Flowgroup to focus on accelerating Flow Energy growth
Source - SMW
Flowgroup has announced the successful re-capitalisation of the company and said the focus now would be on continuing to develop and grow Flow Energy, the group's residential gas and electricity supply business.
The company said that on 14 June it completed a financing which raised, net of expenses, £25.34m.
It said the gross fundraising consisted of a £9.50m placing, £0.63m from the primary bid offer, £0.89m from the open offer, and £15.50m convertible unsecured loan notes.
Group chief executive Tony Stiff said: "Flow Energy is well placed to deliver significant revenue and customer growth as we build upon the firm foundation of our substantial retail platform.
"The newly simplified business structure and re-capitalisation set the stage for management to intensely focus on our core energy business where we believe high returns on invested capital are achievable.
"We are committed to growing Flow Energy and building shareholder value.
"We look forward to updating shareholders on our progress."
At 8:03am: (LON:FLOW) Flowgroup share price was 0p at 0.92p