RE: Placing @0.1228 May 2024 15:54
‘28th May 2024
Inspirit Energy Holdings plc
("Inspirit Energy", "Inspirit" or the "Company")
Placing and director dealings
Issue of Equity & TVR
Inspirit Energy Holdings plc, the AIM listed developer of micro combined heat and power boilers and waste energy heat recovery engines ("WHR"), is pleased to announce that it has raised £235,000 through the placing (the "Placing") of 1,958,333,334 ordinary shares of 0.001 pence each in the share capital of the Company ("Ordinary Shares") at 0.012 pence per Ordinary Share (the "Placing Shares") with the proceeds of the fundraise to be used for work on finalising development of the WHR engine and general working capital purposes.
Director dealings
John Gunn, the Company's Chairman and Chief Executive Officer will participate in the Placing by subscribing for 416,666,667 shares and Nilesh Jagatia, the Company's Chief Financial Officer, will be subscribing for 41,666,667 shares. After the Placing, John Gunn will directly and indirectly have a holding of 1,748,070,030 Ordinary Shares representing an interest of 21.20% and, Nilesh Jagatia will have a holding of 106,523,809 Ordinary Shares representing an interest of 1.29% of the enlarged issued share capital. John Gunn's shares as held as follows: 203,421,382 through GIS in which John Gunn has a majority interest and 1,544,648,648 directly in his own name.
Related Party Transactions
The participation in the Placing by John Gunn and Nilesh Jagatia, both Directors of the Company, is classified as a transaction with a related party for the purposes of the AIM Rules. In accordance, therefore, with the AIM Rules, the independent director, being Paul Needley, having consulted with the Company's nominated adviser confirms that the terms of their participation in the Placing are fair and reasonable insofar as shareholders are concerned.
Application will be made for the 1,958,333,334 Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will occur on or about 4 June 2024. The shares will rank pari passu in all respects with the existing Ordinary Shares of the Company.’
IMHO