Pod Point fails to spark as EDF seals cut-price takeover

Pod Point's three-and-a-half twelvemonth travel arsenic a nationalist institution volition adjacent an ignominious extremity connected Thursday erstwhile it recommends a cut-price takeover by EDF, the French state-backed utility.

Sky News has learnt that Pod Point - which present trades conscionable arsenic Pod - is expected to contented a connection saying that its committee has fallen successful down the 6.5p-a-share connection from EDF, which volition worth the institution astatine lone astir £10m.

The proposal volition extremity a calamitous tally for Pod Point's stock, which has suffered amid shifts successful electrical conveyance take-up.

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It operates thousands of EV charging points crossed the country, including galore located successful Tesco store car parks.

The institution floated its shares astatine 225p successful November 2021, valuing it astatine astir £350m, meaning that investors who person remained connected its stock registry since past are nursing immense losses.

Erik Fairbairn, Pod Point's laminitis and then-chief executive, invested millions of pounds of his ain wealth successful its archetypal nationalist offering.

One starring Pod Point capitalist called the determination to urge the connection "inevitable but disappointing" fixed that EDF already owns a 53% involvement successful the business.

EDF acquired a bulk involvement successful Pod Point successful 2020, done a associated task with Legal & General Capital.

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L&G's plus absorption arm, on with different large City institutions specified arsenic Schroders, stay important shareholders successful the company.

A Pod Point Group Holdings spokesperson declined to remark connected Wednesday evening.