eaga plc begins trading on London Stock Exchange
Initial Market capitalization of GBP453m at a placing price of
181 pence per share
VANCOUVER, June 11 /CNW/ - One of Western Canada's leading residential
energy efficiency providers Homeworks Services Inc. (Homeworks) has announced
that eaga plc (eaga), Homeworks' parent company, commenced trading at 8:00 am
Thursday June 7, 2007 on the Main Market of the London Stock Exchange under
the EPIC code "EAGA".
"Homeworks' mission is to be the market leader in upgrading the
operations of our customers' homes by making them more comfortable, healthy
and energy efficient. Our ability to realize this mission is enhanced by eaga
now being a publicly traded company," commented Homeworks President and CEO,
Rob Dean. He added "With all our employees as partners in the business, I am
very confident that Homeworks will be seen as the company that exceeds
customer expectations and improved the reputation of contractors."
Trading over the first three days peaked at 236p with a close on Monday
of 228.50p. In Canadian dollars at Friday's exchange rates the market
valuation has increased by more than 20% over these 3 days from approximately
$953,895,690 Cdn to $1,194,976,867 Cdn.
Brewin Dolphin acted as Sponsor and Broker in relation to the Placing and
- Brewin Dolphin, the Company's broker, placed approximately 105 million
ordinary shares raising approximately GBP190 million before expenses
on behalf of the Selling Shareholders and also placed approximately
16.6 million ordinary shares raising GBP30 million before expenses for
- The shares have been placed with a wide range of institutional and
professional investors in the United Kingdom having been
oversubscribed at the higher end of expectations;
- The Company has a market capitalization of approximately GBP453
million based on the placing price;
- eaga will be included in the Business Support Services sector and has
an EPIC code of EAGA;
- prior to listing eaga was employee owned, following admission the
employees, including Homeworks employees, will continue to hold in
aggregate 51% of the current issued share capital of eaga; and
- The Placing has raised approximately GBP30m before expenses, for the
Company which will be utilized to support the further growth of the
Commenting on the flotation, John Clough, Chief Executive Officer of
"We are delighted to announce our successful Admission to the Official
List and to trading on the Main Market of the London Stock Exchange today. We
were keen to communicate the eaga story to our investors and are extremely
pleased to have received such strong support and establish a high quality
shareholder base. Going public will help us to achieve our corporate and
social objectives and we look forward to life as a listed company and to being
able to take advantage of the many growth opportunities open to us."
This news builds on the momentum Homeworks has gained through 2007
acquisitions of Victoria heating and fireplace specialist Ark Solar and the
acquisition of SOLACE Energy of Burnaby and Port Moody.
eaga's international strategy is to be a leader in providing solutions to
environmental, energy efficiency and social challenges. eaga is already a UK
market leader in residential energy efficiency and an emerging force in
addressing the climate change agenda in Canada through Homeworks and in the
Homeworks, Ark Solar and SOLACE employees are partners in eaga along with
other eaga employees. Homeworks celebrates its 10th Anniversary this year.
Operating from offices in Vancouver, Mississauga and Edmonton it has become an
industry leader in making Canadian homes better places to live.
Homeworks upgrades windows, doors, heating, cooling, insulation and
ventilation in older homes in BC and Edmonton as well as providing Homeworks
Financing for home upgrades through merchants across Canada. SOLACE and Ark
Solar are also market leaders in providing leading edge heating and air
management solutions including geothermal in the new home sector. Formerly
Terasen Homeworks, Homeworks is now an employee-owned company.
For more information about Homeworks Services Inc. SOLACE Energy or Eaga
visit www.homeworks.ca and www.hwfin.ca, www.solaceenergy.com or www.eaga.com.
Notes to Editors:
- The Homeworks energy efficiency program was founded by BC Gas in 1997.
- Homeworks is proud to have reduced over 40,000 cumulative tonnes of
greenhouse gas emissions from homes it has improved - the equivalent
of saving 17 million litres of gasoline from being burned.
- Eaga, the UK's largest residential energy efficiency provider had a
turnover of GBP354 million last year, with an operating profit of
- Eaga purchased the majority of Homeworks shares from Terasen in 2003.
- Homeworks employees became co-owners of UK parent company Eaga in 2006
with 3000 co-owners currently across Canada, the UK, the Republic of
Ireland and India.
For further information:
For further information: Reference: Bret Conkin, VP Marketing & Business
Services, Homeworks Services, Suite 330, 321 Water St., Vancouver BC V6B 1B8,
Phone: (604) 697-5700, Fax: (604) 697-5701, firstname.lastname@example.org; eaga plc,
www.eaga.com, James Grugeon, Director of Corporate Affairs, 0191 350 6351