Inspirit Energy Holdings PLC Results of GM, Placing and Director's Subscription (9897P)
September 06 2017 - 6:23AM
UK Regulatory
TIDMINSP
RNS Number : 9897P
Inspirit Energy Holdings PLC
06 September 2017
6 September 2017
Inspirit Energy Holdings Plc
("Inspirit" or "the Company")
Results of the General Meeting
Placing update
Director's dealings
TVR
Inspirit (AIM: INSP) announces that, at the general meeting of
shareholders held earlier today, all resolutions were duly passed,
and therefore the Company's ability to issue new Ordinary Shares
has been approved.
Placing and Director's Subscription
Accordingly, further to the announcement on 15 August 2017, the
Company will be able to complete the 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 Director's subscription of 41,666,666
Ordinary Shares (the "Director's Subscription") on the same terms
as the Placing and as announced on 16 August 2017.
Director's Holding
The Director of the Company, namely John Gunn, has subscribed
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
398,029,580 Ordinary Shares or 34.0% of the Company's issued share
capital; on completion of the Placing and Director's Subscription
his interest in the Company will be 439,696,246 Ordinary Shares
representing 30.95% of the total enlarged issued share capital
Application has been made for the total of 250,000,000 New
Ordinary Shares under the Placing and Director's Subscription to be
admitted to trading on AIM ("Admission"), such Admission is
expected to occur 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.
More information on Inspirit Energy can be seen at:
www.inspirit-energy.com
Contacts:
Inspirit Energy Holdings
plc
John Gunn, Chairman and
CEO +44 (0) 207 048 9400
Beaumont Cornish Limited
www.beaumontcornish.com
(Nominated Advisor)
Roland Cornish / James
Biddle +44 (0) 207 628 3396
Peterhouse Corporate
Finance
(Joint Broker)
Lucy Williams / Duncan
Vasey +44 (0) 207 469 0930
SVS Securities Plc
(Joint Broker)
Tom Curran +44 (0) 203 700 0093
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
END
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