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Pulse In Fundraising Drive To Support Tremendous Growth

Fuseworks Media
Fuseworks Media

Pulse Utilities, New Zealand's fastest growing independent electricity retailer and smart meter specialist today announced it is conducting a Share Purchase Plan (SPP) in order to support the outstanding rate of growth it continues to achieve.

Shareholders will be given the opportunity to purchase up to $15,000 of ordinary shares at the issue price of $0.44 per share. The Share Purchase Plan will be capped at approximately $3.3 million, with a Top-Up Offer being open to Eligible Persons for any shares that make up a shortfall from the SPP.

Having experienced tremendous growth in the first half of this year, the company now has 11,000 retail electricity customers and is gaining approximately 350 new customers per week. Says CEO Dene Biddlecombe, "we know that what we're doing is working, consumers want more competition in the market and the lower electricity prices that brings."

Pulse has refined its business model and market approach with excellent results. The company has recently launched its no-frills, cut price power brand Just Energy, with initial figures showing even stronger growth than that experienced by the existing Pulse Energy brand. Says Biddlecombe, "seizing opportunities and keeping costs down is the key to our growth."

In addition, Pulse is set to benefit from increasing support for retail competition. Recommendations arising from the Ministerial Review of Electricity Market Performance will improve Pulse's ability to compete through shorter switching times and greater hedge market liquidity.

Capital raised under the SPP will be used to fund the next phase of Pulse's development. This includes supporting the continued acquisition of customers and accelerating plans for the rollout of the Pulse X5 Smart Meter.

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