Bayford & Co Reaches 17.04% of Voting Rights in eEnergy After October Fundraising
Key Facts
eEnergy Group reported that Bayford & Co had reached the 17.04% threshold in the company’s voting rights on October 26, 2026, according to a regulatory notice issued on October 27. The disclosed holding represents 535,366,666 direct voting rights attached to ordinary shares. The notice classifies the reason for notification as “acquisition or disposal of voting rights.” It names Jonathan Turner as the ultimate controlling person of Bayford & Co in relation to the reported holding. The disclosure sets out the position upon reaching the threshold, without providing a prior position against which to measure the change.
The disclosure follows the company’s general meeting on October 23, which approved all proposed resolutions, allowing new shares to be allotted as part of a fundraising that raised gross proceeds of about £8.3 million. eEnergy said the total number of ordinary shares after the new shares were admitted would be 3,142,246,243, with one voting right per share. The holding notice used that total as the basis for calculating the percentage of voting rights. The sequence of disclosures thus links the expanded share count after the fundraising to the basis used to calculate Bayford & Co’s percentage. The holding notice gives no details of financial instruments conferring additional voting rights.
In its fundraising announcement, eEnergy said the proceeds were necessary to stabilise its short-term working capital position, normalise creditor payments and fund growth opportunities. In an update issued on October 2, the company reported first-half fiscal 2026 revenue of £21.8 million, compared with £10.1 million in the same period a year earlier. Adjusted EBITDA also rose to £1.2 million from £0.5 million. These figures put the fundraising announcement in the context of revenue growth and improved adjusted operating earnings, alongside the company’s stated need to support liquidity and creditor payments.
In the fundraising announcement, the board forecast fiscal 2026 revenue of about £32 million and adjusted EBITDA of about £1.7 million. For fiscal 2027, eEnergy forecast revenue of more than £25 million and adjusted earnings of at least £2.5 million. The company said its DofE Retrofit and Renewal programme could add about £8 million in annual revenue over 3 years starting in fiscal 2027, if it wins the tender. Those potential revenues remain contingent on the tender outcome, according to the company. The voting-rights disclosure did not link Bayford & Co’s holding to the performance forecasts or the growth opportunities cited.
In trading, eEnergy shares closed at £0.31 on October 26, up 8.77% during the session, according to Investing.com data. The session fell on the day the new shares were admitted, based on information available in disclosures related to the fundraising. The move records the share’s performance that day, while the voting-rights disclosure does not identify the reason for the price movement or any connection to the reported holding. Confirmed information about the holding remains limited to the percentage of voting rights, the number of direct rights and the date the threshold was reached. The company’s subsequent operating figures concern forecasts for fiscal 2026 and fiscal 2027, and the tender that could support revenue from fiscal 2027.