Cancellation of Deferred Shares

RNS Number : 5844E

Eneraqua Technologies PLC

14 March 2022

 

Eneraqua Technologies plc

("Eneraqua Technologies", the "Company" or the "Group")

Cancellation of Deferred Shares

Eneraqua Technologies plc, a provider of specialist energy and water efficiency solutions, announces that, as set out at the time of IPO, the Company intends to undertake a court-approved reduction of capital in accordance with the Companies Act 2006 and the Companies (Reduction of Share Capital) Order 2008 in order to cancel its deferred shares (issued deferred shares of £0.01 each in the capital of the Company, the "Deferred Shares"). The Deferred Shares do not have any rights or value.

The reduction of capital was approved by shareholders by way of a special resolution passed on 16 November 2021. A final court hearing in relation to the cancellation is expected to be heard on 22 March 2022.

A further announcement will be made shortly after the expected receipt of a court order confirming the cancellation of the Deferred Shares, and approval by the court of the statement of capital as required by the Companies Act 2006.

There is no change to the ordinary share capital of the Company. As at the date of this announcement, the Company has 33,222,130 ordinary shares of 1 penny each in issue, all of which are admitted to trading on the AIM Market of the London Stock Exchange.  

For more information, please contact:

Eneraqua Technologies plc	Via Alma PR
Mitesh Dhanak, CEO	www.eneraquatechnologies.com
Iain Richardson, CFO
finnCap Limited - Nominated adviser and Broker	[phone]
Ed Frisby / Charlie Beeson - Corporate Finance
Andrew Burdis / Sunila de Silva - ECM
Alma PR - Financial PR and IR	[phone]
Justine James / Hilary Buchanan / Sam Modlin	[e-mail]

Notes to editors

Eneraqua Technologies (AIM:ETP) is a specialist in energy and water efficiency. The Group has two divisions energy and water. Energy is the larger division, with the Company focused on clients with end of life gas, oil or electric heating and hot water systems. The Group provides turnkey retrofit district or communal heating systems based either on high-efficiency gas or ground/air source heat pump solutions that support Net Zero and decarbonisation goals.

The water division is a growing service offering focused on water efficiency upgrades for utilities and commercial clients including hotels and care homes. 

The activities in both divisions are underpinned by the Company's wholly-owned intellectual property, the Control Flow HL2024 family of products which reduce water wastage and improve the performance of heating and hot water systems.

The Company's main country of operation is the United Kingdom. The Company's head office is based in London with additional offices in Leeds, Washington (Sunderland), India, Spain and the Netherlands. The Company has 116 employees, with the majority employed within the UK. Eneraqua Technologies has received the London Stock Exchange's Green Economy Mark.

To find out more, please visit:   www.eneraquatechnologies.com  

 

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