With just over five weeks to go before closure of its attempt to acquire Good Energy, Ecotricity has so far received acceptances of its offer for shares representing approximately 1.8 per cent of Good Energy’s issued ordinary share capital, Ecotriicty reported today. With its existing 25.1% stake the company said it would have 26.8% of the issued ordinary share capital of Good Energy.
Ecotricity set out a formal offer for Good Energy shares at 340p on 22 July and published the offer document on 10 August. The offer closes on 10 October.
Good Energy’s board responded to the offer by saying Ecotricity was “an unfit owner with an unsuitable plan,”. Will Whitehorn, chair of Good Energy, said, “Ecotricity has been a loss-making business for the past four years. Its claim that they consider us ‘sister companies, with more in common than separates us’, is contradicted by their history as a disruptive shareholder, voting down 100% of our proposed special resolutions….
“Ecotricity has offered little insight on its own corporate governance and how the businesses would be run going forward. The Board believes that if this takeover were successful and the company de-listed, key decision making would ultimately rest with one individual which would not be in the best interests of the company and its stakeholders.”