to acquire Direct Energy Purchasing Limited (DEP), an energy procurement adviser to predominantly multi-site corporates, for a total consideration of up to GBP4.0 million (Acquisition). 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 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. The vendors have agreed that they will not dispose of the Consideration Shares for a period of 12 months from admission of such shares to trading on AIM and, further, that in the next 12 months they will not dispose of any such shares other than through Inspired's broker with a view to maintaining an orderly market in the Group's shares. The initial consideration has now been settled in full and, accordingly, the Acquisition has today formally completed. The Consideration Shares will rank pari passu in all respects with the existing ordinary shares. Application has been made for the new Ordinary Shares to be admitted to AIM and dealings are expected to commence on April 18, 2012.