Ondo Insurtech Regulatory News (ONDO)

12th May 2023

Ondo InsurTech Plc ("Ondo" or "the Company")

Placing, Subscription and Director/PDMR Dealing

Ondo InsurTech Plc ("Ondo"), the London-listed leader in claims prevention technology for home insurers, is pleased to announce that it has successfully raised £815,000 pursuant to an oversubscribed placing and subscription for new ordinary shares (the "Shares"). The new funding follows an approach from a major TR-1 shareholder who is keen to assist the Company by providing additional working capital to support the rapidly increasing deployment pipeline of the LeakBot system.

A total of 6,791,666 shares have been issued to new and existing holders at a price of £0.12 per share with an equal number of 6,791,666 warrants attached at an exercise price of £0.20 per share, valid for 3 years. 

Of the total fund-raising, 6,638,166 shares were placed by the Company's broker SI Capital and 153,500 shares are to be settled via subscription. Application has been made for the 6,791,666 ordinary shares to be admitted to the Standard List on the Main Market and the shares are expected to be admitted on May 17th.

After admission of the new shares, there will be 74,961,278 ordinary shares in issue. Shareholders should use this figure as the denominator in calculating their resulting holdings and making any corresponding notifications.

The fund-raising includes the purchase of shares by three Directors in the Company.

· Mark Wood, Non-Executive Chairman of the Company, purchased 133,500 ordinary shares. Following this transaction Mr. Wood is interested in 1,496,892 ordinary shares, representing 2.00% per cent. of Ondo's issued ordinary share capital.

· Andy Morrison, Non-Executive Director of the Company, purchased 200,000 ordinary shares via his self-invested personal pension. Following this transaction Mr. Morrison is interested in 3,600,000 ordinary shares, representing 4.80 per cent. of Ondo's issued ordinary share capital.

· Kevin Withington, Executive Director and Chief Financial Officer of the Company, purchased 20,000 ordinary shares. Following this transaction Mr. Withington is interested in 186,666 ordinary shares, representing 0.25% per cent. of Ondo's issued ordinary share capital.

Commenting on the fund-raising, Craig Foster, CEO of Ondo said;

"We are very pleased with the development of the business which has met and then exceeded expectations set at the time of the RTO and we are delighted with the strong support of existing shareholders in this fund-raising. The funds raised will give us additional firepower to accelerate client deployments and to continue the rapid scaling of the business."

The notification below, which are made in accordance with the Market Abuse Regulation, provides further details.

The following notifications are intended to satisfy the Company's obligations under Article 19(3) of the Market Abuse Regulation.

Enquiries

For further information, please visit www.ondoplc.com or contact the following: 

About Ondo InsurTech PLC

Ondo InsurTech Plc is a world leading provider of claims prevention technology for home insurers. Ondo's focus is on the global scale-up of LeakBot - claims prevention technology that prevents water damage claims in houses. Water damage is the single biggest cause of home insurance claims, accounting for $17bn of claims every year in the USA and UK combined. LeakBot is a patented self-install solution that connects to the home wireless network and, if it detects a leak, notifies the customer via the LeakBot mobile app and provides access to a team of expert LeakBot engineers to 'find and fix' the problem. Recent independent research by Consumer Intelligence found LeakBot can reduce the cost of water damage claims by 70%.

LeakBot partners with 11 insurance carriers - including Admiral, Direct Line Group, Hiscox, Mapfre and TopDanmark - across 5 different countries, in Europe and the USA.

In March 2022 LeakBot became the first InsurTech to IPO in London, as Ondo InsurTech Plc (LSE:ONDO).

For more information, visit www.ondoplc.com