Takeover target Energy Assets’ revenue up 25%

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.