Good Energy, the Chippenham-based green electricity supplier, has today listed its shares on the London Stock Exchange’s AIM market following eight years on the lightly-regulated PLUS market.
The firm, the UK’s leading 100% renewable electricity supplier, said trading in its shares and interest from institutional shareholders had been low on PLUS and directors now believe it is an appropriate time to trade on AIM.
Further to the company’s announcement on July 25 and following admission to AIM, the company has raised £4m before expenses by way of a placing of 4,705,882 new Ordinary Shares at 85 pence per Ordinary Share, which based on the placing price gave it a market capitalisation of £10.6m on admission.
The move is part of the group’s continued development with the board believing the increasing need to seek access to institutional investors to help continue this growth.
“The directors also believe that admission to AIM will improve liquidity in the group’s ordinary shares and enhance the status of the company’s brand and market recognition,” Good Energy said in a statement.
Good Energy CEO Juliet Davenport last month announced it had passed the milestone of 30,000 electricity supply customers – an annual growth rate of 12% – with more than 6,700 gas supply customers (up 47% on the previous year).
Ms Davenport said: "This is a natural next step for Good Energy. AIM provides better liquidity for our existing shareholders and allows us to reach institutional shareholders for the first time. We look forward to continuing to grow both our customer base and our own generation capacity as renewables become an increasingly important part of the UK’s energy mix.”