- Inspired Energy said it would recommence dividend payments and raise £30m through the placing of shares to boost its balance sheet and fund the 60% remaining stake in Ignite Energy it did not already own for up £19m.

This fundraising will secure the company's ability to respond quickly to, and execute, other acquisition opportunities which we believe are likely to emerge over the coming months and would add incremental capability to our growing platform,' the company said.

Under the acquisition agreement, the company agreed to pay an initial £11m, with a further contingent consideration of up to a maximum of £19.0m, subject earn-out provisions.

The company also provided an update performance.

Second-quarter revenue decreased by 9% and adjusted earnings (EBITDA) by 49% on-year, reflecting the impact of Covid-19 outbreak on customer activity and energy usage.

The company also said it would recommence payment of dividends, with an interim dividend expected to be declared when it released H1 2020 in September 2020.

At 9:37am: [LON:INSE] Inspired Energy PLC share price was -1.15p at 16p

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