Source - RNS
RNS Number : 5709J
Inspired Energy PLC
29 June 2017
 

THIS ANNOUNCEMENT (INCLUDING THE APPENDIX) AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA), AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

29 June 2017

 

Inspired Energy plc

("Inspired", or the "Company")

 

Completion of £9.0 million Placing

Posting of Shareholder Circular and Notice of General Meeting

 

Further to the announcement earlier this morning, Inspired (AIM: INSE), a leading energy procurement consultant to UK corporates, is pleased to announce that the Company has raised £9.0 million (gross) through a placing of new Ordinary Shares in the Company through a placing of 62,068,966 new Ordinary Shares ("Placing Shares") at 14.5  pence per Placing Share (the "Placing Price").

The Placing was significantly oversubscribed with a number of new and existing shareholders participating.

24,241,920 of the Placing Shares are being placed pursuant to existing authorities granted to the Directors at the Company's annual general meeting held on 20 June 2017 ("Firm Placing") and the balance of 37,827,046 Placing Shares are being placed conditional, inter alia, on the passing of the Resolutions being proposed at the General Meeting ("Conditional Placing").

The Acquisition and the Placing are each conditional upon, amongst other things, the passing of certain Resolutions at the General Meeting. However, the Acquisition and Firm Placing is not conditional upon approval of the Conditional Placing and there is, therefore, a possibility that the Acquisition may complete and the Firm Placing Shares might be issued but that the Conditional Placing Shares will not be issued.

Directors' participation in the Placing

The Company announces the following Directors of the Company have subscribed for shares in the Placing at the Placing Price as follows:

 




Shareholding on First Admission


Shareholding on Second Admission

Name

Current shareholding

Number of Firm Placing Shares

Number of Shares

Holding (%)1

Number of Conditional Placing Shares

Number of Shares

Holding (%)2

Mark Dickinson

COO

344,827

Nil

344,827

0.7

344,828

689,655

0.12

Richard Logan

Non-Executive Director

Nil

Nil

Nil

Nil

344,828

344,828

0.06

 

Notes:

1.        The Group's share capital of 514,874,528 ordinary shares of 0.125p each as enlarged by the 24,241,920 Firm Placing Shares issued under the Firm Placing, which are expected to be admitted to trading on AIM on 4 July 2017.

2.        The Group's share capital of 552,701,574 ordinary shares of 0.125p each as enlarged by the 37,827,046 Conditional Placing Shares issued under the Conditional Placing, which are expected to be admitted to trading on AIM on 18 July 2017, subject to shareholder approval at the General Meeting to be held on 17 July 2017.

 

Posting of Shareholder Circular and Notice of General Meeting

A circular to Shareholders ("Circular") will be posted later today, convening a general meeting of the Company to be held at the offices of Gateley Plc, Ship Canal House, 98 King St, Manchester M2 4WU at 10.00 a.m. on 17 July 2017 and will be available to download on the Company's website (www.inspiredplc.co.uk).

 

Application for admission

Application will be made to the London Stock Exchange for the Firm Placing Shares to be admitted to trading on AIM.  It is expected that First Admission will become effective and that dealings in the Firm Placing Shares will commence on 4 July 2017.

Application will be made to the London Stock Exchange for the Conditional Placing Shares to be admitted to trading on AIM.  It is expected that Second Admission will become effective and that dealings in the Conditional Placing Shares will commence on 18 July 2017, subject to the passing of the Resolutions at the GM.

 

Total voting rights

Following the First Admission but before the Second Admission, the Company's issued share capital will consist of 514,874,528 Ordinary Shares, with each Ordinary Share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury. This figure of 514,874,528 Ordinary Shares may therefore be used by shareholders in the Company, between the dates of First Admission and Second Admission, as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules ("DTRs").

Following the Second Admission, the Company's issued share capital will consist of 552,701,574 Ordinary Shares, with each Ordinary Share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury. This figure of 552,701,574 Ordinary Shares may therefore be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the DTRs.

Following the Second Admission, and subject to shareholder approval, the Company's issued share capital will consist of 552,701,574 Ordinary Shares, with each Ordinary Share carrying the right to one vote.

Unless the context otherwise requires, defined terms shall have the meaning ascribed to them in the Circular.

 

Commenting on the proposed acquisition, Janet Thornton, Chief Executive of Inspired, said: "The Board is delighted to see the significant support we have received from both existing and new institutional investors. We look forward to completing the acquisition of Horizon and moving forward to the next stage of our fast growing evolution."

 

Enquiries:

 

Inspired Energy plc

Janet Thornton, Chief Executive

Paul Connor, Finance Director

 

 

+44 (0) 1772 689250

www.inspiredenergy.co.uk

Shore Capital (Nomad, Joint Broker and Bookrunner)

Bidhi Bhoma

Edward Mansfield

James Wolfe

 

 +44 (0) 20 7408 4090

 

Panmure Gordon (Joint Broker)

Ben Thorne

Erik Anderson

James Strearns

 

+44 (0) 20 7886 2500

Gable Communications

Justine James

John Bick

+44 (0) 20 7193 7463

+44 (0) 7525 324431

[email protected]

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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