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Share Name Share Symbol Market Type Share ISIN Share Description
Water Intelligence Plc LSE:WATR London Ordinary Share GB00BZ973D04 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 1,130.00 1,110.00 1,150.00 1,130.00 1,130.00 1,130.00 406 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 27.7 3.1 14.3 79.6 208

Water Intelligence PLC Completion of Fundraise

15/07/2021 7:00am

UK Regulatory (RNS & others)


Water Intelligence (LSE:WATR)
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TIDMWATR

RNS Number : 2875F

Water Intelligence PLC

15 July 2021

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

Water Intelligence plc

("Water Intelligence" or the "Company")

Completion of Fundraise

PDMR Dealing

Water Intelligence, a leading provider of minimally-invasive leak detection and remediation services for both potable and non-potable water infrastructure, announces that, further to the Company's announcement yesterday and, as a result of significant institutional demand, the Company is pleased to have increased the size of the Fundraising to raise gross proceeds of approximately $10.2 million (GBP7.4 million) to help accommodate an oversubscribed placing and subscription, through the issue of an aggregate of 801,305 New Ordinary Shares at a price of 920 pence ($12.71) per Ordinary Share (the "Issue Price").

The Fundraising comprised the Placing of 547,136 New Ordinary Shares to raise approximately $7.0 million (GBP5.0 million) and the subscription for 254,169 New Ordinary Shares to raise a total of approximately $3.2 million (GBP2.4 million).

Like previous fundraisings, the Company has blended in new institutional investors while continuing to receive additional investment from most of its existing institutional investors and high net worth investor base on both sides of the Atlantic.

As announced earlier today, the net proceeds of the Fundraising will be used to provide working capital to fuel further momentum in growth for 2021 and beyond based on the Group's core drivers and five-year growth plan. Since 2016, the Group has grown at a CAGR of 33% in terms of revenues and 53% in terms of profits before tax, including as recorded in the Group's 2020 accounts, 17% growth in revenue and 78% growth in profits before tax during Covid-19. As provided in April's trading update, 2021 has begun with a further acceleration of that growth trajectory.

Global market demand for water and wastewater infrastructure services is growing rapidly due to a number of factors: the need for "essential services" with respect to water and wastewater during Covid-19; adverse impact of climate change on water infrastructure, such as from droughts in the western US and flash freezes in the southern US; increased government spending for water infrastructure in various geographies around the world such as the US, particularly highlighted in the American Jobs Act, and the UK. The Group intends to deploy the proceeds from the Fundraising to accelerate market capture.

As part of the Fundraising, Dr. Patrick DeSouza, Executive Chairman of the Company, and persons closely associated with him, have agreed to (i) exercise 80,000 options over Ordinary Shares and (ii) pay in full for 120,000 Partly Paid Shares; and certain employees have agreed to exercise 50,000 options over Ordinary Shares ("Exercise Shares") and, instead of receiving these New Ordinary Shares, have instructed the Company to sell them into the Fundraising to incoming investors at the Issue Price.

Save as otherwise defined, capitalised terms used in this announcement have the meanings given to them in the announcements released by the Company at 7.00 a.m. and 12.00 p.m. on 14 July 2021.

Dr. Patrick DeSouza, Executive Chairman of Water Intelligence, commented:

"We are delighted and appreciate very much that our current institutional and high net worth shareholders in the US, UK, Canada and Germany have increased their support as we accelerate our growth plan. We are also exceptionally pleased to welcome a leading Swedish fund to our shareholder base. We are on a mission to help provide leadership for the Green Economy and will continue both to expand our international investor base and to build a global brand around our water and wastewater infrastructure solutions.

We are executing well as we head into 2H and will be providing a 1H trading update in the near term. Global market demand for solutions to deteriorating water infrastructure is growing rapidly as the price of water rises and saliency of wastewater problems for public health become more manifest. Our residential, insurance, property management and municipal customer base is expanding and we will be applying proceeds from this round to meet increased demand across the US, UK, Australia and Canada."

Director Shareholdings

Patrick DeSouza, and persons closely associated with him, have (i) exercised 80,000 options over Ordinary Shares at a blended exercise price of $0.99 and (ii) paid in full 120,000 Partly Paid Shares at $1.07. These will be sold immediately at the Issue Price to incoming investors.

Following the above transactions Patrick DeSouza's interest in the voting rights of the Company will be 4,867,110 (split as to 2,787,110 Ordinary Shares and 2,080,000 Partly Paid Shares), equivalent to 26.49% of the issued share capital of the Company, at Admission.

In addition, Dan Ewell and Laura Hills, directors of the Company have agreed to acquire 11,011 Ordinary Shares and 1,966 Ordinary Shares respectively at a price of 920 pence from an employee who exercised options over Ordinary Shares. Following such acquisitions, Mr. Ewell's interest in the voting rights of the Company will be 30,524, equivalent to 0.17% of the enlarged share capital of the Company, as at Admission and Ms Hills' interest in the voting rights of the Company will be 116,196, equivalent to 0.63% of the enlarged share capital of the Company, as at Admission.

Admission and Total Voting Rights

Application has been made for the New Ordinary Shares to be admitted to trading on the AIM market ("AIM") of the London Stock Exchange. Admission is expected to occur on or around 8.00 a.m. on 19 July 2021. Settlement for the New Ordinary Shares is expected to take place on 19 July 2021. The Fundraising is conditional on, among other things, Admission becoming effective and the placing agreement between the Company and the Bookrunners being entered into and not being terminated in accordance with its terms.

Upon Admission, the issued share capital of the Company is 18,410,248 shares, divided into 16,330,248 ordinary shares of 1 penny each which are admitted to trading on AIM and which entitle the holder to 1 vote per ordinary share; 2,080,000 B Shares of 1 penny each which are not admitted to trading on AIM, but do still entitle the holder to 1 vote per ordinary share, but no economic rights; and 36,500 Ordinary Shares held by the Company in Treasury. Accordingly, the Company's total voting rights are 18,373,748 shares. This total voting rights number may be used by shareholders at Admission as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.

The New Ordinary Shares, when issued, will be fully paid and will rank pari passu in all respects with the existing Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid after the date of issue.

Enquiries:

 
Water Intelligence plc 
Patrick DeSouza (Executive Chairman)  Tel: +1 203 654 
                                       5426 
WH Ireland Limited 
Adrian Hadden                         Tel: 020 7220 1666 
 James Sinclair-Ford 
 Matthew Chan 
 Dowgate Capital Limited               Tel: 020 3903 7715 
  Stephen Norcross 
 

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

 
 1.   Details of the PDMR / person closely associated 
 a)   Name                       Patrick DeSouza 
     -------------------------  --------------------------- 
 2.   Reason for the notification 
     ------------------------------------------------------ 
 a)   Position                   Executive Chairman 
       / status 
     -------------------------  --------------------------- 
 b)   Initial notification       Initial notification 
       / amendment 
     -------------------------  --------------------------- 
 3.   Details of the issuer, emission allowance 
       market participant, auction platform, 
       auctioneer or auction monitor 
     ------------------------------------------------------ 
 a)   Name                       Water Intelligence plc 
     -------------------------  --------------------------- 
 b)   LEI                        213800AL3BNXJ1HQLP10 
     -------------------------  --------------------------- 
 4.   Details of the transaction(s): section 
       to be repeated for (i) each type of instrument; 
       (ii) each type of transaction; (iii) each 
       date; and (iv) each place where transactions 
       have been conducted 
     ------------------------------------------------------ 
 a)   Description                Partly Paid Shares 
       of the financial           Ordinary Shares 
       instrument,                GB00BZ973D04 
       type of instrument 
       Identification 
       code 
     -------------------------  --------------------------- 
 b)   Nature of                  Payment in Full of Partly 
       the transaction            Paid Shares 
                                  Sale of Ordinary Shares 
     -------------------------  --------------------------- 
 c)   Price(s)                   120,000 Partly Paid Shares 
       and volume(s)              paid in full at 85p 
                                  120,000 Ordinary Shares 
                                  sold at 920p 
     -------------------------  --------------------------- 
 d)   Aggregated                 See above 
       information 
 
        *    Aggregated volume 
 
        *    Price 
     -------------------------  --------------------------- 
 e)   Date of the                14 July 2021 
       transaction 
     -------------------------  --------------------------- 
 f)   Place of                   London Stock Exchange, 
       the transaction            AIM Market 
     -------------------------  --------------------------- 
 
 
 1.   Details of the PDMR / person closely associated 
 a)   Name                       Frances DeSouza 
     -------------------------  ---------------------------- 
 2.   Reason for the notification 
     ------------------------------------------------------- 
 a)   Position                   Spouse of Patrick deSouza 
       / status 
     -------------------------  ---------------------------- 
 b)   Initial notification       Initial notification 
       / amendment 
     -------------------------  ---------------------------- 
 3.   Details of the issuer, emission allowance 
       market participant, auction platform, 
       auctioneer or auction monitor 
     ------------------------------------------------------- 
 a)   Name                       Water Intelligence plc 
     -------------------------  ---------------------------- 
 b)   LEI                        213800AL3BNXJ1HQLP10 
     -------------------------  ---------------------------- 
 4.   Details of the transaction(s): section 
       to be repeated for (i) each type of instrument; 
       (ii) each type of transaction; (iii) each 
       date; and (iv) each place where transactions 
       have been conducted 
     ------------------------------------------------------- 
 a)   Description                Option over Ordinary Shares 
       of the financial           Ordinary Shares 
       instrument,                GB00BZ973D04 
       type of instrument 
       Identification 
       code 
     -------------------------  ---------------------------- 
 b)   Nature of                  Exercise of options 
       the transaction            Sale of Ordinary Shares 
     -------------------------  ---------------------------- 
 c)   Price(s)                   30,000 Options exercised 
       and volume(s)              at $1.14 
                                  30,000 Options exercised 
                                  at $0.67 
                                  20,000 Options exercised 
                                  at $1.24 
                                  80,000 Ordinary Shares 
                                  sold at 920p 
     -------------------------  ---------------------------- 
 d)   Aggregated                 See above 
       information 
 
        *    Aggregated volume 
 
        *    Price 
     -------------------------  ---------------------------- 
 e)   Date of the                14 July 2021 
       transaction 
     -------------------------  ---------------------------- 
 f)   Place of                   London Stock Exchange, 
       the transaction            AIM Market 
     -------------------------  ---------------------------- 
 
 
 1.   Details of the PDMR / person closely associated 
 a)   Name                       Laura Hills 
     -------------------------  ------------------------------- 
 2.   Reason for the notification 
     ---------------------------------------------------------- 
 a)   Position                   Executive Director 
       / status 
     -------------------------  ------------------------------- 
 b)   Initial notification       Initial notification 
       / amendment 
     -------------------------  ------------------------------- 
 3.   Details of the issuer, emission allowance 
       market participant, auction platform, 
       auctioneer or auction monitor 
     ---------------------------------------------------------- 
 a)   Name                       Water Intelligence plc 
     -------------------------  ------------------------------- 
 b)   LEI                        213800AL3BNXJ1HQLP10 
     -------------------------  ------------------------------- 
 4.   Details of the transaction(s): section 
       to be repeated for (i) each type of instrument; 
       (ii) each type of transaction; (iii) each 
       date; and (iv) each place where transactions 
       have been conducted 
     ---------------------------------------------------------- 
 a)   Description                Ordinary Shares 
       of the financial           GB00BZ973D04 
       instrument, 
       type of instrument 
       Identification 
       code 
     -------------------------  ------------------------------- 
 b)   Nature of                  Acquisition of Ordinary 
       the transaction            Shares 
     -------------------------  ------------------------------- 
 c)   Price(s)                   1,966 Ordinary Shares acquired 
       and volume(s)              at 920p 
     -------------------------  ------------------------------- 
 d)   Aggregated                 See above 
       information 
 
        *    Aggregated volume 
 
        *    Price 
     -------------------------  ------------------------------- 
 e)   Date of the                14 July 2021 
       transaction 
     -------------------------  ------------------------------- 
 f)   Place of                   London Stock Exchange, 
       the transaction            AIM Market 
     -------------------------  ------------------------------- 
 
 
 1.   Details of the PDMR / person closely associated 
 a)   Name                       Dan Ewell 
     -------------------------  ------------------------ 
 2.   Reason for the notification 
     --------------------------------------------------- 
 a)   Position                   Non-Executive Director 
       / status 
     -------------------------  ------------------------ 
 b)   Initial notification       Initial notification 
       / amendment 
     -------------------------  ------------------------ 
 3.   Details of the issuer, emission allowance 
       market participant, auction platform, 
       auctioneer or auction monitor 
     --------------------------------------------------- 
 a)   Name                       Water Intelligence plc 
     -------------------------  ------------------------ 
 b)   LEI                        213800AL3BNXJ1HQLP10 
     -------------------------  ------------------------ 
 4.   Details of the transaction(s): section 
       to be repeated for (i) each type of instrument; 
       (ii) each type of transaction; (iii) each 
       date; and (iv) each place where transactions 
       have been conducted 
     --------------------------------------------------- 
 a)   Description                Ordinary Shares 
       of the financial           GB00BZ973D04 
       instrument, 
       type of instrument 
       Identification 
       code 
     -------------------------  ------------------------ 
 b)   Nature of                  Acquisition of Ordinary 
       the transaction            Shares 
     -------------------------  ------------------------ 
 c)   Price(s)                   11,011 Ordinary Shares 
       and volume(s)              acquired at 920p 
     -------------------------  ------------------------ 
 d)   Aggregated                 See above 
       information 
 
        *    Aggregated volume 
 
        *    Price 
     -------------------------  ------------------------ 
 e)   Date of the                14 July 2021 
       transaction 
     -------------------------  ------------------------ 
 f)   Place of                   London Stock Exchange, 
       the transaction            AIM Market 
     -------------------------  ------------------------ 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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July 15, 2021 02:00 ET (06:00 GMT)

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