SMB advised the founders of renewable energy consulting and procurement business Beond Group Limited (Beond) on its sale to AIM-listed eEnergy Group plc (eEnergy) for a combined acquisition price of £2.4 million in cash, £700,000 for its surplus cash, and the issue of 64.9 million shares of 10p each.
To fund the cash element, eEnergy raised GBP3.2 million through placing of 32.0 million shares and Beond used its compulsory sale procedure for its minority shareholders, which will complete on or around 13 January 2021.
The SMB team was led by Head of the Corporate, Commercial and Finance Team, Partner, Peter Weiss, and supported by Associates Rob Hepburn, Roshni Gotecha, Sarah Quicke, Lucy Newman, Claire Hindle and Tom Robinson together with wider support from Dan Cotton (employment), Martin Smith (property), and John Harrington (IP, IT and Data Protection). It was an effort that involved collaboration between our teams, dedication and drive to work to a very tight placing timetable.
Principal and CEO of Beond, Derek Myers, who now joins the eEnergy board as Chief Innovation Officer, said of the SMB team:
“We couldn’t have completed our sale to eEnergy Group plc within the short opportunity window, without the legal leadership and execution provided by the SMB team. The deal was intense from the outset with a broad range of complicated legal requirements and issues to deal with. The tempo continued to increase towards a final 24 hour push to meet the completion timeframes required by the buyers to make their share market placement. The team were able to provide the full range of legal experience and technical skills, had the positive energy levels required and the cool professionalism under pressure, for us to successfully complete our deal.”
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