The Dubai-based group behind a possible acquisition of renewable electricity supplier Good Energy has been granted a third deadline extension after again failing to table a full bid or withdraw its interest.
Esyasoft, a global energy industry player with existing operations in the UK, made the “unsolicited indicative, non-binding proposal” to Chippenham-headquartered Good Energy last October.
Since then Esyasoft and Good Energy, which is listed on the London Stock Exchange’s AIM market, have had two ‘put up or shut up’ (PUSU) deadlines imposed by the UK Takeover Panel extended – the second time being last Monday.
Ahead of that deadline, the panel had said that Esyasoft had to “either announce a firm intention to make an offer for the company or announce that it does not intend to make an offer”.
However, the deadline has now been extended yet again – to 17 February – “to allow further time for Esyasoft to progress its due diligence exercise”, according to a statement released by Good Energy to the London Stock Exchange.
When it announced Esyasoft’s approach last October, Good Energy’s directors said they were in talks with the firm’s financial and legal advisers – but no update on the discussions has been released since.
Good Energy, which was founded in 1999 with a mission to power a cleaner, greener future, said there was no certainty that an offer will be made, adding that the deadline could be further extended with the Takeover Panel’s consent at its request.
EsyaSoft, a subsidiary of the highly acquisitive Abu Dhabi-based International Holding Company (IHC) conglomerate, specialises in power grid automation through smart grid technologies, advanced metering infrastructure, EV-charging infrastructure, energy storage and advanced analytics.
It has offices in more than10 countries.
Good Energy has targeted solar installation for growth and has ventured into the heat pump installation market through a string of acquisitions. It also part owns electric vehicle charge point mapping app Zapmap.
EsyaSoft’s approach to Good Energy came two-and-a-half years after the firm repelled a similar move from arch-rival Ecotricity, founded and led by hippie-turned-green entrepreneur Dale Vince. At the time Ecotricity held a 26.8% stake in Good Energy.