Hunters advises EARNZ PLC on a secondary issue, retail offer and the acquisition of Zero Carbon Group Limited under the new AIM Rules for Substantial Transactions
Hunters advised EARNZ PLC, a company listed on the Alternative Investment Market (AIM), on a share placing to raise £3.5m (gross), retail offer and its acquisition of Zero Carbon Group Limited for up to £9.5 million in cash and shares – the next step in EARNZ’s ‘buy and build’ strategy.
EARNZ is an energy services company based in the United Kingdom whose objective is to capitalise on the drive for global decarbonisation, which Hunters strongly supports. The fundraise provides EARNZ with additional working capital and part funds its acquisition of the Zero Carbon Group.
The Zero Carbon Group is based in the North of England and the Midlands specialising in providing retrofit renewable energy solutions to housing associations, local authorities and tier 1 contractors. The acquisition supports EARNZ’s strategic objective to expand its service offering, and enhance cross-selling opportunities across its group companies.
The Hunters team was led by David Wilson, assisted by Clare Brennan, Rory Wilson, Hannah Herbert-Owen, Marie Schwab, and Flora Hipkin.
David Wilson commented: “This is a significant transaction demonstrating how the recently modified AIM Rules have the capacity to benefit companies listed on or looking to join the AIM market. Under the old the rules this would have constituted a reverse takeover requiring an Admission Document and all the costs that entails (6 months to complete, at a cost of some £500k – legal and accounting). Under the modified rules, this transaction was completed in under 3 months at a cost of less than £100k.”
This deal follows a number of recent completed transactions for the Corporate and Commercial team, including advising Bergman & Beving on its acquisition of A1S, the Shareholders of Mondaq on its sale to The Legal500, Helios Underwriting on a tender offer, Gresham House on its debt and equity investments in Fischer Farms and Q5D on its Series A Funding Round raising $13.5 million.
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