Further update on placing and director deal

RNS Number : 4824E

Inspirit Energy Holdings PLC

08 May 2017

 

8 May 2017

Inspirit Energy Holdings Plc

("Inspirit" or "the Company")

Further update on placing and director deal

Inspirit Energy Holdings plc, the AIM listed developer of micro combined heat and power (mCHP) boilers, is pleased to announce that further to its announcement dated 3^rd May 2017, the Company's Chairman and Chief Executive Officer has invested a further £35,000 in the Company by subscribing to 28 million Ordinary Shares at 0.125 pence each.

As a result of the above transaction, John Gunn will hold 398,029,580 Ordinary Shares representing 34 per cent. of the Company's enlarged issued share capital.

A new application has been made for the previously announced 206,000,000 Ordinary Shares and John Gunn's 28,000,000 Ordinary Shares, totalling 234,000,000 Ordinary Shares, issued pursuant to the placing to be admitted to trading on AIM ("Admission") and it is expected that Admission will occur on or about 16 May 2017. The shares will rank pari passu in all respects with the existing Ordinary Shares of the Company.

Total voting rights

Following admission of the Placing Shares, the Company's enlarged issued share capital will comprise 1,170,806,857 Ordinary Shares. The Company does not hold any shares in treasury. This figure of 1,170,806,857 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance 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	[phone]
Stockdale Securities Limited (Nominated Advisor and Joint Broker)
Antonio Bossi / David Coaten	[phone]
Peterhouse Corporate Finance (Joint Broker)
Lucy Williams / Duncan Vasey	[phone]

 SVS  Securities Plc                            [phone]

(Joint Broker)

Tom Curran

 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 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.

 

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