#EGT European Green Transition PLC – Proposed fundraise to raise c. £7.5 million March 11, 2026 – Posted in: European Green Transition Plc (EGT) – Tags: acquisition, broker, critical, facility, fundraise, liberum, profitable, raglan, revenue, service, shares
European Green Transition plc (AIM: EGT), a company focused on acquiring, integrating and optimising revenue-generating and profitable services businesses in the critical infrastructure sector, announces a proposed fundraise to raise gross proceeds of approximately £7.5 million before expenses by the issue of new ordinary shares of 0.25 pence each in the Company (“Ordinary Shares”) at a price of 6 pence per Ordinary Share (the “Issue Price”) via a placing and subscription (“Fundraise”). The Fundraise of approximately £7.5 million includes the conversion of £1.5 million into new Ordinary Shares at the Issue Price pursuant to the Bridge Facilities (Facility 1) as further set out in this Announcement.
The Placing will be conducted through an accelerated bookbuilding process (the “Bookbuild”), which will be launched immediately following release of this Announcement.
The Issue Price represents a discount of approximately 7.7 per cent. to the closing price per ordinary share of 6.5 pence on 10 March 2026, being the last Business Day prior to this announcement.
The following sets out the background to, and the reasons for, the Fundraise and explains why the Directors consider the Fundraise to be in the best interests of the Company and its Shareholders as a whole.
Transaction Highlights
· Further to the Company’s announcement on 25 February 2026 where it announced, amongst other things, the acquisition of an established, EBITDA profitable onshore wind turbine operating, maintenance, repairing, and remote monitoring business (the “O&M Business”) in the UK and Ireland (the “Acquisition”) and its intention to launch a placing to raise approximately £5 million, the Company has upscaled its fundraise intention due to investor demand to raise gross proceeds of c.£7.5 million.
· OAK Securities is acting as broker and sole bookrunner in relation to the Placing.
· The net proceeds of the Fundraise are to be used to:
o repay the short-term Bridge Facilities of £1.5 million (Facilities 2 and 3) (further details are set out in Appendix I of this Announcement); with the remaining £1.5 million (Facility 1) automatically converting to equity as part of the Fundraise at the Issue Price;
o strengthen the balance sheet of the enlarged group;
o support the continued development and growth of the O&M Business, including the delivery of the repowering pipeline and projected growth initiatives; and
o pursue selective strategic bolt-on acquisitions to support expansion of services across the critical infrastructure sector in the UK, Ireland, and Europe, such as water, energy, roads, and data centres funded through operating cash flows.
· Cathal Friel, Co-founder and Executive Chair of the Company, has indicated his intention to participate in the Subscription via Raglan Road Capital Limited (“Raglan Capital”).
· The Fundraise is conditional upon, amongst other things, the resolutions required to implement the Fundraise being duly passed by Shareholders at the General Meeting.
· The Company intends to publish and send a circular (“the Circular“) to Shareholders on or around 13 March 2026, which will contain the Notice of General Meeting proposing the Resolutions. The Circular will also be available on the Company’s website.
· Further details are set out in Appendix I of this Announcement, which contains an extract from the Circular to be published in due course, and which includes details of the Fundraise and a Related Party Transaction. (Certain references to “document” in Appendix I are references, in that context, to this Announcement.)
Oak Securities (a trading name of Merlin Partners LLP) is acting as broker and sole bookrunner in connection with the Placing. Panmure Liberum Limited (“Panmure Liberum”) is acting as nominated adviser to the Company. The Placing Shares are being offered by way of the Bookbuild only to qualifying investors, which will be launched immediately following the release of this Announcement, in accordance with the terms and conditions set out in Appendix II to this Announcement.
Neither the Placing nor the Subscription has been underwritten.
The timing of the closing of the Bookbuild and the allocation of Placing Shares to be issued at the Issue Price are to be determined at the discretion of the Company and Oak Securities
A further announcement will be released by the Company following the close of the Bookbuild, confirming the results of the Placing and Subscription.
The person responsible for arranging this announcement on behalf of the Company is Jack Kelly, the CFO of the Company.
The Fundraise is subject to the terms and conditions set out in Appendix II to this Announcement. Capitalised terms used in this announcement (including the appendices (the “Appendices” and together, this “Announcement”)) have the meanings given to them in Appendix III headed “Definitions” at the end of this Announcement, unless the context provides otherwise.
Expected Timetable of Principal Events in relation to the Fundraise:
|
Publication of the Circular |
13 March 2026 |
|
Latest time and date for receipt of Forms of Proxy |
09.30 a.m. on 28 March 2026 |
|
General Meeting |
09.30 a.m. on 30 March 2026 |
|
Announcement of results of General Meeting |
30 March 2026 |
|
Admission and commencement of dealings in the new Ordinary Shares on AIM |
8.00 a.m. on 31 March 2026 |
|
Despatch of share certificates in respect of the New Ordinary Shares (if applicable) |
within 10 business days of Admission |
Notes:
(i) References to times in this Announcement are to London time (unless otherwise stated).
(ii) If any of the above times or dates should change, the revised times and/or dates will be notified by an announcement to an RIS.
(iii) The timing of the events in the above timetable and in the rest of this Announcement is indicative only.
(iv) Certain of the events in the above timetable are conditional upon, inter alia, the passing of the Resolutions to be proposed at the General Meeting.
Panmure Liberum Limited , which is authorised and regulated in the United Kingdom by the FCA, is acting as nominated adviser to the Company and for no-one else in connection with the Placing and the other matters referred to in this Announcement. Panmure Liberum will not be responsible to anyone other than the Company for providing the protections afforded to its customers or for providing advice to any other person in relation to the Placing or any other matter referred to herein.
Oak Securities (a trading name of Merlin Partners LLP, which is authorised and regulated in the United Kingdom by the FCA), is acting as sole bookrunner for the Company and for no-one else in connection with the Placing, and Oak Securities will not be responsible to anyone other than the Company for providing the protections afforded to its customers or for providing advice to any other person in relation to the Placing or any other matter referred to herein.
Enquiries
|
European Green Transition plc Cathal Friel, Executive Chairman Jack Kelly, CFO
|
+44 (0) 208 058 6129 |
|
Panmure Liberum – Nominated Adviser & Corporate Broker James Sinclair-Ford / Gaya Bhatt Mark Murphy / Rauf Munir
|
+ 44 (0) 20 7886 2500 |
|
OAK Securities -Broker and Sole Bookrunner Jerry Keen / Calvin Man
|
+44 (0) 20 3973 3678 +44 (0)7733 117328 |
|
Camarco – Financial PR Billy Clegg, Elfie Kent,
|
+ 44 (0) 20 3757 4980 |