Last checked at 13 Oct 2022 10:20
Gelion plc
("Gelion" or the "Company")
Issue of shares and change to total voting rights
Gelion (AIM: GELN), the Anglo-Australian battery storage innovator, announces that it has today issued 1,026,515 ordinary shares of 0.1 pence in the Company ("Ordinary Shares" and such 1,026,515 Ordinary Shares being the "Issued Shares") to Andrew Grimes, ex-CEO of the Company. The Issued Shares are in exchange for Andrew Grimes relinquishing 1,830,000 options over Ordinary Shares that had vested in accordance with the disclosures made at the time of the Company's IPO. The Issued Shares are subject to lock-in arrangements whereby Andrew Grimes will not be permitted to dispose of more than 25% of the total Issued Shares in any 6 month period starting from the date of Admission (as defined below).
Application has been made for the 1,026,515 new Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will occur on or around 19 October 2022.
Following Admission, the Company's issued share capital will consist of 108,161,354 Ordinary Shares with one voting right each. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares and voting rights in the Company will be 108,161,35. With effect from Admission, this figure may be used by shareholders in the Company as the denominator for the calculations 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 FCA's Disclosure Guidance and Transparency Rules.
The issue of shares to Andrew Grimes falls to be treated as a related party transaction under Rule 13 of the AIM Rules for Companies due to the fact Mr Grimes ceased to be a director of the Company within the last 12 months. The independent directors of Gelion, being the current board in its entirety consider, after having consulted with the Company's nominated adviser finnCap, that the terms of the share issue to Mr Grimes are fair and reasonable insofar as the Company's shareholders are concerned.
CONTACTS
Gelion plc Hannah McCaughey, CEO Thomas Maschmeyer, Founder and Principal Technology Advisor
| via Alma PR |
finnCap Ltd (Nominated Adviser and Sole Broker) | +44 207 220 0500 |
Corporate Finance Christopher Raggett Seamus Fricker Fergus Sullivan
ECM Barney Hayward
| |
Alma PR (Financial PR Adviser) Justine James Josh Royston Hannah Campbell Will Ellis-Hancock | +44 20 3405 0205 gelion@almapr.co.uk |
About Gelion plc
Gelion ("gel: ion") is a global renewable-energy storage innovator who supports the transition to a sustainable economy while delivering value for its customers and investors by designing and manufacturing the outstanding zinc-bromide batteries for stationary energy storage and additives for mobile battery applications.
Stationary storage - Gelion Endure: the sustainable energy storage solution
Gelion has developed patented technology for a breakthrough zinc-bromide battery to support the transition to a carbon neutral economy by 2050. The technology is a low-cost, robust, safe and recyclable alternative to lithium-ion and lead-acid batteries making them ideally suited for the expanding energy storage market.
Gelion's zinc-bromide gel battery uses non-flow technology, which is scalable, can deliver 100% depth of discharge and has a higher temperature tolerance and longer duration discharge than competing lead-acid and lithium-ion batteries. With applications at grid scale as well as behind the meter C&I, the battery solution is also highly adaptable for off-grid use.
Mobile storage - Tomorrow's transport systems will rely on mobile renewable energy.
Gelion is also developing performance additives to improve the safety, longevity and energy density of lithium-based batteries for mobile applications. Using nanotechnology, Gelion's lithium-silicon lithium-sulfur additives will help power the EV and e-aviation markets.
Gelion was spun-out from the University of Sydney in 2015 by Professor Thomas Maschmeyer, Fellow of the Australian Academy of Science and recipient of the Australian Prime Minister's Prize for Innovation 2020, that country's highest honour for scientific entrepreneurship.
The Company's ESG credentials are strongly aligned to six of the UN's 17 Sustainable Development Goals.
Gelion's shares are listed on the AIM market of the London Stock Exchange and it received the Green Economy Mark at IPO in November 2022 recognising its commitment to energy transition.