Inspirit Energy Holdings PLC Conditional Placing and Notice of GM (0065O)

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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                    [phone] 
 Beaumont Cornish Limited 
  www.beaumontcornish.com 
  (Nominated Advisor) 
 Roland Cornish / James 
  Biddle                     [phone] 
 Peterhouse Corporate 
  Finance 
  (Joint Broker) 
 Lucy Williams / Duncan 
  Vasey                      [phone] 
 SVS Securities Plc 
  (Joint Broker) 
  Tom Curran                  [phone] 
 
 

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

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August 15, 2017 02:45 ET (06:45 GMT)