By Adam Whittaker
Pod Point Group recommended shareholders accept a cash offer from Electricite de France for the shares the energy company doesn't already own, while it said earnings for 2024 were hit by weaker car sales.
The London-listed electric-vehicle charging company said Thursday that it has agreed on terms with majority shareholder EDF on the acquisition of the roughly 47% of shares the French energy company doesn't own. Pod Point's Board unanimously recommends that shareholders vote in favor of the offer, it said.
Under the deal, first announced in April, Pod Point shareholders would receive 6.5 pence a share in cash. The deal values Pod Point at approximately 10.6 million pounds ($14.4 million) and represents a roughly 24% premium to the share's closing price the day before the offer was made.
The recommendation to shareholders came as the company said earnings in 2024 were hit by weaker private car sales and challenges associated with electric-vehicle infrastructure.
Pod Point's pretax loss widened marginally to 84.5 million pounds in 2024 from 83.2 million pounds the year before. Revenue fell 17% to 52.9 million pounds as weaker car sales dragged on its home charging business.
Its adjusted loss before interest, taxes, depreciation and amortization widened 20.7 million pounds from a 15.3 million-pound loss, and included a 4.4 million-pound bad debt charge, the company said.
Write to Adam Whittaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
June 12, 2025 02:49 ET (06:49 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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