Open Offer proceeds exceed minimum requirement

RNS Number : 5757U

RedT Energy PLC

01 April 2019

 

THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 596/2014

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT IS RESTRICTED AND IT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR AUSTRALIA OR ANY OTHER STATE OR JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL

1 April 2019

redT energy plc ("redT" or "the Company")

Open Offer proceeds exceed minimum requirement

redT energy plc, the energy storage company, is pleased to announce that it has received valid acceptances from shareholders and assurances from institutional shareholders that applications will be made in aggregate for sufficient Open Offer Shares to ensure that the total funds raised by the Placing and Open Offer announced on 14 March 2019 will exceed the minimum amount required for the Fundraising and the strategic review process to proceed. 

VSA Capital, the Company's financial adviser and broker, have received assurances that certain institutional shareholders will take up their Open Offer Entitlements and apply for additional Open Offer Shares under the Excess Application facility amounting to at least 28,000,000 Open Offer Shares raising at least £560,000 before expenses.  These proceeds together with the £940,000 raised by means of the conditional Placing also announced on 14 March 2019 mean that the Fundraising will, in aggregate, raise at least £1.5 million before expenses and therefore exceed the minimum proceeds required for the Fundraising to proceed as set out in the announcement and the circular posted to Shareholders on 19 March 2019.

The Company is therefore pleased to announce that the minimum proceeds condition will be met and that subject to Shareholders' approval at the General Meeting to be held on 9 April 2019 and subject to certain other conditions relating to the Placing Agreement, Admission of the New Ordinary Shares to trading and dealings on AIM are expected to commence on 10 April 2019.

The Company confirms that, with funding secured for the next few months, the strategic review process is continuing as planned and the Company continues to engage in promising discussions with potential strategic partners regarding the support and finance of the Company's continued growth.

The timetable of remaining principal events regarding the Fundraising is set out below:

	2019
Latest recommended time and date for requested withdrawal of Basic Open Offer Entitlements and Excess CREST Open Offer Entitlements from CREST	4.30 p.m. on 2 April
Latest time and date for depositing Open Offer Entitlements and Excess CREST Open Offer Entitlements in CREST Latest time and date for splitting of Application Forms under the Open Offer	3.00 p.m. on 3 April    3.00 p.m. on 4 April
Latest time and date for receipt of Forms of Proxy and CREST voting instructions	11.00 a.m. on 5 April
Latest time and date for receipt of Application Forms and payment in full under the Open Offer and settlement of relevant CREST instructions (as appropriate)	11.00 a.m. on 8 April
General Meeting	11.00 a.m. on 9 April
Results of the General Meeting and the Open Offer announced	9 April
Admission and dealings in the New Ordinary Shares expected to commence on AIM	8.00 a.m. on 10 April
Where applicable, expected date for CREST accounts to be credited in respect of New Ordinary Shares in uncertificated form	10 April
Where applicable, expected date for despatch of definitive share certificates for New Ordinary Shares in certificated form	within 14 days of Admission

All defined terms used in this announcement not otherwise defined have the meanings set out in the circular posted to Shareholders on 19 March 2019.

For further information, please contact:

redT energy plc Neil O'Brien, Executive Chairman Fraser Welham, Chief Financial Officer Joe Worthington, Investor & Media Relations	[phone]
VSA Capital Limited (Financial Adviser) Andrew Raca / Simon Barton	[phone]
VSA Capital Limited (Broker) Andrew Monk	[phone]
Investec Bank plc (Nominated Adviser and Joint Broker) Jeremy Ellis / Alex Ruffman	[phone]
Celicourt Communications (Financial PR) Mark Antelme / Jimmy Lea / Ollie Mills	[phone]

Notes to Editors

About redT energy

redT energy plc are experts in energy storage, specialising in the design, manufacture, installation and operation of energy storage infrastructure which creates revenue alongside reliable, low-cost renewable generation for businesses, industry and electricity distribution networks. Using patented vanadium redox flow technology to store energy in liquid, redT's own energy storage machines can be run continually with no degradation: charging and discharging for over 25 years, matching the lifespan of renewable assets in on-grid, off-grid and weak-grid settings.

redT's energy storage solutions, developed over the past 15 years, address today's changing energy market by providing a flexible platform for time shifting surplus renewable power, securing electricity supplies and earning revenue through grid services. The company has customers in the UK, Europe, sub-Saharan Africa, Australia and Asia Pacific. redT energy plc is listed on the London Stock Exchange (AIM:RED) and has experts located in the UK, Europe, Australia, Africa, Asia and the USA. For more information, visit www.redTenergy.com

For sales, press or investor enquiries, please contact the redT team on [phone].

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise.

The distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.

MAR

The information contained within this announcement is considered by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No.596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information will be considered to be in the public domain.

 

END

 

 

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