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Result of Open Offer

30 May 2024 15:03

RNS Number : 5170Q
Ondo InsurTech PLC
30 May 2024
 

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (REGULATION 596/2014/EU) AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR"). IN ADDITION, MARKET SOUNDINGS (AS DEFINED IN UK MAR) WERE TAKEN IN RESPECT OF THE PLACING AND OTHER MATTERS CONTAINED IN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE INFORMATION AS PERMITTED BY UK MAR. UPON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN. THEREFORE, UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THOSE PERSONS WHO RECEIVED INSIDE INFORMATION IN A MARKET SOUNDING ARE NO LONGER IN POSSESSION OF INSIDE INFORMATION RELATING TO THE COMPANY AND ITS SECURITIES.

 

 

30 May 2024

 

Ondo InsurTech plc

("Ondo" or the "Company")

 

Result of Open Offer96.2% take up from Shareholders

 

Ondo InsurTech plc (LSE: ONDO), a leading company in claims prevention technology for home insurers, is pleased to confirm that the Open Offer announced on 13 May 2024 has now closed. Applications were received for 8,342,702 Open Offer Shares, representing a take-up of 96.2 per cent of the 8,669,476 available Open Offer Shares.

 

Accordingly applications under the Open Offer will be met in full and means that the Open Offer has raised a further £1.2 million for the Company, on top of the £3.0 million raised in the recent Placing.

 

Application will be made for 29,771,273 New Ordinary Shares to be a to be admitted to listing on the Official List (by way of a Standard Listing under Chapter 14 of the Listing Rules) and to trading on London Stock Exchange's main market for listed securities, conditional on the Resolutions being passed at the General Meeting to be held at 10.30am on 3 June 2024. It is expected that Admission and dealings in the New Ordinary Shares will commence at 8.00 a.m. on 5 June 2024.

 

Subject to the Resolutions being passed the Company will receive £3.7 million (net of expenses), through the Placing and Open Offer.

 

Craig Foster, Chief Executive, commented:

"We want to thank our Shareholders for their tremendous support of this Open Offer. Together with the proceeds of the Placing we will have raised approximately £4.2 million. This is a significant capital injection for the Company and provides Ondo with the platform we require to progress the exciting opportunities we have previously announced, particularly with our US insurance customers such as Nationwide and Selective. It will also enable us to maintain our growth plans in UK and Scandinavia.

 

We look forward to providing a further update when we announce our full year results in July."

 

Unless expressly defined in this announcement, capitalised terms shall have the meanings as defined in the Launch Announcement issued on 13 May 2024.

 

Enquiries

 

Ondo InsurTech plc

+44 (0) 800 783 9866

Craig Foster, CEO

Kevin Withington, CFO

Dowgate Capital Limited - Financial Adviser & Broker

+44 (0)20 3903 7715

Russell Cook

Nicholas Chambers

Charlie Hall

Cassiopeia Services Limited - PR & Investor Relations

+44 (0) 7949 690338

Stefania Barbaglio

 

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. Independent research by Consumer Intelligence found LeakBot can reduce the cost of water damage claims by 70%.

 

LeakBot partners with 16 insurance carriers - including Nationwide, Admiral, Direct Line Group, Hiscox, Länsförsäkringar and TopDanmark - both in Europe and the USA.

 

In March 2022 LeakBot became the first InsurTech to IPO in London, as Ondo InsurTech Plc, and holds the coveted London Stock Exchange Green Economy Mark awarded to companies who derive the majority of their income from Green activities.

 

For more information, visit www.ondoplc.com

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Date   Source Headline
22nd Jul 202411:00 amRNSNotice of Results
19th Jul 20242:46 pmRNSHolding(s) in Company
24th Jun 20247:30 amRNSDirector/PDMR Shareholding
11th Jun 202412:09 pmRNSDirector/PDMR Shareholding
10th Jun 202410:47 amRNSTR-1 Gervaise Heddle
10th Jun 20247:00 amRNSFurther US development
6th Jun 20247:00 amRNSAgeas UK to trial LeakBot
3rd Jun 20242:00 pmRNSResult of General Meeting
30th May 20243:03 pmRNSResult of Open Offer
20th May 20248:30 amRNSOndo achieve ISO27001:2022 certification
14th May 202411:31 amRNSResult of Placing
13th May 20244:35 pmRNSProposed Placing and Open Offer
29th Apr 20247:00 amRNSNationwide and LeakBot Deployment Update
16th Apr 20247:00 amRNSTrading Update
28th Mar 20247:00 amRNSTotal Voting Rights
22nd Mar 20243:10 pmRNSExercise of Options
29th Feb 20247:00 amRNSTotal Voting Rights
26th Feb 20247:00 amRNSNew Agreement with South West Water
21st Feb 20247:00 amRNSContract announcement
6th Feb 202411:37 amRNSBlock Listing Update
29th Jan 20247:00 amRNSOndo Shortlisted for 2023 Breakthrough Award
3rd Jan 20247:00 amRNSDeal to Accelerate LeakBot Distribution in Denmark
29th Dec 20237:00 amRNSTotal Voting Rights and Shares in issue update
8th Dec 202312:09 pmRNSHolding(s) in Company
1st Dec 20238:46 amRNSReplacement-Proposed placing to raise up to £1.08m
30th Nov 20235:30 pmRNSResult of Equity Issue
30th Nov 20235:00 pmRNSProposed placing to raise up to £1.08 million
30th Nov 20234:30 pmRNSTotal Voting Rights
20th Nov 20237:00 amRNSInterim Results
14th Nov 20237:00 amRNSNationwide Partners with Ondo for LeakBot in U.S.
13th Nov 20237:00 amRNSNotice of Results
30th Oct 20237:00 amRNSAppointment of Dowgate Capital
29th Sep 20237:00 amRNSTotal Voting Rights
25th Sep 20235:53 pmRNSResult of AGM
22nd Sep 20237:00 amRNSWarrant, Options Exercise, Total Voting Rights
1st Sep 20239:56 amRNSTotal Voting Rights
15th Aug 20237:30 amRNSDirector/PDMR Shareholding
15th Aug 20237:00 amRNSWarrant / Options / Total Voting Rights Update
8th Aug 20237:17 amRNSNew Partnership with PURE Insurance
3rd Aug 20237:00 amRNSNotification of major holdings
2nd Aug 20231:56 pmRNSNotification of Major Holdings
1st Aug 20239:28 amRNSTotal Voting Rights and Shares in issue update
31st Jul 20231:53 pmRNSAnnual Financial Report and AGM Notice
17th Jul 20237:00 amRNSWaterwise makes Ondo an Affiliate Partner
11th Jul 20237:00 amRNSLoan Note restructuring to support rapid growth
10th Jul 20237:00 amRNSNew five-year contract
5th Jul 20231:47 pmRNSBlock listing Application
30th Jun 20237:00 amRNSAccounting Reference Period
29th Jun 20237:00 amRNSNew deal signed for Australia and New Zealand
14th Jun 20237:00 amRNSNew rapid pilot programme with G4S in Denmark
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