Inspired PLC Issue of Equity (6890A)

TIDMINSE

RNS Number : 6890A

Inspired PLC

25 May 2023

25 May 2023

Inspired PLC

("Inspired" or the "Company" or the "Group")

Issue of Equity

Inspired (AIM: INSE), a leading technology enabled service provider supporting businesses in their drive to net-zero and controlling energy costs, announces the issue of 25,641,026 ordinary shares of 0.125p in the Company ("Contingent Consideration Shares") pursuant to the share purchase agreement dated 9 July 2020 (the "SPA") between the Company and vendors of Ignite Energy LTD ("Ignite") being Benjamin Higgins, David Higgins, Vanessa Higgins and Ethan Higgins (the "Vendors").

The Company confirmed on 22 May 2023 that in respect of FY22 EBITDA performance, GBP2.6 million in contingent consideration shares was due to the Vendors, which is now being settled by the issue of the Contingent Consideration Shares at a price of 10.14p per New Ordinary Share , being the average mid-market closing price of the Company's shares for the five days prior to 30 March 2023, as per the terms of the SPA.

The Contingent Consideration Shares will be issued between the Vendors as follows:

 
 Vendor                     Number of Contingent 
                             Consideration 
                             Shares 
 Benjamin Higgins           11,751,282 
                           --------------------- 
 David Higgins & Vanessa 
  Higgins                   11,751,282 
                           --------------------- 
 Ethan Higgins              2,138,462 
                           --------------------- 
 

The Contingent Consideration Shares are expected to be admitted to trading on AIM on 30 May 2023.

Following this admission, the Group's share capital and total voting rights will comprise 1,004,587,795 ordinary shares of 0.125p each and the Group does not hold any shares in treasury. Consequently, 1,004,587,795 is the figure which may be used by shareholders 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, Inspired under the FCA's Disclosure and Transparency Rules.

Enquiries please contact:

 
Inspired PLC                                 www.inspiredplc.co.uk 
 Mark Dickinson, Chief Executive Officer      [phone] 
 Paul Connor, Chief Financial Officer 
 David Cockshott, Chief Commercial Officer 
Shore Capital (Nominated Adviser and 
 Joint Broker) 
 Patrick Castle 
 James Thomas 
 Rachel Goldstein                             [phone] 
Liberum (Joint Broker) 
 Edward Mansfield 
 Will Hall                                   [phone] 
Alma PR                                      [phone] 
 Justine James                                [e-mail] 
 Hannah Campbell 
 Will Ellis Hancock 
 

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May 25, 2023 08:00 ET (12:00 GMT)