Livingston-based industrial smart metering firm Energy Assets Group, which has agreed to be acquired for £198 million by funds controlled by US infrastructure asset manager Alinda Capital Partners, said on Tuesday its revenue increased by 25% to £45.3 million in the year ended March 31.
Energy Assets said profit before tax rose from £9.3 million last year to £10.5 million this year.
Addressing the takeover offer, Energy Assets said: “As previously advised by the board of Energy Assets on 19 May 2016, the Court Meeting and the General Meeting were adjourned, in each case to a date, time and place to be determined by the directors.
“We would expect to be in a position to further update shareholders in relation to this in the next few days.”
Uncer the deal, Alinda would pay 685p per share to acquire Energy Assets, a roughly 40% premium to its closing price on the last trading day before the offer.
The deal has been unanimously recommended by the Energy Assets board but on May 11 a group of shareholders who control about 23% of Energy Assets Group threatened to vote against the takeover.
The shareholders are Oakcliff Capital Partners, SF Metropolis Valuefund, Investmentaktiengesellschaft fϋr langfristige Investoren TGV, Forest Manor N.V. and Bryan R. Lawrence.
Energy Assets chairman Chris Masters said on Tuesday: “I am delighted to report continued strong trading in what has been another successful year for Energy Assets encompassing good organic growth, major new contract wins and the acquisition and successful integration of Blyth into the group.
“Energy Assets continues to achieve its core objectives providing metering and related services in a reliable and sustainable way and, throughout the 2015/16 financial year, the group has continued to deliver a high quality service and strong growth which is significantly ahead of the prior year …
“The success we have achieved to date and our continued growth is pivotal as we strive towards our goal of being able to provide a full end to end multi-utility service offering across gas, electricity and water.”