RedT Energy PLC Placing to Raise £3.85m (8950K)
April 13 2018 - 6:16AM
UK Regulatory
TIDMRED
RNS Number : 8950K
RedT Energy PLC
13 April 2018
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT IS
RESTRICTED AND IT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION,
IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED
STATES, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC
OF IRELAND OR AUSTRALIA OR ANY OTHER STATE OR JURISDICTION IN WHICH
SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL
13 April 2018
redT energy plc
("redT" or the "Company")
Placing to Raise GBP3.85m
redT energy plc (AIM: RED), the energy storage solutions
company, is pleased to announce that it has raised gross proceeds
of GBP3.85 million (before expenses) from institutional investors
through the placing by VSA Capital of 65,392,342 ordinary shares of
EUR0.01 each ("Ordinary Shares") in the capital of the Company (the
"Placing Shares") at a price of 5.9 pence per share (the "Placing
Price").
The Company intends to use the net proceeds it receives from the
Placing, which was considerably oversubscribed, to support the
continued growth of the business, including the development of
further product generations to satisfy the Company's orders and
pipeline of customer interest.
Details of the Placing
The Placing is subject, inter alia, to admission of the Placing
Shares to trading on AIM ("Admission"), which is expected to occur
at 8.00 a.m. on 19 April 2018. Application will be made to the
London Stock Exchange for the Placing Shares to be admitted to
trading on AIM. The Placing Shares will, when issued, rank pari
passu in all respects with the Company's existing Ordinary
Shares.
Following Admission of the Placing Shares, the Company's
enlarged issued share capital will comprise 719,315,766 Ordinary
Shares. The Company has no shares in treasury. This figure of
719,315,766 Ordinary Shares should be used by shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change of their
interest in, the share capital of the Company under the FCA's
Disclosure Guidance and Transparency Rules.
Scott McGregor, CEO, redT energy commented:
"We are delighted with the interest we have received for this
Placing both from existing and new institutional investors.
redT is now leading the energy storage sector in the UK,
providing secure economic returns for the commercial sector to
embrace distributed energy by coupling solar generation with energy
storage. The Placing ensures that we have the resources in place to
capture the significant global market opportunity in front of
us."
Contact Details:
+44 (0)20 7061
redT energy plc 6233
Scott McGregor, Chief Executive
Officer
Joe Worthington, Investor &
Media Relations
Investec Bank plc (Nominated +44 (0)20 7597
Adviser & Broker) 5970
Corporate Finance: Jeremy Ellis
/ Alexander Ruffman
Corporate Broking: Chris Sim
/ Rob Baker
VSA Capital Limited (Joint +44 (0)20 3005
Broker) 5000
Andrew Monk / Andrew Raca
Celicourt Communications (Financial +44 (0)20 7520
PR) 9266
Mark Antelme / Jimmy Lea /
Ollie Mills
Notes to Editors
About redT energy plc
redT energy plc are experts in energy storage, specialising in
the design, manufacture, installation and operation of energy
storage systems which create revenue alongside reliable, low-cost
renewable generation for businesses, industry and electricity
distribution networks. Using patented vanadium redox flow
technology to store energy in liquid, redT's own energy storage
machines can be run continually with no degradation: charging and
discharging for over 25 years, matching the lifespan of renewable
assets in on-grid, off-grid and weak-grid settings.
redT's energy storage solutions, developed over the past 15
years, address today's changing energy market by providing a
flexible platform for time shifting surplus renewable power,
securing electricity supplies and earning revenue through grid
services. The Company has customers in the UK, Europe, sub-Saharan
Africa, Australia and Asia Pacific. redT energy plc is listed on
the London Stock Exchange (AIM:RED) and has offices in the UK,
Africa and the USA.
http://www.redTenergy.com/
For sales enquiries, please email enquiries@redTenergy.com or
call +44 (0)20 7061 6233
This information is provided by RNS
The company news service from the London Stock Exchange
END
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