Results of GM, Placing and Director's Subscription

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 £50,000 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	[phone]
Beaumont Cornish Limited  www.beaumontcornish.com (Nominated Advisor)
Roland Cornish / James Biddle	[phone]
Peterhouse Corporate Finance (Joint Broker)
Lucy Williams / Duncan Vasey	[phone]
SVS  Securities Plc (Joint Broker) Tom Curran	[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 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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