Energy Assets provides gas metering and related services in the I&C segment of the UK gas market and is the largest independent provider of I&C gas metering services in the Uk (by number of meters under management). The Group offers gas suppliers and end-user consumers of gas a broad spectrum of metering services, from the provision and management of new and replacement meters through its MAM Services division to the procurement and project management of related gas infrastructure works and the collection and provision of gas consumption data through the Siteworks and Pulse 24 (Automated Meter Reading) divisions. The industry will, under recent legislation, need to ensure that all meters are “advanced” by 2019, and Energy Assets expects to be at the forefront of the exchange programme to upgrade the national meter portfolio.

Through its Siteworks division, Energy Assets provides a comprehensive consultancy, system design and project management service for gas infrastructure works and meter point infrastructure. We are able to procure and manage engineering services required by a gas supplier or end-user consumer to install a new metering point, including laying the connection from the gas network to the meter, move an existing metering point, or remove a metering point from a disused or demolished site and disconnecting it from the gas network. Siteworks customers are mainly comprised of end-user consumers of gas.

The Metering Division owns, manages and maintains advanced I&C gas meters as an OFGEM-accredited MAM, generating revenue through rental payments from gas suppliers who supply gas through the Group's gas meters. Advanced gas meters are capable (when a data logger unit is attached) of providing gas consumption data in half-hour increments. This information can then be used by end-user consumers to monitor, and hence better manage, gas consumption with a view to increasing their energy efficiency and reducing costs. The industry will, under recent legislation, need to ensure that all meters are “advanced” by 2019, and Energy Assets expects to be at the forefront of the exchange programme to upgrade the national meter portfolio.

Energy Assets provides data collection and management services through its Pulse 24 division. Pulse 24 provides Automated Meter Reading (AMR) services, arranging the installation of data loggers that collect consumption data from advanced gas meters and transmit the data daily to the Group's data management system. These data loggers, which are owned and managed by the Group, enable the Group to produce accurate, up-to-date energy-usage reports for end-user consumers and invoicing information for gas suppliers.

Data collected from data loggers is provided to two types of customer. Gas suppliers require consumption data on a monthly basis, to assist in billing, and receive a raw data file which they can convert for their own use. Conversely, end-user consumers of gas typically rely on data loggers to closely monitor energy usage with a view to reducing their levels of consumption. This requires very regular meter read gas consumption data (which can be provided in half-hour increments). Pulse 24 hosts a dedicated website with reports tailored to the consumer from which the consumer can access usage information in almost real time


http://www.energyassets.co.uk/

IC - The government's requirement for domestic and commercial businesses to have installed smart meters by 2020 should provide ample opportunities for growth. And once the smart meters are rolled out nationally, an enlarged maintenance market will present further scope for expansion. There is still more growth in prospect , but it is adequately reflected in the shares PE ratio of 0 times forward earnings.

Q1 Trading Update
RNS
RNS Number : 6928T
Energy Assets Group plc
22 July 2015

For immediate release 22 July 2015



Energy Assets Group plc

("Energy Assets" or the "Group")



Q1 Trading Update - continued strong growth across the Group



Energy Assets Group plc (LSE: EAS.L), the largest independent provider of industrial and commercial (I&C) gas metering services in the UK[1] and a major provider of utility infrastructure services and electricity metering and



data services, is pleased to issue a trading update for the period from 1 April 2015 to the present date.



Financial highlights for the three months to 30 June 2015



· The Group has delivered another strong performance in the period which is in line with management expectations and significantly ahead of the same period in the prior year;



· Total revenue for the period increased by 19% to £10.0m (3 months to 30 June 2014: £8.4m);



· Recurring revenue increased by 13% to £6.2m (3 months to 30 June 2014: £5.5m), accounting for 62% of total revenue;



· Siteworks revenue increased by 31% to £3.8m (3 months to 30 June 2014: £2.9m);



· At 30 June 2015, the Group had available facilities with its funding partners and cash at bank totalling £33.9m.



Operational highlights



· The Group's owned and managed meter and data asset portfolio has increased by 5% since the year end to circa 382,000 assets (31 March 2015: circa 365,000) with all existing major contracts across gas and electricity contributing to this growth;



· The three new businesses acquired in the previous financial year, Bglobal Metering, Origin and SA Gas, are performing well under Energy Assets management and are now fully integrated into the Group. Performance to date in the current financial year is as expected and the Board is pleased with the progress of each of these businesses.



Outlook



Commenting on today's announcement, Energy Assets Chief Executive Phil Bellamy-Lee said:



"On behalf of the Board, I am delighted to report that we start the financial year with another period of strong activity. Demand for the installation of advanced utility meters and related services remains high and continues to be driven by regulatory requirements.



The Energy Assets business continues to grow across our asset portfolio and Siteworks business. Additionally, the Group has continued its strong track record of successfully integrating new businesses and Bglobal Metering, Origin and SA Gas are all performing in line with management expectations.



Performance in the first quarter indicates that the Group is on track to deliver another year of solid growth."

22 Jul Numis 660.00 Buy

AGM and Trading Update
RNS
RNS Number : 5821X
Energy Assets Group plc
01 September 2015

For immediate release 1 September 2015

Energy Assets Group plc

("Energy Assets" or the "Group")



AGM and Trading Update



Energy Assets Group plc (LSE: EAS.L), the largest independent provider of industrial and commercial (I&C) gas metering services in the UK[1] and a major provider of utility infrastructure services and electricity metering and data services, will be holding its Annual General Meeting at 9.30am today at Buchanan, 107 Cheapside, London, EC2V 6DN.



Chairman, Dr Chris Masters, will be making the following statement to shareholders:



"The financial year to 31 March 2015 was very successful for Energy Assets with good organic growth across our asset portfolio. Our Siteworks business also benefitted from strong trading and expanded activities.



During the first quarter of the new financial year the asset portfolio owned and managed increased to circa 388,000, compared to circa 365,000 as at 31 March 2015, and our Siteworks activities continue to make good progress. The three new businesses acquired in the previous financial year, Bglobal Metering, Origin and SA Gas, are now fully integrated into the Group and are performing well under Energy Assets management.



Trading in the current financial year is in line with management expectations and the Group is on track to deliver another year of solid growth.



The Board looks forward to updating shareholders further following the publication of our Half Year Report for the six months ending 30 September 2015 which will be released on 10 November 2015."

Recommended Offer for Energy Assets Group plc

RNS


RNS Number : 4467V

Alinda Capital Partners Ltd(Cayman)

18 April 2016




NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.



18 April 2016

For immediate release

RECOMMENDED CASH ACQUISITION

OF

Energy Assets Group plc ("Energy Assets" or the "Company")

BY

Euston BidCo Limited ("BidCo")

an entity indirectly owned by investment funds controlled and managed by Alinda

to be effected
by means of a Scheme of Arrangement
under Part 26 of the Companies Act 2006

· The boards of Energy Assets and BidCo are pleased to announce that they have reached agreement on the terms of a recommended cash acquisition by BidCo, a newly established company indirectly wholly owned by the Alinda Funds, which are controlled and managed by Alinda, of the entire issued and to be issued share capital of Energy Assets (the "Acquisition").

· Under the terms of the Acquisition, Energy Assets Shareholders will be entitled to receive 685 pence in cash for each Energy Assets Share held.

· The Acquisition values the entire issued and to be issued share capital of Energy Assets at approximately £198 million and represents an enterprise value multiple of approximately 13.8 times Energy Assets' EBITDA for the period ended 31 March 2015.

· The Acquisition Price represents a premium of approximately:

- 40.4 per cent. to the Closing Price of 488 pence per Energy Assets Share on 15 April 2016 (being the last Business Day prior to this Announcement);

- 41.2 per cent. to the volume-weighted average Closing Price of 485 pence per Energy Assets Share for the one month period ended 15 April 2016 (being the last Business Day prior to this Announcement); and

- 41.6 per cent. to the volume-weighted average Closing Price of 484 pence per Energy Assets Share for the three month period ended 15 April 2016 (being the last Business Day prior to this Announcement).

· The consideration payable under the Acquisition will be funded through a mixture of equity financing provided by the Alinda Funds and debt funding from bank facilities provided to the BidCo Group.

· It is intended that the Acquisition will be implemented by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act (the "Scheme") (or, if BidCo elects, with the consent of the Panel, a Takeover Offer). In order for the Acquisition to become effective, amongst other things, the Scheme must be approved by a majority in number of the Energy Assets Shareholders voting at the Court Meeting, either in person or by proxy, representing at least 75 per cent. in value of the Energy Assets Shares voted. In addition, a special resolution implementing the Scheme must be passed by Energy Assets Shareholders representing at least 75 per cent. of votes cast at the General Meeting.

· The Scheme Document, containing further information about the Acquisition and notices of the Court Meeting and the General Meeting, together with the Forms of Proxy, will be sent to Energy Assets Shareholders as soon as practicable. An expected timetable of principal events will be included in the Scheme Document. The Scheme Document will be made available by BidCo on Alinda's website at www.alinda.com and by Energy Assets on its website at www.energyassets.co.uk.

· The Energy Assets Directors, who have been advised by Numis as to the terms of the Acquisition, consider the terms of the Acquisition to be fair and reasonable. In providing advice to the Energy Assets Directors, Numis has taken into account the commercial assessments of the Energy Assets Directors. Accordingly, the Energy Assets Directors intend to recommend unanimously that Energy Assets Shareholders vote or procure votes in favour of the Scheme at the Court Meeting and the special resolution necessary to implement the Scheme to be proposed at the General Meeting (or, in the event that the Acquisition is implemented by a Takeover Offer, accept or procure acceptance of that Takeover Offer), as the Energy Assets Directors who hold Energy Assets Shares have irrevocably undertaken to do in respect of their own holdings of, in aggregate, 89,233 Energy Assets Shares, representing 0.3 per cent. of the Energy Assets' issued share capital on 15 April 2016 (being the last Business Day prior to the publication of this Announcement).

· BidCo has received irrevocable undertakings to vote or procure votes in favour of the Scheme at the Court Meeting and the resolutions necessary to implement the Scheme to be proposed at the General Meeting (or, in the event that the Acquisition is implemented by a Takeover Offer, accept or procure acceptance of that offer) from:

- Macquarie Investments 2 Limited in respect 5,464,902 Energy Assets Shares, representing approximately 19.5 per cent. of the existing issued share capital of Energy Assets on 15 April 2016 (being the last Business Day prior to the publication of this Announcement);

- Marlborough Fund Managers in respect of 3,327,500 Energy Assets Shares, representing approximately 11.9 per cent. of the existing issued share capital of Energy Assets on 15 April 2016 (being the last Business Day prior to the publication of this Announcement);

- Old Mutual Global Investors in respect of 1,689,102 Energy Assets Shares, representing approximately 6.0 per cent. of the existing issued share capital of Energy Assets on 15 April 2016 (being the last Business Day prior to the publication of this Announcement);

- Alphagen Capital Limited in respect of 1,165,612 Energy Assets Shares, representing approximately 4.2 per cent. of the existing issued share capital of Energy Assets on 15 April 2016 (being the last Business Day prior to the publication of this Announcement); and

- Henderson Global Investors Limited in respect of 750,427 Energy Assets Shares, representing approximately 2.7 per cent. of the existing issued share capital of Energy Assets on 15 April 2016 (being the last Business Day prior to the publication of this Announcement).

· Further details of these irrevocable undertakings are described in paragraph 6 and Appendix III of this Announcement.

· BidCo has therefore received irrevocable undertakings to vote or procure votes in favour of the Scheme at the Court Meeting and the resolutions necessary to implement the Scheme to be proposed at the General Meeting (or, in the event that the Acquisition is implemented by a Takeover Offer, accept or procure acceptance of that Takeover Offer) in respect of 12,486,776 Energy Assets Shares, representing approximately 44.6 per cent. of the existing issued share capital of Energy Assets in issue on 15 April 2016 (being the last Business Day prior to the publication of this Announcement).

· BidCo is an investment vehicle indirectly wholly owned by the Alinda Funds and has been formed for the purposes of making the Acquisition. Alinda Capital Partners is an infrastructure investment firm with US$9 billion of assets under management.

Commenting on the Acquisition, Chris Beale, Managing Partner of Alinda Capital Partners, said:

"Alinda Capital Partners is delighted to announce the recommended acquisition of Energy Assets. Energy Assets is a strong company with a robust business model which we have followed for some time. We are committed to enhancing Energy Assets' position as a leading independent operator during an important phase for the business as it invests in the roll-out of smart meters and to working with its customers, employees and management to continue the success of the Company."

Commenting on the Acquisition, Dr Christopher Masters, Chairman of Energy Assets, said:

"Since the time of the IPO of Energy Assets in March 2012, Energy Assets has successfully executed its strategy of generating high levels of revenue growth, broadening its activities and market reach and increasing profitability. Whilst Energy Assets is well placed to continue to deliver on its stated strategy, the recommended acquisition by BidCo announced today will enable shareholders to crystallise an immediate and certain value in cash. It represents a significant premium to both the recent share price trading levels and the share price at the time of the IPO and avoids exposure to the risks and uncertainties implicit in executing a forward looking strategy. Furthermore, the combination with BidCo represents an exciting opportunity for Energy Assets' clients, employees, partners and other stakeholders to benefit from being a part of Alinda."

This summary should be read in conjunction with the accompanying full text of this Announcement and the appendices to it which set out further details of the Acquisition and which form an integral part of this Announcement. The Acquisition will be subject to the Conditions set out in Appendix I to this Announcement and the full conditions and further terms which will be set out in the Scheme Document.

Appendix II contains further details of the sources of information and bases of certain financial information used in the Announcement. Appendix III contains further details of the irrevocable undertakings received by BidCo. Appendix IV contains the definitions of certain expressions used in this Announcement.

Preliminary Results

RNS


RNS Number : 3745A

Energy Assets Group plc

07 June 2016




For immediate release 7 June 2016



Energy Assets Group plc

("Energy Assets", the "Company" or the "Group")



Preliminary Results for the year ended 31 March 2016



Energy Assets Group plc (LSE: EAS.L), the largest independent provider of industrial and commercial (I&C) gas metering services in the UK1 and a major provider of multi-utility network, metering and data services, is pleased to announce its preliminary results for the year ended 31 March 2016.



Financial highlights



· Total revenue increased by 25% to £45.3m (2015: £36.2m);



· Recurring revenue, generated from the Group's meter and data asset portfolio, increased by 12% to £26.1m (2015: £23.3m) representing 58% of total revenue;



· Revenue from Siteworks activity increased by 49% to £19.2m (2015: £12.9m);



· EBITDA before exceptional items increased by 16% to £22.5m from £19.4m;



· Operating profit before exceptional items increased by 20% to £15.2m from £12.7m;



· Profit before tax and exceptional items increased by 20% to £10.7m (2015: £8.9m). Profit before tax was £10.5m (2015: £9.3m);



· Basic earnings per share increased by 11% to 30.36p (2015: 27.30p);



· Cash generated from operations increased by 8% to £21.1m (2015: £19.5m);



· In November 2015, the Group announced a £10m increase to its current facility with Lombard, the asset finance division of The Royal Bank of Scotland Group, taking total facilities from the Group's three main funding partners to £110m. Additionally, a two year extension of the Group's £35m Bank of Scotland facility was also agreed in November 2015;



· Available facilities at 31 March 2016 were £29.5m and cash at bank was £6.7m.



Operational highlights



· The Group's owned and managed meter and data asset portfolio has increased by 23% in the year to circa 450,000 assets (2015: circa 365,000) with all existing major contracts across gas and electricity contributing to this growth;



· The Company acquired Blyth Utilities Limited (Blyth), a Multi-Utility Infrastructure Provider, on 9 December 2015. Integration is progressing well;



· Since acquisition, Blyth has successfully secured a new £6m contract with East Lothian Developments Ltd (ELDL) to provide utility networks for a new development in East Lothian. This is testimony to the expertise and uniquely differentiated offering within our expanded business;



· The three new businesses acquired in the previous financial year, Bglobal Metering, Origin and SA Gas, are now fully integrated into the Group and are performing well under Energy Assets management. Performance in the 2015/16 financial year was as expected and the Board is pleased with the progress of each of these businesses;



· Energy Assets was appointed as a preferred supplier to Crown Gas and Power (Crown), the gas supply division of Crown Oil Ltd, in December 2015. The appointment, for the provision of advanced gas metering technology and data services solutions, was made due to Energy Assets reputation for delivering a high quality service offering.



1 By number of meters owned and managed



Corporate developments



On 18 April 2016, the Boards of Energy Assets and Euston BidCo Ltd (BidCo) announced that they had reached agreement on the terms of a recommended cash acquisition by BidCo, a newly established company indirectly wholly owned by the Alinda Funds, which are controlled and managed by Alinda, of the entire issued and to be issued share capital of Energy Assets.



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.



Further information on the proposed acquisition, which has been unanimously recommended by the Energy Assets Board, and its current status can be found on the Energy Assets website.



Chief Executive's comment



Commenting on today's announcement, Chief Executive Phil Bellamy-Lee said:



"The financial year to 31 March 2016 has been very successful for Energy Assets incorporating good organic growth across our asset portfolio and Siteworks business from strong trading activity and new contract wins.



We were delighted to welcome Blyth into the Energy Assets Group in December 2015. This acquisition represents another step in our continuing growth strategy and has allowed us to expand our services to become a fully accredited multi-utility infrastructure provider in the commercial area. The acquisition has also enabled us to extend our utility networks offering to businesses within the UK house building sector at a very exciting time following recent government announcements that investment in the housing sector is set to double to support home ownership.



The addition of Crown to our customer portfolio and the confidence they have shown in the capabilities and technology that the Energy Assets Group can offer is testament to the hard work and focus of our operational team. The relationship is progressing well as we continue to deliver a level of service which matches their expectations.



We continue to enjoy good relationships with all of our banking partners who have expressed a keen interest to continue working with the Group. We are confident that these relationships will provide sufficient funding to facilitate our future growth plans as we work towards being the supplier of choice for customers within the UK I&C utilities sector and the largest independent provider of I&C energy metering services in the UK.



The new financial year has started well, all segments continue to grow and we are on track to deliver another year of strong operating and financial performance."