Last checked at 22 May 2024 12:49
The information contained within this Announcement is deemed by Invinity Energy Systems plc to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").
22 May 2024
Invinity Energy Systems plc
("Invinity" or the "Company")
Results of Open Offer and General Meeting
Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF), a leading global manufacturer of utility-grade energy storage, is pleased to announce the results of the Open Offer, which closed for acceptances at 11.00 a.m. on 21 May 2024. The Company has received valid acceptances from Qualifying Shareholders in respect of 6,011,983 Open Offer Shares, representing approximately 21 per cent. of the 28,660,096 new Ordinary Shares available under the Open Offer, therefore raising an additional £1,382,756 of proceeds for the Company.
The Board also announces that the resolution was passed at the Company's General Meeting, held earlier today. The result of the poll voting (including all proxies) is detailed below.
RESOLUTION | VOTES FOR* | VOTES AGAINST | WITHHELD | ||
| Number of votes | % | Number of votes | Number of votes | |
1 | That the Directors of the Company be empowered to allot the Placing Shares, Subscription Shares, Open Offer Shares and any Ordinary Shares placed pursuant to the Placing Option as if the pre-emption provisions in the Articles did not apply. | 101,533,576 | 97.96% | 2,113,587 | 29,469 |
*Any proxy appointments, which gave discretion to the Chairman, have been included in the 'For' votes total.
Admission
Applications have been made to the London Stock Exchange and to the Aquis Stock Exchange for 6,011,983 Open Offer Shares, together with 121,739,130 Placing Shares, and 121,739,130 Subscription Shares to be admitted to trading on AIM and AQSE on 24 May 2024.
A further announcement will be made in due course with details of any new Ordinary Shares to be issued and admitted pursuant to the Placing Option, which may close at any time up until Admission, and with the enlarged number of Ordinary Shares in issue following completion of the Fundraising.
Other than where defined, capitalised terms in this announcement have the meanings given to them in the Announcement released by the Company at 4.44 p.m. (London time) on 1 May 2024.
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Enquiries:
Invinity Energy Systems plc | +44 (0)20 4551 0361 |
Jonathan Marren, Chief Financial Officer and Chief Development Officer Joe Worthington, Director of Communications | |
Canaccord Genuity (Nominated Adviser and Joint Broker) | +44 (0)20 7523 8000 |
Henry Fitzgerald-O'Connor / Harry Pardoe / Ana Ercegovic | |
VSA Capital (AQSE Corporate Advisor, Financial Adviser and Joint Broker) | +44 (0)20 3005 5000 |
Andrew Monk / Andrew Raca | |
Tavistock (Financial PR Advisor) | +44 (0)20 7920 3150 |
Simon Hudson / Saskia Sizen / Adam Baynes | invinity@tavistock.co.uk |
Notes to Editors
Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF) manufactures vanadium flow batteries for large-scale, high-throughput energy storage requirements of business, industry and electrical networks.
Invinity's factory-built flow batteries run continually with no degradation for over 25 years, making them suitable for the most demanding applications in renewable energy production. 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 75 MWh of systems already deployed or contracted for delivery across 82 sites in 15 countries, Invinity is active in all major global energy storage markets and has operations in the UK, Canada, USA, China and Australia. Invinity Energy Systems plc is listed in the UK on AIM and AQSE and trades in the USA on OTCQX.
To find out more, visit invinity.com, sign up to our monthly Investor Newsletter here or contact Investor Relations on via +44 (0)20 4551 0361 or ir@invinity.com.