Staff and directors at energy management specialists Utilitywise are in for a £30m payout after selling off up to 10 million shares as part of an incentive scheme.
The South Shields based business, which employs around 800 staff including 640 in the North East, has run a Long Term Incentive Plan, which has now matured.
As a result, the firm said certain directors and employees and a former director, intend to sell up to 10,350,525 ordinary shares of 0.1p in the company.
With a share price of 290.87p in early trading yesterday, that placing would deliver a £30m return.
The company said: “The completion of the placing and the resulting directors shareholdings will be announced as soon as practicable.”
The announcement on the AIM stock exchange came as it emerged the British Chambers of Commerce (BCC) and Utilitywise have agreed to partner on a pilot programme in response to business concerns over volatile energy prices.
The new partnership will offer energy and water efficiency benefits to thousands of business members from the Accredited Chambers of Commerce participating in the pilot programme.
Under the Chamber Energy Solutions brand, the BCC and Utilitywise will work with participating Chambers of Commerce to deliver a wide range of energy and water reduction solutions to companies.
Karina Knudsen, business development director at the BCC said: “UK companies are under pressure to keep costs down and meet carbon emission targets. This partnership will give members of participating Chambers the option to receive energy consultation and services at a discount, which has the potential to improve their competitiveness and their environmental credentials.”
Geoff Thompson, chief executive of Utilitywise, said: “This major new partnership with the British Chambers of Commerce has the potential to stretch across the UK, helping businesses of all sizes and in different industries. Companies that control their energy use can become more competitive than their rivals. This is especially true in today’s economic climate where energy remains a major and increasing cost.”
It recently appointed a new commercial director in Jon Kempster