TIDMRED
RNS Number : 5064V
RedT Energy PLC
09 April 2019
THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS INSIDE
INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION
596/2014
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 OR AUSTRALIA OR
ANY OTHER STATE OR JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION
OR DISTRIBUTION WOULD BE UNLAWFUL
9 April 2019
redT energy plc ("redT" or "the Company")
Result of Open Offer
On 14 March 2019, the Company announced a proposed Open Offer of
a maximum of 113,031,304 new Ordinary Shares. The Open Offer closed
for acceptances at 11.00 a.m. on Monday 8 April 2019.
Valid acceptances have been received from Qualifying
Shareholders in respect of 56,149,414 Open Offer Shares together
with applications for a further 47,383,382 Open Offer Shares under
the Excess Application Facility. In addition to the take-up by
Qualifying Shareholders, VSA Capital has placed with investors the
remaining 9,498,508 Open Offer Shares not taken up under the Open
Offer. This represents the whole of the 113,031,304 available Open
Offer Shares.
Subject to approval by Shareholders of the Resolution at the
General Meeting of Shareholders to take place later today and
subject to Admission, the Company will have raised a total of
GBP3.2 million (before expenses) as a result of the Placing and
Open Offer, being GBP2.26 million (before expenses) through the
Open Offer and GBP0.94 million (before expenses) by means of the
Placing.
Executive Chairman Neil O'Brien said:
"On 14 March, we announced a number of current initiatives being
worked on by redT. I am delighted to report on the progress to date
and would like to express the Board's thanks to the redT team
delivering the commercial projects including our signed partnership
with Statkraft, the supply agreement for the Energy Superhub Oxford
project and the divestment of legacy Camco US business
activities
I am delighted that Shareholders have supported the Open Offer
and with support from Shareholders at today's General Meeting, we
will complete this critical funding step.
The Board is pleased to confirm that the strategic review is
progressing well and the team remains focussed on restoring value
for shareholders."
It is expected that the Admission of the 113,031,304 Open Offer
Shares and of the 47,000,000 Placing Shares will become effective
at 8.00 a.m. on Wednesday, 10 April 2019.
New Ordinary Shares in uncertificated form are expected to be
credited to Shareholders who hold their Ordinary Shares in CREST
accounts on 10 April 2019. Definitive share certificates for New
Ordinary Shares are expected to be despatched to Shareholders who
hold their Ordinary Shares in certificated form by 24 April
2019.
Capitalised terms used in this announcement shall have the same
meanings given to them in the Circular.
For further information, please contact:
redT Energy plc
Neil O'Brien, Executive Chairman
Fraser Welham, Chief Financial Officer
Joe Worthington, Investor & Media Relations +44 (0)20 7061 6233
VSA Capital Limited (Financial Adviser)
Andrew Raca / Simon Barton +44 (0)20 3005 5000
VSA Capital Limited (Broker)
Andrew Monk +44 (0)20 3005 5000
Investec Bank plc (Nominated Adviser
and Joint Broker)
Jeremy Ellis / Alexander Ruffman +44 (0)20 7597 4000
Celicourt Communications (Financial PR)
Mark Antelme / Jimmy Lea / Ollie Mills +44 (0)20 7520 9266
Notes to Editors
About redT energy
redT energy plc are experts in energy storage, specialising in
the design, manufacture, installation and operation of energy
storage infrastructure which creates 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 experts located in the
UK, Europe, Australia, Africa, Asia and the USA. For more
information, visit www.redTenergy.com
For sales, press or investor enquiries, please contact the redT
team on +44 (0)207 061 6233.
This announcement is not intended to, and does not, constitute
or form part of any offer, invitation or the solicitation of an
offer to purchase, otherwise acquire, subscribe for, sell or
otherwise dispose of, any securities whether pursuant to this
announcement or otherwise.
The distribution of this announcement in jurisdictions outside
the United Kingdom may be restricted by law and therefore persons
into whose possession this announcement comes should inform
themselves about, and observe, such restrictions. Any failure to
comply with the restrictions may constitute a violation of the
securities law of any such jurisdiction.
MAR
The information contained within this announcement is considered
by the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No.596/2014. Upon the publication
of this announcement via a Regulatory Information Service, this
inside information will be considered to be in the public
domain.
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.
END
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