Placing and director deals

RNS Number : 4039Y
Inspirit Energy Holdings PLC
17 May 2016

17 May 2016


Inspirit Energy Holdings Plc

("Inspirit" or "the Company")


Placing and director deals



Inspirit Energy Holdings plc, the AIM listed developer of micro combined heat and power boilers, is pleased to announce that it has raised £750,000 through the placing (the "Placing") of 150,000,000 ordinary shares of 0.1 pence each in the share capital of the Company ("Ordinary Shares") at 0.5 pence per Ordinary Share (the "Placing Shares"). For every two Placing Shares they subscribed to, placees will also receive one warrant over Ordinary Shares ("Warrant") valid for 12 months from the date of issue exercisable at 0.5p per Ordinary Share. 


Since the last placing on 17 July 2015 the Company has completed the development of its micro combined heat and power boiler, the Inspirit Charger, on which a European trademark has been awarded, successfully completed internal testing and commenced the accreditation process for field trial units with Enertek International.


The funds raised will allow the Company to finalise the accreditation process and commence field trials with field trial partners as well as providing working capital for the Company's continuing development.


Looking forwards, the Company plans to launch an online facility for advance reservations of the Inspirit Charger 2.0 and Inspirit Charger 3.0, disseminate field trial performance data and accredit the Inspirit Charger 2.0 under the Microgeneration Certification Scheme.


Prior to commercial launch and the delivery of pre-ordered units the Company will confirm customer finance options and launch its e-commerce website.


Director dealings


John Gunn, the Company's Chairman and Chief Executive Officer, is Chief Executive Officer and 52.44 per cent shareholder of Octagonal Plc ("OCT"). Global Investment Strategy UK Limited ("GIS") is a 100% owned subsidiary of OCT. GIS will be investing £50,000 in this placing by subscribing to 10 million Placing Shares and will also receive 5 million Warrants.


As a result of the above transaction, John Gunn will be interested directly and indirectly through GIS / OCT in 370,029,580 Ordinary Shares representing 39.5 per cent. of the Company's enlarged issued share capital.


Finally, in addition to the above placing, the Company has agreed to issue 8,000,000 Ordinary Shares and 4,000,000 Warrants as settlement for professional fees.



Application has been made for the 158,000,000 Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will occur on or about 20 May 2016. The shares will rank pari passu in all respects with the existing Ordinary Shares of the Company.


Total voting rights


Following Admission, the Company's enlarged issued share capital will comprise 936,806,857 Ordinary Shares. The Company does not hold any shares in treasury. This figure of 936,806,857 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,


"This financing will give us the resources to take the business forward towards the commercialisation of our appliance with our chosen trial partners. We will look to further update shareholders shortly on these installations.


"This is a very exciting time for our business where we will start to implement our sales and marketing strategy to deliver the end product to our consumer.

The 'sealed for life' aspect of our appliance and its superior electrical output over other domestic rated appliances give us a competitive advantage in what we see as the next generation technology for existing home and commercial heating systems."



More information on Inspirit Energy can be seen at:






Inspirit Energy Holdings plc

John Gunn, Chairman and CEO

+44 (0) 207 048 9400

Nilesh Jagatia CFO


+44 (0) 207 048 9405


Stockdale Securities Limited

(Nominated Advisor and Joint Broker)

Antonio Bossi / David Coaten       


+44 (0) 207 601 6100

Peterhouse Corporate Finance

(Joint Broker)

Lucy Williams / Duncan Vasey


+44 (0) 207 469 0930

Cadogan Leander

(Financial Public Relations)

Christian Taylor-Wilkinson / Alex Walters

+44 (0) 207 520 9267



 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 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 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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