25 November 2019

 

Inspirit Energy Holdings Plc

("Inspirit" or "the Company")

 

Loan Note conversion

Director’s Dealing

 

 

Inspirit Energy Holdings PLC (AIM: INSP), the developer of micro Combined Heat and Power (“microCHP” or “mCHP”) boilers, announces that on Thursday 20th November 2019 it received Loan Conversation notices for £804,000 on the Convertible Loan Notes (CLN’s) and £41,000 Loan Notes will remain outstanding.

 

Background

 

On 4th May 2018, the Company announced that it had raised £530,000 in cash from private investors and retired existing debt due to Related Parties and other debt (as further detailed below) valued at £315,000 into the CLNs; thereby issuing a total of £845,000 of CLN’s. The CLNs are convertible at the higher of either 0.07 p per Ordinary Share of 0.001p each (the “Ordinary Shares” or “Existing Ordinary Shares”) or a discount of 25 per cent. to the previous trading day’s closing mid-market share price (0.09p). Accordingly, the Company is now issuing 1,148,571,422 Ordinary Shares at a price of 0.07p per Ordinary Share.

 

Application has been made for the 1,148,571,422 Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will occur on or about 29 November 2019. The shares will rank pari passu in all respects with the existing Ordinary Shares of the Company.

 

 

Director dealings

 

As a result of the above transaction, Chairman and CEO, John Gunn, will be issued 142,857,142 Ordinary Shares and will, following Admission, have a direct and indirect interest (via Global Investment Strategy UK Ltd) in 796,687,374 Ordinary Shares representing 28% per cent. of the Company's enlarged issued share capital. Nilesh Jagatia, Finance Director, will be issued 28,571,428 Ordinary Shares and will, following Admission, have a direct interest in 30,571,428 Ordinary Shares representing 1.1 per cent. of the Company's enlarged issued share capital.

  

 

Total voting rights

 

Following admission of the Placing Shares, the Company's enlarged issued share capital will comprise 2,845,211,610 Ordinary Shares. The Company does not hold any shares in treasury. This figure 2,845,211,610 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.

 

 

 

 

 

John Gunn, Executive Chairman and CEO of Inspirit, commented,

 

“We have had several enquires as to the loan notes and with these loan notes now converted, the Company has substantially reduced its debt close to zero. The board would like to thank the loan note holders for their commitment and support.  With our recent engineering progress and opportunity to tap into other markets, we hope that this reduction in debt will provide the right base from which the business can now grow.”

 

 

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

 

More information on Inspirit Energy can be seen at: www.inspirit-energy.com

 

For further information please contact:

 

Inspirit Energy Holdings plc

 

John Gunn, Chairman and CEO

+44 (0) 207 048 9400

 

Beaumont Cornish Limited 

www.beaumontcornish.com

(Nominated Advisor)



Roland Cornish / James Biddle

 

+44 (0) 207 628 3396

Global Investment Strategy UK Ltd

(Broker)

Samantha Esqulant

 

 

 

 +44 (0) 207 048 9045

 

 

About Inspirit Energy Holdings Plc

 

Inspirit Energy Holdings plc is developing and commercialising a highly efficient micro combined heat and power (mCHP) boiler for commercial applications. The boiler is specifically designed to meet the challenge of a reduced carbon energy supply and is capable of running on natural gas, LPG and Bio Fuels. The appliance produces hot water (for tap water or central heating) and electrical output simultaneously. The installation can be of single or multiple configuration and its high operating efficiency together with the off-set of electricity costs provides a very attractive investment payback proposition. 

 

Inspirit intends to explore opportunities to license out the underlying technology and the Directors believe that, in some instances, the patents owned by Inspirit may be also used in the development of products other than a mCHP appliance. A prototype of the appliance has been tested and shown to be capable of simultaneous generation of up to 15kW thermal and up to 6.4kW electrical output. Once development of the appliance has been completed and commercialised, the Directors expect that the appliance will initially be marketed in the UK and Europe and eventually worldwide. Additional revenue streams may be possible through product licensing, sales of warranties and further development of the product.

 

The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail in respect of the Directors' subscribing for Ordinary Shares and Purchasing Warrant Shares as described above. 

 

 

John Gunn

 

1

Details  of  th person  dischargin managerial  responsibilitie  person  closely associated

a)

Name

John Gunn

2

Reason for notification

a)

Position / status

Director

 

b)

Initial notification

/Amendment

Initial

3

Details of the issuer,  emission allowance market participant, auctionplatform, auctioneer or auction monitor

a)

Name

Inspirit Energy Holdings  plc

 

b)

LEI

LEI: 2138003WD884IOTL5X04

 

 

4

Details of the transaction(s): section to be repeated for (i) each type ofinstrument(ii) each type of transaction; (iii) each date; and (iv) each placwhere transactionhave been conducted

a)

Description  of  the financial instrument, type of instrument

 

Identification code

142,857,142 Ordinary shares of 0.001 pence each in Inspirit Energy Holdings  plc

 

 

ISIN GB00B44W9L31

 

 

Nature of the transaction

Retirement of debt

 

c)

Price(s) and volumes(s)

 

Price(s)

Volumes(s)

0.07pence

142,857,142

 

 

d)

Aggregated information

n/a

e)

Date of the transaction

25 November 2019

f)

Place of the transaction

London Stock Exchange, AIM (XLON)

 

 

 

Nilesh Jagatia

 

1

Details  of  th person  dischargin managerial  responsibilitie  person  closely associated

a)

Name

Nilesh Jagatia

2

Reason for notification

a)

Position / status

Director

 

b)

Initial notification

/Amendment

Initial

3

Details of the issuer,  emission allowance market participant, auctionplatform, auctioneer or auction monitor

a)

Name

Inspirit Energy Holdings plc

 

b)

LEI

LEI: 2138003WD884IOTL5X04

 

 

4

Details of the transaction(s): section to be repeated for (i) each type ofinstrument(ii) each type of transaction; (iii) each date; and (iv) each placwhere transactionhave been conducted

a)

Description  of  the financial instrument, type of instrument

 

Identification code

28,571,428 Ordinary shares of 0.001 pence each in Inspirit Energy plc

 

 

ISIN GB00B44W9L31

 

 

Nature of the transaction

Retirement of debt

 

c)

Price(s) and volumes(s)

 

Price(s)

Volumes(s)

0.07

28,571,428

 

 

d)

Aggregated information

n/a

e)

Date of the transaction

25 November 2019

f)

Place of the transaction

London Stock Exchange, AIM (XLON)