1 Apr 2020 07:00
THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 596/2014
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT IS RESTRICTED AND IT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR AUSTRALIA OR ANY OTHER STATE OR JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL
1 April 2020
redT energy plc
("redT" or "the Company")
Result of Open Offer
On 16 March 2020, the Company announced a proposed Open Offer of a maximum of 380,500,174 Open Offer Shares at 1.65p per share. The Open Offer closed for acceptances at 11.00 a.m. on 31 March 2020.
Valid acceptances have been received from Qualifying Shareholders in respect of 7,063,690 Open Offer Shares together with applications for a further 2,344,234 Open Offer Shares under the Excess Application Facility, equating to £155,231 raised.
Subject to approval by Shareholders at the Extraordinary General Meeting to take place later today and subject to Admission, the Company will have raised a total of £8.065 million (before expenses) as a result of the Placing and Open Offer.
Subject also to approval by Shareholders, the Company will change its name to Invinity Energy Systems plc and the Ordinary Shares will be consolidated into Consolidated Ordinary Shares at the rate of 1 Consolidated Ordinary Share for every 50 Ordinary Shares.
Open Offer entitlements will be credited on or before 2 April 2020. It is expected that Admission of Consolidated Ordinary Shares to be issued pursuant to the Open Offer will become effective at 8.00 a.m. on 2 April 2020.
New Consolidated Ordinary Shares in uncertificated form are expected to be credited to Shareholders who hold their Ordinary Shares in CREST accounts on or before 2 April 2020. Definitive share certificates for new Consolidated Ordinary Shares are expected to be despatched to Shareholders who hold their Ordinary Shares in certificated form by 16 April 2020.
Capitalised terms used in this announcement shall have the same meanings given to them in the Admission Document sent to Shareholders on 13 March 2020.
For further information, please contact:
redT energy plc | +44 (0)20 7121 6111 |
Neil O'Brien, Chairman | |
Fraser Welham, Chief Financial Officer Joe Worthington, Head of External Communications | |
Investec Bank plc (Nominated Adviser and Broker) | +44 (0)20 7597 5970 |
Jeremy Ellis / Chris Sim / Cassie Herlihy
| |
VSA Capital Limited (Financial Adviser) Andrew Raca / Simon Barton | +44 (0)20 3005 5000
|
VSA Capital Limited (Joint Broker) Andrew Monk / David Scriven | +44 (0)20 3005 5000
|
Hudson Sandler (Financial PR) Nick Lyon / Toby Andrews | +44(0) 207 796 4133 |
Notes to Editors
About redT energy
redT energy plc are experts in energy storage, specialising in the design, manufacture, installation and operation of energy storage infrastructure which creates revenue alongside reliable, low-cost renewable generation for businesses, industry and electricity distribution networks. Using patented vanadium redox flow technology to store energy in liquid, redT's own energy storage machines can be run continually with no degradation: charging and discharging for over 25 years, matching the lifespan of renewable assets in on-grid, off-grid and weak-grid settings.
redT's energy storage solutions, developed over the past 15 years, address today's changing energy market by providing a flexible platform for time shifting surplus renewable power, securing electricity supplies and earning revenue through grid services. The company has customers in the UK, Europe, sub-Saharan Africa, Australia and Asia Pacific. redT energy plc is listed on the London Stock Exchange (AIM:RED) and has experts located in the UK, Europe, Australia, Africa, Asia and the USA. For more information, visit www.redTenergy.com
For sales, press or investor enquiries, please contact the redT team on +44 (0)207 061 6233.
This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise.
The distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.
MAR
The information contained within this announcement is considered by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No.596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information will be considered to be in the public domain.
END