Loan Note conversion request & Notice of GM

RNS Number : 0701R

Inspirit Energy Holdings PLC

24 October 2019

 

24 October 2019

Inspirit Energy Holdings Plc

("Inspirit" or "the Company")

Loan Note conversion request

Notice of General Meeting

Inspirit Energy Holdings PLC (AIM: INSP), the developer of micro Combined Heat and Power ("microCHP" or "mCHP") boilers, announces that today it has published a Circular convening a General Meeting of Shareholders to be held at 10.00 a.m. at the offices of Inspirit Energy Holdings Plc, 2nd Floor 2 London Wall Buildings London EC2M 5PP on 11 November 2019, as further detailed below.

On 4^th May 2018, the Company announced that it had raised £530,000 in cash and converted existing debt of £315,000 by the issuance of a Convertible Loan Note. The existing debt includes £215,000 from related parties.   The Company has received requests from the loan note holders of their intention to convert the loan notes at 0.07 pence a share (as per the terms of the loan note).  In order to facilitate this request, the Company is convening a General Meeting to be held on 11 November 2019 to seek Shareholders'  approval for the Resolutions necessary to issue and allot shares and waive pre-emption rights to facilitate the loan note conversion.  The Company is also taking this opportunity to request additional headroom to issue new Ordinary Shares for cash to fund ongoing working capital requirements.

Notice of the General Meeting is being posted to Shareholders today and is available on the Company's website at: www.inspirit-energy.com

The Company will provide a further update on the conversions following the General Meeting.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

More information on Inspirit Energy can be seen at: www.inspirit-energy.com

For further information please contact:

Inspirit Energy Holdings plc
John Gunn, Chairman and CEO	[phone]
Beaumont Cornish Limited  www.beaumontcornish.com (Nominated Advisor)
Roland Cornish / James Biddle	[phone]
Global Investment Strategy UK Ltd (Broker) Samantha Esqulant	[phone]

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 tested and shown to be capable of simultaneous generation of up to 15kW thermal and up to 6.4kW 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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