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BISHOP FLEMING ADVISES GOOD ENERGY GROUP ON £1m SHARE OFFER

Good Energy Group plc, owner of 100 per cent renewable electricity supplier Good Energy Ltd., has raised over £1 million in its latest public share offer.

The Good Energy Group, formerly the Monkton Group, raised the cash on the PLUS market, previously called Ofex.

Established in 1999, the Chippenham-based company employs 50 people and supplies 100 per cent renewable electricity to over 23,500 homes and businesses throughout the UK. The energy is sourced from wind, small-scale hydro and solar power.

The Good Energy Group has grown quickly. It acquired Windelectric Ltd. In 2002, which operates Delabole wind farm in Cornwall and in 2004 it invested in Dorset-based company Powertech, a solar thermal panel producer.

The company made its first share offer in 2002, a second in 2004 and the latest in December 2007. A total of £2.7 million has been raised, with shareholders numbering 1,700 – most of them Good Energy customers.

The group intends to use the cash towards the installation of new wind turbines at Delabole, trebling energy production there. The cash will also help to develop a new retail website that delivers low carbon products.

“Initially we grew organically,” states Jon Fairchild, Good Energy Group Financial Director, “then in 2002 we decided the time was right to give our customers a vehicle through which they could invest in the company.

“Our first share offer raised around £600,000 and our second in 2004 raised a further £1million with much of the investment coming from our growing customer base.

”We realised we needed a transparent means of providing information to customers and to provide liquidity. Getting listed on Plus was the obvious choice and Jonathan Williams, corporate finance partner at Bishop Fleming, guided us expertly through the process then, and has now done the same during our latest share offering.”

Jonathan Williams added: “I was delighted with the results of the share offer. The company has grown significantly in the last year or so, and this latest fundraising leaves it well-placed for its next stage of growth.”

Fellow Bristol-based professional, Simon Staples of Veale Wasbrough, provided legal advice to Bishop Fleming during the latest share offer while Simon Thomas of Clarke Willmott acted on behalf of Good Energy. 

ENDS             21st January 2008

For further information please contact Neil Fraser, Sturgess Van Damme, on 01275 349011 or email neil@sturgessvandamme.co.uk 

 

Notes to Editors

 The 2002 share offer raised £600,000. This was reinvested in the company enabling it to buy Delabole Wind Farm, to invest in marketing for the first time and to acquire an independent licence to trade under. 

Good Energy Group PLC operates in the Renewable Electricity market. It is the holding company of Good Energy Ltd. and of Good Energy Generation Ltd.

Electricity sold to customers by Good Energy is matched 100 per cent (over 12 month periods) by purchases from wholly renewable sources including wind power, sun and naturally falling water. The Company submits itself to audit verification by a Top 10 firm of Chartered Accountants to give customers the assurance that such is the case.

Good Energy Ltd. has over 23,500 customers including business customers, is regulated by OFGEM and has a Supply Licence to operate in England, Wales and Scotland. Good Energy Ltd. also operates a home renewable electricity generation scheme where the company undertakes to buy the output from small-scale renewable generation plants installed on private premises.

Good Energy Generation Ltd. is the Group‘s acquisition vehicle for renewable generation assets. It acquired a 4MW wind farm in 2002 which supplies part of Good Energy‘s needs. More acquisitions are being sought to support Good Energy‘s growth.

The Group is based in Chippenham, Wiltshire, and commenced operations in 1999. In July 2004, prior to its introduction to PLUS-quoted, Good Energy Group PLC completed its second public offer of shares, which raised GBP 1,028,225 of new funds. It has around 1,700 shareholders, nearly all of whom are Good Energy customers.

The Directors take responsibility for this announcement.