Good Energy has once again hit back at Ecotricity as it today (18 August) publishes its response circular to Ecotricity’s offer of 340p per share. Four key reasons have been given for Good Energy’s board continuing to urge its shareholders to reject the offer, with the company describing Ecotricity as an “unfit owner with an unsuitable plan”. It reiterated that Ecotricity has been a loss-making business for the past four years – a reason given last week for rejection of the offer – with its latest published audited accounts showing a negative cash balance and a “significant” amount of outstanding bond debt. Good Energy has now received written confirmation from six shareholders representing around 10.96% of the company’s issued share capital that they don’t intend to accept the offer. Those written confirmations, when aggregated with Good Energy Shares held by the directors who won’t be accepting the offer, represent approximately 15.30% of the company’s issued share capital.
Current 18th Aug 2021 read more »