EDF Energy plans to make an offer for the entire share capital of struggling listed electric vehicle charging firm Pod Point.
The energy giant currently owns 53% of shares in Pod Point Group Holdings PLC.
The offer, if made, will be for 6.5p per share. Its current share price is 6p, giving it a market cap of £9.4m.
Its share price peaked around 275p not long after its IPO in 2021. It has dropped 58% so far this year and 75% in the last 12 months.
In January, Pod Point announced that it expected adjusted EBITDA loss to be in line with guidance of around £14m. However, last week it said it had uncovered bad debts linked to the period from 2020 to 2024, with adjusted EBITDA loss therefore climbing to around £22m.
The group said it had looked at a range of alternative refinancing options but that the possible EDF offer represented the best option for its shareholders, creditors and other stakeholders.
EDF has confirmed it has completed outside-in due diligence, has a clear understanding of Pod Point’s business and requires only limited confirmatory diligence to proceed to an announcement of a firm intention to make an offer, according to Pod Point.
“As a result of the non-binding proposal from EDF, the board is considering the potential impacts on its FY24 results, and expects that it will now not be in a position to publish its audited FY24 results by 30th April 2025,” Pod Point stated in a notice to the London Stock Exchange.
“As a result, the company expects that its shares will be suspended from listing and trading from 1st May 2025 and anticipates that the suspension will be lifted once the audit is completed and the FY24 annual report and accounts are published.”