Issue of Equity and Directors' Dealings

RNS Number : 2583J

Inspirit Energy Holdings PLC

02 April 2015

 

2 April 2015

Inspirit Energy Holdings plc

("Inspirit" or the "Company")

Issue of Equity and Directors' Dealings

Inspirit (AIM: INSP) announces that the Board of Inspirit was informed that John Gunn, the Company's Chief Executive Officer, had yesterday purchased a further 2,000,000 ordinary shares of 0.1p each in the Company ("Ordinary Shares") at an average price of 0.67875p per share. This purchase takes Mr Gunn's total holding to 355,841,335 Ordinary Shares, representing 50.75% of the Company's enlarged issued share capital.

Further to the above, Neil Luke, Chief Operating Officer and Director of the Company, has opted to accept shares in lieu of his back dated fees of £33,000 and the Board has agreed to convert this fee by issuing 3,300,000 Ordinary Shares at a price of 1p per share. Following this, Mr Luke's total holding in the Company will be 3,300,000 Ordinary Shares, representing 0.47% of the Company's enlarged issued share capital.

Application has been made for the 3,300,000 Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will occur on or about 10 April 2015. The shares will rank pari passu in all aspects with the existing Ordinary Shares of the Company.

Total voting rights

Following Admission, the Company's enlarged issued share capital will comprise 701,147,289 Ordinary Shares, with voting rights. The Company does not hold any Ordinary Shares in treasury. Therefore the total number of Ordinary Shares in the Company with voting rights will be 701,147,289. This 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 in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

For further information please contact:

Contacts:
Inspirit Energy Holdings plc	www.inspirit-energy.com
John Gunn, Executive Director	[phone]
Nilesh Jagatia CFO	[phone]
Westhouse Securities Limited (Nominated Advisor and Joint Broker)
Antonio Bossi / David Coaten Beaufort Securities (Joint Broker) Jon Levinson / Saif Janua / Elliot Hance	[phone] [phone]
Public Relations:
Square1 Consulting
David Bick	[phone]

About Inspirit Energy Holdings Plc

Inspirit Energy Holdings plc, is developing and commercialising a highly efficient micro combined heat and power (micro-CHP) boiler for the commercial and residential markets. The boiler is specifically designed to meet the challenge of 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 configurations and its high operating efficiency together with the offset of electricity costs provides a very attractive investment payback proposition.

Inspirit intends to explore opportunities to licence 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 micro-CHP appliance. A prototype of the appliance has been independently tested and shown to be capable of simultaneous generation of up to 15kW thermal and up to 3kW 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.

 

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