Zenova Grp Regulatory News (ZED)

15 March 2024

Zenova Group plc

(the "Company" or the "Group")

Subscription to Raise £677,500; Appointment of Joint Broker

Subscription supported by existing shareholders and new investors to fund order demand

Zenova Group plc (AIM:ZED), the innovative fire suppression and interdiction solutions company, is pleased to announce that the Company and Peterhouse Capital Limited ("Peterhouse") has conditionally raised gross proceeds of £677,500 via a placing and subscription (together the "Fundraise") of 33,875,000 new ordinary shares ("Subscription Shares"). The Fundraise was undertaken with several supportive existing shareholders and new institutions and high net worth investors.

The Placing and Subscription has been completed at a price of 2 pence per share (the "Issue Price"), being a discount of approximately 18 per cent to the 30 trading day VWAP of the Company's existing ordinary shares for the period ended on 14 March 2024 (the business day prior to the date of this announcement).

The Fundraise is conditional, inter alia, upon admission of the Subscription Shares to trading on AIM becoming effective in accordance with the AIM Rules for Companies and occurring by not later than 8.00 a.m. on 21st of March 2024.

Use of Proceeds

The proceeds will be used to ensure sufficient working capital and enable the Company to progress on substantial order interest for the Group's extinguisher products received recently after a major product demonstration day in Palma, Spain. These expressions of interest come in addition to existing interest and advanced discussions relating to numerous potential orders which we look forward to updating the market on in due course.

Admission & Total Voting Rights

The new ordinary shares will rank pari passu with the existing ordinary shares in all respects.

Following the admission of the new ordinary shares, the total issued share capital of the Company will be 140,225,973 ordinary shares, each with voting rights. The Company does not hold any ordinary shares in treasury. The above figure may be used by shareholders 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 Company, under the Disclosure and Transparency Rules.

Appointment of Joint Broker

The company is also pleased to announce the appointment of Peterhouse Capital Limited ("Peterhouse") as joint broker to the Company effective immediately.

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

For further information please contact:

About Zenova Group PLC

The Group, through Zenova Ltd, is the holder of intellectual property that underpins a suite of fire safety and temperature management products and technology. The product range is applicable to industrial, commercial, and residential markets. The Group's products include fire retardant paints, insulating paints and render, fire extinguishing fluid and fire extinguishers. Through innovative development, and a refined formulation and development process, Zenova provides industry leading solutions across a range of fire protection and temperature management problems, comprising:

Zenova FP, fire protection paint

A water based, fire protection paint (also known as a 'thermofoaming' or 'intumescent' paint), which can be used on any surface and colour matched to any colour. When exposed to heat or flames, the paint expands and creates a solid foam-like crust which will not burn and insulates the surface it is painted on. This prevents surfaces from catching fire and stops fire spreading. It has been tested by global fire industry experts and complies with UK building regulations and the latest UK and European fire safety standards.

Zenova IP, thermal insulation paint

A thermal insulation paint embeds the most modern insulating technology in a thermos-like ultra-thin layer. It saves energy by increasing the thermal insulation level in commercial and residential buildings. Solar heat can increase the temperature within a building by 75% to 90%. Zenova IP has been independently tested and validated to deflect, absorb and dissipate up to 75% of this heat, thereby reducing the inside temperature by up to 45%. Suitable for both exterior and interior, on any type of surface

Zenova IR, thermal insulation render

Zenova IR is a ready mixed insulation render that can be applied to internal and external walls in commercial and residential buildings to provide immediate insulation benefits and can be colour matched to any colour.

Zenova FX, fire extinguishers

A fire extinguisher like no other. It puts out class A, B, F, Electrical fires fully tested against European EN3 as well as British standards. Available in 6 and 9 litre sizes.

Zenova FX500, aerosol fire extinguisher

The Zenova FX500 is a high-performance handheld fire extinguisher that is tested by independent experts and adheres to the highest industry standards. Safe for use on any type of fire the Zenova FX500 reduces the risk of reignition. The Zenova FX 500 is quick, easy and safe to operated and has been tested to BS6165 standard.

Zenova WB, wildfire barrier

A wildfire barrier fluid (applied via spray wands or aerial drops), which provides a virtual barrier where fire simply will not burn. Repeated tests on a variety of extremely dry wildfire fuels (grasses, hays, brush) demonstrates the incredible fire resistance Zenova WB provides, while remaining viable after application for30+ days in dry conditions.