Result of Open Offer

RNS Number : 5064V

RedT Energy PLC

09 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

9 April 2019

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

Result of Open Offer

On 14 March 2019, the Company announced a proposed Open Offer of a maximum of 113,031,304 new Ordinary Shares. The Open Offer closed for acceptances at 11.00 a.m. on Monday 8 April 2019.

Valid acceptances have been received from Qualifying Shareholders in respect of 56,149,414 Open Offer Shares together with applications for a further 47,383,382 Open Offer Shares under the Excess Application Facility. In addition to the take-up by Qualifying Shareholders, VSA Capital has placed with investors the remaining 9,498,508 Open Offer Shares not taken up under the Open Offer. This represents the whole of the 113,031,304 available Open Offer Shares.

Subject to approval by Shareholders of the Resolution at the General Meeting of Shareholders to take place later today and subject to Admission, the Company will have raised a total of £3.2 million (before expenses) as a result of the Placing and Open Offer, being £2.26 million (before expenses) through the Open Offer and £0.94 million (before expenses) by means of the Placing.   

Executive Chairman Neil O'Brien said:

"On 14 March, we announced a number of current initiatives being worked on by redT. I am delighted to report on the progress to date and would like to express the Board's thanks to the redT team delivering the commercial projects including our signed partnership with Statkraft, the supply agreement for the Energy Superhub Oxford project and the divestment of legacy Camco US business activities

I am delighted that Shareholders have supported the Open Offer and with support from Shareholders at today's General Meeting, we will complete this critical funding step.

The Board is pleased to confirm that the strategic review is progressing well and the team remains focussed on restoring value for shareholders."

It is expected that the Admission of the 113,031,304 Open Offer Shares and of the 47,000,000 Placing Shares will become effective at 8.00 a.m. on Wednesday, 10 April 2019.

New Ordinary Shares in uncertificated form are expected to be credited to Shareholders who hold their Ordinary Shares in CREST accounts on 10 April 2019.  Definitive share certificates for New Ordinary Shares are expected to be despatched to Shareholders who hold their Ordinary Shares in certificated form by 24 April 2019.

Capitalised terms used in this announcement shall have the same meanings given to them in the Circular.

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 / Alexander 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.

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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.

 

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