The
information contained in this announcement is deemed by the Company
to constitute Inside Information as stipulated under the Market
Abuse Regulations (Regulation 596/2014/EU) as it forms part of UK
Domestic Law by virtue of the European Union (Withdrawal) Act
2018
25 November 2024
Ondo InsurTech Plc
("Ondo" or the
"Company")
Vendor Loan Note
restructuring
Ondo Insurtech (LSE: ONDO),
a leading company in claims prevention technology
for home insurers, is pleased to announce the
rescheduling of vendor loan notes issued by Ondo ("Loan
Notes") to its largest shareholder, HomeServe Assistance Limited
("HomeServe").
The Loan Notes form part of the consideration
for the acquisition of the LeakBot business from HomeServe as set
out in the prospectus dated 21 March 2022.
The Loan Notes remain redeemable by Ondo at any
time with 10 days' notice and are rescheduled as
follows:
· Loan Note term
extended: New maturity date one year later on
31 March 2030
· Principal repayments
deferred: Commencing one year later on 31 March
2027 and then annually to 31 March 2030
· Interest roll-up extended:
Accruing an additional year to 31 March 2026
· Interest rate maintained:
At 12% until 31 March 2027 increasing to 14%
thereafter.
Ondo has committed to a minimum of 40% of the
proceeds from any warrant exercises being used to repay the Loan
Notes.
As of 30 September 2024, and as at the current
date, a total of 26.94m warrants remain outstanding, with a
subscription value of up to approx. £6 million, as set out in the
table below.
|
No of
warrants
|
Exercise
price
|
Subscription
Value
|
Expiry date
|
|
13,612,088
|
25p
|
£3,403,022
|
21 March
2025
|
|
8,140,000
|
20p
|
£1,628,000
|
28 July
2025
|
|
5,191,669
|
20p
|
£1,038,334
|
22 May
2026
|
|
26,943,757
|
|
£6,069,356
|
|
Mark Wood CBE.
Chairman of Ondo InsurTech Plc says: "Across
the UK, Scandinavia and the USA some 5.7m households now have
policies with insurers implementing LeakBot. Our accelerating
rollout now across eighteen states in the United States is funded
by advance pre-payments of the first twelve months fees. Projecting
the revenues from our current contracts reaffirm our expectation in
achieving EBITDA positive trading in the second half of next year
without the need for further working capital funding.
The rescheduling of our Vendor Loan Notes has
been structured to enable us to meet our obligations to the Loan
Note holders from future trading revenues. We appreciate
HomeServe's continued support in enabling these revised terms,
which position Ondo for continued success."
Enquiries
For further information, please visit www.ondoplc.com or contact the
following:
|
Ondo InsurTech Plc
|
Craig Foster, CEO
Kevin Withington, CFO
|
+44 (0) 800 783 9866
|
|
Dowgate Capital Ltd
(Broker & Financial Advisor)
|
Russell Cook
Nick Chambers
Charlie Hall
|
+44 (0) 20 3903 7715
|
|
Cassiopeia Services Ltd
(PR & Investor Relations)
|
Stefania Barbaglio
|
+44 (0) 7949 690338
|
|
|
|
|
About Ondo
InsurTech PLC
Ondo is a world leading provider of claims
prevention technology for home insurers. Ondo's focus is on the
global scale-up of LeakBot - claims prevention technology that
prevents water damage claims in houses. Water damage is the single
biggest cause of home insurance claims, accounting for $17bn of
claims every year in the USA and UK combined. LeakBot is a patented
self-install solution that connects to the home wireless network
and, if it detects a leak, notifies the customer via the LeakBot
mobile app, and provides access to a team of expert LeakBot
engineers to 'find and fix' the problem. Independent research by
Consumer Intelligence found LeakBot can reduce the cost of water
damage claims by up to 70%.
LeakBot partners with 20 insurance carriers -
including Nationwide, Admiral, Direct Line Group, Hiscox,
Länsförsäkringar and TopDanmark - both in Europe and the
USA.
Ondo holds the coveted London Stock Exchange
Green Economy Mark awarded to companies who derive the majority of
their income from green activities.
For more information, visit www.ondoplc.com
