Inspirit Energy Holdings PLC Conditional Placing and Notice of GM (0065O)
August 15 2017 - 2:45AM
UK Regulatory
TIDMINSP
RNS Number : 0065O
Inspirit Energy Holdings PLC
15 August 2017
15 August 2017
Inspirit Energy Holdings Plc
("Inspirit" or "the Company")
Conditional Placing, GM Notice & TVR
Inspirit Energy Holdings plc, the AIM listed developer of micro
Combined Heat and Power (microCHP) boilers, is pleased to announce
a placing (the "Placing") of 208,333,334 new Ordinary Shares of
0.1p each (the "Ordinary Shares") at a price of 0.12p per Ordinary
Share (the "Placing Price") together with a proposed Director's
subscription of 41,666,666 Ordinary Shares (the "Director's
Subscription) on the same terms as the Placing thereby raising in
aggregate gross proceeds of GBP300,000. Both the Placing and
potential Director's Subscription are conditional on Shareholder
approval; such approval will be sought at a General Meeting
scheduled for 11.00am on 6 September 2017 at the offices of
Inspirit Energy Holdings Plc, 2nd Floor 2 London Wall Buildings
London EC2M 5PP (the "General Meeting").
The funds raised are expected to allow the Company to finalise
the accreditation process, accelerate the 'design for manufacture'
process and provide working capital for the Company's continuing
development.
Details of the Placing and proposed Director's Subscription
The Company advises that one director of the Company, namely
John Gunn, intends to subscribe for a total of 41,666,666 Ordinary
Shares on the same terms (the "Director's Shares") for a sum of
GBP50,000 following the announcement of the Placing. John Gunn is
currently interested in 34.0% of the Company's issued share
capital; on completion of the Placing and Director's Subscription
it is expected that his interest in the Company will be 31.0%.
Application is being made for the 208,333,334 Placing Shares
(the "Placing Shares") and 41,666,666 Director's Shares, to be
admitted to trading on AIM ("Admission"), such Admission is
expected to occur, subject to approval at the General Meeting, on
or around 7 September 2017.
On Admission the Placing Shares and Director's Shares will rank
pari passu in all respects with the existing ordinary shares of the
Company, including the right to receive all dividends and other
distributions declared after the date of their issue.
Following Admission of the Placing Shares and Director's Shares,
the Company will then have 1,420,806,857 Ordinary Shares in issue
with voting rights and admitted to trading on AIM. This figure may
then be used by shareholders in the Company as the denominator for
the calculation by which they will determine if they are required
to notify their interest in, or a change to their interest in, the
share capital of the Company under the Financial Conduct
Authority's Disclosure and Transparency Rules.
A further announcement will be made once John Gunn's
participation in the Placing has been completed.
As set out above, the Company has today posted the Notice of
General Meeting to Shareholder and a copy is available on the
Company's website. The General Meeting has been convened to seek
Shareholder approval to increase the Company's ability to issue new
Ordinary Shares and will, if approved, allow the Placing and
proposed Director's Subscription to proceed.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
More information on Inspirit Energy can be seen at:
www.inspirit-energy.com
Contacts:
Inspirit Energy Holdings
plc
John Gunn, Chairman
and CEO +44 (0) 207 048 9400
Beaumont Cornish Limited
www.beaumontcornish.com
(Nominated Advisor)
Roland Cornish / James
Biddle +44 (0) 207 628 3396
Peterhouse Corporate
Finance
(Joint Broker)
Lucy Williams / Duncan
Vasey +44 (0) 207 469 0930
SVS Securities Plc
(Joint Broker)
Tom Curran +44 (0) 203 700 0093
About Inspirit Energy Holdings Plc
Inspirit Energy Holdings plc, is developing and commercialising
a highly efficient micro combined heat and power (mCHP) boiler for
commercial applications. The boiler is specifically designed to
meet the challenge of a reduced carbon energy supply and is capable
of running on natural gas, LPG and Bio Fuels. The appliance
produces hot water (for tap water or central heating) and
electrical output simultaneously. The installation can be of single
or multiple configuration and its high operating efficiency
together with the off-set of electricity costs provides a very
attractive investment payback proposition.
Inspirit intends to explore opportunities to license out the
underlying technology and the Directors believe that, in some
instances, the patents owned by Inspirit may be also used in the
development of products other than a mCHP appliance. A prototype of
the appliance has been independently tested and shown to be capable
of simultaneous generation of up to 15kW thermal and up to 3kW
electrical output. Once development of the appliance has been
completed and commercialised, the Directors expect that the
appliance will initially be marketed in the UK and Europe and
eventually worldwide. Additional revenue streams may be possible
through product licensing, sales of warranties and further
development of the product.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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