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APC acquires EEVS Insight Limited

APC Technology Group has completed the acquisition of Energy Efficiency Verification Specialists, EEVS Insight Ltd, a provider of performance analysis and verification services for any sustainability project, product, service or investment in the Energy efficiency space.

The Acquisition is in line with APC’s stated strategy of investing in technologies, products, services, and the teams required deliver them.
 
EEVS is one of the UK's foremost independent providers of performance information for the UK energy efficiency industry. The EEVS team is composed of expert energy analysts and industry specialists with a thorough understanding of how energy and resource efficiency projects affect a building's performance and behaviour. It employs a number of certified measurement and verification professionals and qualified practitioners in International Performance Measurement and Verification Protocol, the leading standard for evaluating energy and resource efficiency project performance.
 
For the 12-month period ended 31 March 2015, EEVS recorded revenues of GBP546,774, a loss before taxation of GBP59,109 and had net assets of GBP111,783.
 
APC will maintain the EEVS brand which has gained a strong reputation in the UK through offering independent energy efficiency evaluation services to the public sector, SMEs and corporates. The services provided by EEVS enable procurement decisions to be based on hard evidence gathered and presented using internationally recognised processes and the Group  believes that it will benefit from the increased confidence it can give organisations who are interested in investing in low energy lighting and other energy efficiency related projects, services and products. The Group also believes it will benefit from the on-going research partnership which has been developed between EEVS, Bloomberg New Energy Finance and the UK Green Investment Bank. This partnership delivers “Energy Efficiency Trends” which has fast become the sector’s leading source of market intelligence in the UK.
 
The consideration payable in respect of the EEVS Acquisition (Consideration) will be GBP164,461 to be satisfied by the issue of 986,273 new ordinary shares of 2 pence each in APC (“Consideration Shares”), based on the average of the middle market quotations for an ordinary share of the Buyer as shown by the daily Official List on AIM for each of the five Business Days immediately preceding the completion date of 16.675 pence. Completion of the Acquisition is conditional on Admission taking place. The Consideration Shares are expected to be admitted to trading on the AIM market of the London Stock Exchange at 8.00 am on 31 July 2015 (Admission). The Consideration Shares will rank pari passu with the existing ordinary shares of 2 pence each Ordinary shares in issue.
 

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