Business
Open Offer proceeds exceed minimum requirement
Open Offer proceeds exceed minimum requirement.
About this update from Invinity Energy Systems Plc
[{"type":"text","content":"\n \nRNS Number : 5757U RedT Energy PLC 01 April 2019 \n\nTHE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 596/2014\n \nTHIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT IS RESTRICTED AND IT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR AUSTRALIA OR ANY OTHER STATE OR JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL\n \n1 April 2019\nredT energy plc (\"redT\" or \"the Company\")\nOpen Offer proceeds exceed minimum requirement\nredT energy plc, the energy storage company, is pleased to announce that it has received valid acceptances from shareholders and assurances from institutional shareholders that applications will be made in aggregate for sufficient Open Offer Shares to ensure that the total funds raised by the Placing and Open Offer announced on 14 March 2019 will exceed the minimum amount required for the Fundraising and the strategic review process to proceed. \n \nVSA Capital, the Company's financial adviser and broker, have received assurances that certain institutional shareholders will take up their Open Offer Entitlements and apply for additional Open Offer Shares under the Excess Application facility amounting to at least 28,000,000 Open Offer Shares raising at least £560,000 before expenses. These proceeds together with the £940,000 raised by means of the conditional Placing also announced on 14 March 2019 mean that the Fundraising will, in aggregate, raise at least £1.5 million before expenses and therefore exceed the minimum proceeds required for the Fundraising to proceed as set out in the announcement and the circular posted to Shareholders on 19 March 2019.\n \nThe Company is therefore pleased to announce that the minimum proceeds condition will be met and that subject to Shareholders' approval at the General Meeting to be held on 9 April 2019 and subject to certain other conditions relating to the Placing Agreement, Admission of the New Ordinary Shares to trading and dealings on AIM are expected to commence on 10 April 2019.\n \nThe Company confirms that, with funding secured for the next few months, the strategic review process is continuing as...