Telecom Plus PLC Announces Acquisition of Electricity Plus and Gas Plus from RWE AG's Subsidiary; Firm Placing and Placing and Open Offer

Wednesday, 20 Nov 2013 02:00am EST 

Telecom Plus PLC announced that it has entered into a conditional agreement to acquire the entire issued share capital of Electricity Plus Supply Limited (Electricity Plus) and Gas Plus Supply Limited (Gas Plus) (together, the Energy Companies) from Npower Limited (Npower), a subsidiary of RWE AG, for an aggregate consideration of £218 million (the Acquisition). Cash consideration of £218 million, £196.5 million payable on completion of the Acquisition and £21.5 million deferred for three years. The Acquisition and associated expenses will be funded from a combination of the Firm Placing and the Placing and Open Offer and a drawdown of approximately £100 million from the New Debt Facilities entered into with Barclays. The Firm Placing and the Placing and Open Offer are fully underwritten by Peel Hunt and will raise approximately £130 million of gross proceeds at the Issue Price of 1475 pence per share (out of which approximately £100 million is being raised pursuant to the Firm Placing and approximately £30 million pursuant to the Placing and Open Offer). The Issue Price of 1475 pence per share represents a 2.1% discount to the closing middle market price on 19 November 2013 (being the last Business Day before the date of this announcement). The Open Offer Shares will be offered to Qualifying Shareholders on the basis of 1 Open Offer Share for every 35 Existing Ordinary Shares 

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31 Aug 2015