Shore Capital is pleased to have acted as Nomad and Joint Broker to EARNZ plc on its acquisitions of Cosgrove & Drew Ltd and South West Heating Services Ltd, and its associated £2.05m placing, all conditional on shareholder approval. The acquisitions constitute a reverse takeover pursuant to AIM Rule 14.

Both businesses operate in the energy services sector and the proceeds from the placing will be used to satisfy the cash consideration payable for the acquisitions and to provide working capital for the enlarged group.

Cosgrove & Drew Ltd is an award-winning asset and energy support services company which focuses on two key services: (i) major projects, for mainly commercial sites within the public sector; and (ii) facilities management, providing maintenance, compliance or reactive services of client facilities for heating and plumbing.

South West Heating Services Ltd provides heating and installation maintenance services largely for domestic insurance claims, while also offering its services directly to domestic households.

We look forward to continuing to support EARNZ plc in executing its strategy to build a leading energy services business.