Related Party Transaction

RNS Number : 5004I

Eneraqua Technologies PLC

19 April 2022

 

Eneraqua Technologies plc

("Eneraqua Technologies", the "Company" or the "Group")

Related Party Transaction

Eneraqua Technologies plc, a specialist provider of energy and water efficiency solutions, announces that Drew Johnson, a related party of the Company, has transferred in aggregate 600,000 ordinary shares of 1 pence each in the capital of the Company ("Ordinary Shares") to his two non-dependent children, for nil consideration (the "Share Transfer").

Following the Share Transfer, Drew's interest in Ordinary Shares is 3,519,300 Ordinary Shares, representing approximately 10.6% of the issued share capital of the Company.

As disclosed in the Company's admission document dated 17 November 2021, certain shareholders undertook to the Company and finnCap not to dispose of any Ordinary Shares at any time prior to the first anniversary of the admission of the Ordinary Shares to trading on AIM without the prior consent of finnCap and the Company (the "Lock-in Undertaking").

The Directors of the Company have consented on behalf of the Company to the release of Drew Johnson from the Lock-in Undertaking such that he may transfer in aggregate 600,000 Ordinary Shares to his non-dependent children. The residual Ordinary Shares held by Drew Johnson, along with the transferred Ordinary Shares held by Drew Johnson's non-dependent children, will remain subject to such a lock-in undertaking. finnCap has also provided its consent to the Share Transfer on this basis.

The release of Drew Johnson (a substantial shareholder and previously a director of the Company) from the Lock-in Undertaking constitutes a related party transaction for the purpose of Rule 13 of the AIM Rules for Companies (the "Related Party Transaction"). The Directors consider, having consulted with finnCap, the Company's nominated adviser, that the terms of the Related Party Transaction are fair and reasonable insofar as the Company's shareholders are concerned.

For more information, please contact:

Eneraqua Technologies plc	Via Alma PR
Mitesh Dhanak, CEO	www.eneraquatechnologies.com
Iain Richardson, CFO
finnCap Limited - Nominated adviser and Broker	[phone]
Ed Frisby / Charlie Beeson - Corporate Finance
Andrew Burdis / Sunila de Silva - ECM
Alma PR - Financial PR and IR	[phone]
Justine James / Hilary Buchanan / Sam Modlin	[e-mail]

Notes to editors

Eneraqua Technologies (AIM:ETP) is a specialist in energy and water efficiency. The Group has two divisions energy and water. Energy is the larger division, with the Company focused on clients with end of life gas, oil or electric heating and hot water systems. The Group provides turnkey retrofit district or communal heating systems based either on high-efficiency gas or ground/air source heat pump solutions that support Net Zero and decarbonisation goals.

The water division is a growing service offering focused on water efficiency upgrades for utilities and commercial clients including hotels and care homes.

The activities in both divisions are underpinned by the Company's wholly-owned intellectual property, the Control Flow HL2024 family of products which reduce water wastage and improve the performance of heating and hot water systems.

The Company's main country of operation is the United Kingdom. The Company's head office is based in London with additional offices in Leeds, Washington (Sunderland), India, Spain and the Netherlands. The Company has 116 employees, with the majority employed within the UK. Eneraqua Technologies has received the London Stock Exchange's Green Economy Mark.

To find out more, please visit: www.eneraquatechnologies.com

 

END

 

 

MSCFLFSSSLITLIF