Good Energy evaluating takeover proposal from Dubai’s Esyasoft

Good Energy surged on Monday as the renewable electricity and energy services provider said it was considering a takeover proposal from Dubai’s Esyasoft.

The AIM-listed company said it received an unsolicited indicative, non-binding proposal from Esyasoft on 25 October relating to a possible offer.

"The board of Good Energy is evaluating the possible offer, together with its financial and legal advisers, and a further announcement will be made as and when appropriate," it said.

It added that there can be no certainty that an offer will be made, nor as to the terms of any such offer.

Under UK takeover rules, smart grid technology firm Esyasoft has until 1700 GMT on 25 November to either announce a firm intention to make an offer or walk away.

At 0950 GMT, Good Energy shares were up 18.6% at 350p.

Separately, the company also said it had agreed to buy Empower, a commercial focused solar installation company with nationwide installation capabilities, for up to £8m.

Chief executive Nigel Pocklington said: "Businesses are increasingly recognising that the commercial rationale for installing solar is strong, even before you consider the associated benefits of carbon reduction. With energy costs remaining high, businesses and organisations with rooftop real estate can achieve excellent returns on investment.

"Good Energy is already providing high quality, consultative commercial solar installation services to customers in the South, and through Empower joining the group we are stepping this up further. Offering commercial solar installation backed by 15 years of experience nationwide, Empower accelerates Good Energy's solar service offering."