Result of Open Offer

RNS Number : 4458J

Invinity Energy Systems PLC

22 December 2020

 

This announcement contains inside information

22 December 2020

Invinity Energy Systems plc

("Invinity" or the "Company")

Result of Open Offer

Invinity Energy Systems plc (AIM:IES), manufacturer of vanadium flow batteries for the large-scale energy storage requirements of businesses, industry and electricity networks, is pleased to announce that the Open Offer announced on 3 December 2020 has closed oversubscribed.

Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Open Offer Entitlement. Applications made under the Excess Application Facility will be scaled back pro-rata such that Shareholders will receive 42.1 per cent. of the Excess Shares applied for. The Company received valid applications from Qualifying Shareholders in respect of 2,195,477 Open Offer Shares representing an oversubscription of approximately 92.4 per cent. over the available 1,141,325 Open Offer Shares.

Subject to approval of the Resolution at the Extraordinary General Meeting of Shareholders due to take place later today and subject to Second Admission, the Company has conditionally raised total gross proceeds of approximately £2.0 million from the Open Offer, which, together with the £20.5m raised by way of the Placing, means the Company will have raised a total of approximately £22.5m as a result of the Placing and Open Offer.

The Open Offer Shares will rank pari passu with Existing Ordinary Shares.  Open Offer Shares in uncertificated form are expected to be credited to Shareholders who hold their Ordinary Shares in CREST accounts on 23 December 2020.  Definitive share certificates for Open Offer Shares are expected to be despatched to Shareholders who hold their Ordinary Shares in certificated form by 6 January 2021.

Application has been made to the London Stock Exchange for 1,141,325 Open Offer Shares to be admitted to trading on AIM.  It is expected that admission of the Open Offer Shares will become effective and dealings in the Open Offer Shares will commence at 8.00 a.m. on 23 December 2020.

The terms used but not defined in this Announcement have the meaning given to them in the announcement published by the Company on 3 December 2020 regarding the Placing and Open Offer, unless otherwise stated.

Enquiries :

Invinity Energy Systems plc	[phone]
Larry Zulch, Chief Executive Officer
Peter Dixon-Clarke, Chief Financial Officer Joe Worthington, Director of Communications
Canaccord Genuity (Nominated Adviser and Joint Broker)	[phone]
Henry Fitzgerald-O'Connor / James Asensio / Angelos Vlatakis
VSA Capital (Financial Adviser and Joint Broker) Andrew Monk / Simon Barton	[phone]
Hudson Sandler (Financial PR) Nick Lyon / Nick Moore	[phone]

Notes to Editors

Invinity Energy Systems plc (AIM:IES) manufactures vanadium flow batteries for the large-scale energy storage requirements of businesses, industry and electricity networks.

Developed specifically for high-utilisation applications, Invinity's highly scalable, factory-built flow battery products make low-carbon renewable generation reliable and can run continually with no degradation, charging and discharging for over 25 years. Energy storage systems based on Invinity's batteries are safe, reliable, and economical, and range in size from less than 250 kilowatt-hours to tens of megawatt-hours.

Invinity was created in April 2020 through the merger of two flow battery industry leaders: redT energy plc and Avalon Battery Corporation. With over 10MWh of systems deployed to date across 40 sites in 14 countries, Invinity is active in all major global energy storage markets and has operations in the UK, Canada, USA, China and South Africa. Invinity Energy Systems plc is listed on the London Stock Exchange.

To find out more, visit  invinity.com  or call Investor Relations on [phone].

 

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