TIDMIES
RNS Number : 1095T
Invinity Energy Systems PLC
15 March 2023
The information contained within this Announcement is deemed by
Invinity Energy Systems plc to constitute inside information as
stipulated under the Market Abuse Regulation (EU) No. 596/2014 as
it forms part of UK law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR").
15 March 2023
Invinity Energy Systems plc
("Invinity" or the "Company")
Results of Open Offer and General Meeting, Completion of
Subscription and Total Voting Rights
Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX:
IESVF), a leading global manufacturer of utility-grade energy
storage , is pleased to announce the results of the Open Offer,
which closed for acceptances at 11.00 a.m. on 14 March 2023. The
Company has received valid acceptances from Qualifying Shareholders
in respect of 4,825,092 Open Offer Shares, representing
approximately 38.5 per cent. of the 12,528,355 New Ordinary Shares
available under the Open Offer, therefore raising an additional
GBP1.5 million of proceeds for the Company.
The Company is also pleased to confirm that the Subscription
with a strategic investor for 7,812,500 new Ordinary Shares,
raising GBP2.5 million, as announced in conjunction with the
Placing and Open Offer on 22 February 2023, has now completed.
The Company has therefore raised, in aggregate, gross proceeds
of approximately GBP23 million through the Placing, Subscription
and Open Offer.
The Board also announces that all resolutions were passed at the
Company's General Meeting, held earlier today. The result of the
poll voting (including all proxies) is detailed below.
RESOLUTION VOTES FOR* VOTES AGAINST WITHHELD
Number of % Number of Number of
votes votes votes
------------------------------ ----------- ------- -------------- ----------
To allot the Placing
Shares and Open Offer
Shares as if the pre-emption
provisions in the
1 Articles did not apply 60,445,079 97.16% 1,766,311 63,987
------------------------------ ----------- ------- -------------- ----------
To allot the Subscription
Shares as if the pre-emption
provisions in the
2 articles did not apply 60,441,265 97.15% 1,770,125 63,987
------------------------------ ----------- ------- -------------- ----------
*Any proxy appointments, which gave discretion to the Chairman,
have been included in the 'For' votes total.
Admission and Total Voting Rights
All conditions of the Fundraising set out in the Company's
announcement of 23 February 2023 have now been met. Applications
have been made to the London Stock Exchange and to the Aquis Stock
Exchange for 4,825,092 Open Offer Shares, together with 59,375,000
Placing Shares, and 7,812,500 Subscription Shares to be admitted to
trading on AIM and AQSE on 16 March 2023.
Following Admission, the Company will have 191,031,971 Ordinary
Shares in issue. No Ordinary Shares are held in treasury. The total
number of voting rights in the Company is therefore 191,031,971.
The above figure 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 to their
interest in, the share capital of the Company under the FCA's
Disclosure Guidance and Transparency Rules.
Other than where defined, capitalised terms in this announcement
have the meanings given to them in the Announcement released by the
Company at 5.00 p.m. (London time) on 22 February 2023.
Neil O'Brien, Non-executive Chairman at Invinity, said:
"We are delighted that new and existing shareholders, as well as
our new strategic partner, Everbrite, have given us this vote of
confidence as we enter a critical phase in our journey. With the
Riverfort facility being repaid out of existing funds, the
completion of our fundraising represents a significant inflow of
new capital into the Company. This puts Invinity in a very strong
position to grow the scope and scale of our activities in the years
to come."
Enquiries :
+44 (0)20 4551
Invinity Energy Systems plc 0361
Jonathan Marren, Chief Development Officer and Interim
CFO
Joe Worthington, Director of Communications
+44 (0) 20 7523
Canaccord Genuity (Nominated Adviser and Joint Broker) 8000
Henry Fitzgerald-O'Connor / Harry Pardoe / Gordon
Hamilton
+44 (0)20 3005
VSA Capital (Financial Adviser and Joint Broker) 5000
Andrew Monk / Simon Barton
Notes to Editors
Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX:
IESVF) manufactures vanadium flow batteries for large-scale,
high-throughput energy storage requirements of business, industry
and electrical networks.
Invinity's factory-built flow batteries run continually with no
degradation for over 25 years, making them suitable for the most
demanding applications in renewable energy production. Energy
storage systems based on Invinity's batteries are safe, reliable,
and economical, and range in size from less than 250 kilowatt-hours
to tens of megawatt-hours.
Invinity was created in April 2020 through the merger of two
flow battery industry leaders: redT energy plc and Avalon Battery
Corporation. With over 65 MWh of systems already deployed or
contracted for delivery across over 70 sites in 15 countries,
Invinity is active in all major global energy storage markets and
has operations in the UK, Canada, USA, China and Australia.
Invinity Energy Systems plc is listed in the UK on AIM and AQSE and
trades in the USA on OTCQX.
To find out more, visit invinity.com or call Investor Relations
on +44 (0)204 551 0361.
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