David Lenigas, the Company’s Non-Executive Chairman, commented: “As reported in the announcement of 15(th) June the verification unit is currently being put through a testing regime at the Company’s Sheffield development facility. All testing results are matching the design team’s criteria and are in-line with expectations.
Following final in-house testing, it will be transferred to the independent consultants, Enertek for validation of its conformance with the European Gas Appliance Directive. This process is aimed at achieving ‘Unit Approval’ through BSI validation and certification to ensure that it meets all the statutory requirements to allow its installation in commercial premises for trial purposes.”
Inspirit Energy Holdings plc, the AIM listed developer of micro combined heat and power boilers has told DirectorsTalk that it has raised GBP365,000 through the placing (the “Placing”) of 77,659,570 ordinary shares of 0.1 pence each in the share capital of the Company (“Ordinary Shares”) at 0.47 pence per Ordinary Share (the “Placing Shares”).
The Company announced on 15 June 2015 that it had commenced construction of its first verification boiler and that it intended to ship the verification unit to Enertek International Ltd. (“Enertek”) (www.enertekinternational.com) for testing the unit’s conformance with the European gas appliance directive. Once the unit is accredited under this directive, the Company intends to commence field trials. The proposed placing will raise working capital to fund the company’s development through this phase.
Director deals
John Gunn, the Company’s Chief Executive Officer, will participate in the placing by investing GBP75,000. Of this investment, GBP50,000 will be invested by Global Investment Strategy UK Limited (“GIS”) which is a 100% owned subsidiary of Octagonal Plc (OCT) of which John Gunn is Chief Executive Officer and 52.44 per cent shareholder, as a conversion into Placing Shares of an existing loan, and GBP25,000 will be invested by John Gunn directly in the Placing.
David Lenigas will also participate in the placing by converting an existing loan of GBP50,000 into Placing Shares.
In addition, John Gunn has transferred, for nil consideration, 18,769,200 Ordinary Shares to former investors in Disenco Limited, the company which originally developed the Inspirit technology.
As a result of the above transactions, John Gunn will be interested directly and indirectly through GIS/ OCT in 355,029,580 Ordinary Shares representing 45.59 per cent. of the Company’s enlarged issued share capital and David Lenigas will hold 16,638,297 Ordinary Shares representing 2.14 per cent. of the Company’s enlarged issued share capital.
Related Party Transaction
The participation in the Placing by John Gunn and David Lenigas, both Directors of the Company, is classified as a transaction with a related party for the purposes of the AIM Rules. In accordance, therefore, with the AIM Rules, the independent directors of the Company, having consulted with the Company’s nominated adviser, Westhouse Securities Limited, consider that the terms of the transaction are fair and reasonable insofar as the Company’s shareholders are concerned.
Application has been made for the 77,659,570 Placing Shares to be admitted to trading on AIM (“Admission”) and it is expected that Admission will occur on or about 23 July 2015. The shares will rank pari passu in all respects with the existing Ordinary Shares of the Company.
Total voting rights
Following admission of the Placing Shares, the Company’s enlarged issued share capital will comprise 778,806,857 Ordinary Shares. The Company does not hold any shares in treasury. This figure of 778,806,857 Ordinary Shares may 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 FCA’s Disclosure and Transparency Rules.
