Good Energy’s potential UAE buyer gets another one-month extension

A company with links to the United Arab Emirates’ royals has been given another month to decide whether to make a takeover bid for Good Energy.

Dubai-based Esyasoft told bosses at Good Energy that it is weighing an offer in late October.

The British firm, which supplies electricity to UK homes and businesses, described as an “unsolicited” advance.

It had been given a so-called Pusu deadline of December 23, but the offer has not yet materialised.

That deadline has now been pushed back until January 20, giving Esyasoft another four weeks of leeway.

Pusu stands for “put up or shut up”, and is used by companies to make a potential buyer decide whether they are going to make an offer or not.

Esyasoft describes itself as a leader in “smart grid” technology.

It says it uses artificial intelligence and other data-based tech to modernise the power grid.

Previous stock exchange filings indicate it is controlled by the Abu Dhabi International Holding Company (IHC).

The Abu Dhabi IHC’s chairman is Sheikh Tahnoun bin Zayed Al Nahyan, the son of the UAE’s founder and part of the Abu Dhabi ruling dynasty.

Good Energy was incorporated under its current name in 2003, and now has about 275,000 customers across the UK.

It is not one of the so-called Big Six major power suppliers, but directors were included in industry-wide talks with Labour’s energy consumers minister Miatta Fahnbulleh at the end of August about how firms can support bill payers.

Good Energy’s board said in October that it was “evaluating” the potential approach.

It reiterated on Monday that there was “no certainty” that an offer will ultimately be made.