Pod Point shares to be temporarily suspended as EDF steps in
Shares in one of the UK’s largest EV chargepoint companies are to be temporarily suspended as its French majority shareholder steps in to takeover the entire business.
Struggling Pod Point said on Thursday it had received conditional proposal from EDF Energy, currently a 53 per cent shareholder, for its entire share capital.
The non-binding offer, valued at 6.5p per share, means Pod Point will now not be in a position to publish its audited full-year results by 30 April, the firm said in a statement to markets.
Shares will therefore be suspended from listing and trading from 1 May until a fresh audit is completed.
Pod Point also said on Thursday it was in need of “substantial new capital” in order to execute its EV chargepoint delivery strategy and would consider an equity raise or debt or asset back financing.
But its board currently views EDF’s proposition as the “better option” for shareholders, creditors and other stakeholders.
The announcement is the latest signal of the challenges facing many start-up EV charging companies, which have struggled to manage costs amid a rapid scale-up of demand as consumers switch to electric cars.
Pod Point, one of the UK’s most popular chargepoint operators, issued a dire profit warning in January.
The company listed in 2021 and its share price topped out shortly after at around 275p. It has fallen 75 per cent in the last 12 months.
Annual pre-tax earnings (EBITDA) are expected to come in at a loss of around £14m in 2025.
EDF must still announce a firm intention to make an offer for Pod Point and the group stressed there can be “no certainty” it will happen, even if all pre-conditions are satisfied.