Pod Level fails to spark as EDF seals cut-price takeover

Pod Level’s three-and-a-half 12 months journey as a public firm will close to an ignominious finish on Thursday when it recommends a cut-price takeover by EDF, the French state-backed utility.

Sky Information has learnt that Pod Level – which now trades simply as Pod – is predicted to subject an announcement saying that its board has fallen in behind the 6.5p-a-share supply from EDF, which can worth the corporate at solely about £10m.

The advice will finish a calamitous run for Pod Level’s inventory, which has suffered amid shifts in electrical automobile take-up.

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The corporate floated its shares at 225p in November 2021, valuing it at about £350m, that means that buyers who’ve remained on its share register since then are nursing big losses.

Erik Fairbairn, Pod Level’s founder and then-chief govt, invested thousands and thousands of kilos of his personal cash in its preliminary public providing.

One main Pod Level investor referred to as the choice to suggest the supply “inevitable however disappointing” provided that EDF already owns a 53% stake within the enterprise.

EDF acquired a majority stake in Pod Level in 2020, by means of a three way partnership with Authorized & Normal Capital.

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L&G’s asset administration arm, together with different main Metropolis establishments equivalent to Schroders, stay vital shareholders within the firm.

A Pod Level Group Holdings spokesman declined to touch upon Wednesday night.