ENERGY Assets, the Livingston-based smart meter specialist, announced that a court meeting due today to approve its £198 million takeover had been adjourned – but would be rescheduled.
The company reconfirmed its unanimous recommendation that shareholders vote in favour of its acquisition by funds run by US private equity firm Alinda Capital Partners.
The meeting postponement follows an intervention by two US hedge funds and two European family wealth offices that Alinda’s 685p per share takeover undervalued the business.
In response to a request from these shareholders – who hold a combined 22.6 per cent stake in the business – Energy Assets subsequently issued a trading update based on unaudited management accounts.
“The company will notify shareholders in due course as to the times and dates on which the meetings as so adjourned will now be held,” Energy Assets said.
Almost 45 per cent of shareholders supported Alinda’s original offer.
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