Livingston-based gas meter management firm has also launched a new £15m share issue
Gas metering management firm Energy Assets has launched a £15 million share issue with a view to listing on the London Stock Exchange.
The Livingston-based company, which is the UK's largest independent provider of commercial and industrial gas meters, said it expects its shares to begin trading on the stock exchange by March 22, with a market capitalisation of £57 million.
Energy Assets has set the offer price at £2.10 per ordinary share to raise around £11.9 million net of expenses.
Around 27 million ordinary shares priced at one pence each are expected to be issued immediately following admission onto the stock exchange.
Macquarie Investments has announced it intends to sell its existing ordinary shares, totalling 7.25 million - 26.7 per cent of the expected share capital following admission- and will hold 12.47 million after the float, representing 47 per cent of the expected issued share capital following admission.
Macquarie bought out Ofgem-approved Energy Assets from its parent company, Energy Assets Management Plc, in 2008
Energy Assets states it now has roughly 80,000 total assets under management - 60,000 meters and 20,000 data loggers – and claims to have metering service agreements with more than 80 per cent of the industrial and commercial gas suppliers in the UK, based on volume of gas supplied.
The group has contractual relationships with gas suppliers including Corona Energy – representing 76 per cent of its metered portfolio - and British Gas.
In its most recent financial results, Energy Assets posted profits of £2.3 million for the year to March 31, 2011 on £9.6 million turnover.
The group said it expects to benefit from mandatory advanced metering rules requiring all industrial and commercial customers with consumption exceeding 732 megawatts a year to install advanced metering systems, beginning April 2014.