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GETECH Group plc (GTC)

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Tuesday 30 March, 2021

GETECH Group plc

Result of General Meeting and Open Offer

RNS Number : 0146U
GETECH Group plc
30 March 2021
 

30 March 2021

 

Getech Group plc

 

("Getech" or the "Company")

 

Result of General Meeting and Open Offer

 

Result of General Meeting

 

Getech, a provider of data, knowledge and software products to the energy industry, is pleased to announce that, further to the announcement on 12 March 2021, the Resolution put to Shareholders at the General Meeting held earlier today in connection with the Placing, Subscription and Open Offer to raise up to £6.25 million (before expenses), was duly passed. Full details of the proxy voting results will be published on the Company's website at www.getech.com shortly.

 

Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meaning as defined in the announcement the Placing, Subscription and Open Offer made by the Company on 12 March 2021.

 

Acquisition of H2 Green Limited

 

Getech is also pleased to confirm that, following approval of the Resolution, it has acquired the entire issued share capital of H2 Green for an initial consideration of £250,000, of which £196,250 (78.5 per cent.) will be satisfied through the issue of the Consideration Shares with the remaining £53,750 paid in cash.

 

Result of Open Offer

 

In addition, the Company is pleased to announce that valid applications have been received in respect of, and the Company will issue, 1,138,291 Open Offer Shares, raising gross proceeds of £0.25 million and taking the total proceeds of the Placing, Subscription and Open Offer to £6.25 million.

 

As the Open Offer was oversubscribed, the Directors of the Company will undertake a scaling back process, on a pro-rata basis, with the same scaling methodology to be applied to each shareholder who applied for excess applications.

 

Admission & Total Voting Rights

 

Application has been made for the First Placing Shares and the Consideration Shares, totalling 18,835,998 new Ordinary Shares, to be admitted to trading on AIM and dealing will commence in the First Placing Shares and the Consideration Shares at 8.00 a.m. on 31 March 2021 ("First Admission"). Following First Admission, the Company will have 56,399,613 Ordinary Shares in issue.

 

Application has also been made for the Second Placing Shares, the Subscription Shares and the Open Offer Shares, totalling 10,467,067 new Ordinary Shares, to be admitted to trading on AIM and dealing will commence in the Second Placing Shares, the Subscription Shares and the Open Offer Shares at 8.00 a.m. on 1 April 2021 ("Second Admission"). Following Second Admission the Company will have 66,866,680 Ordinary Shares in issue. The aforementioned figure of 66,866,680 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 to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

 

Jonathan Copus, Chief Executive Officer, commented:

 

"Completion of the Placing and oversubscribed Open Offer opens an exciting new chapter for Getech.

 

The global drive to decarbonise is ushering in an unprecedented transition to low-carbon distributed energy systems. Getech's core business is to use our geoscience and geospatial technology and expertise to help customers locate energy resources and optimise their management.

 

Whilst historically the majority of our business has come from oil and gas companies, we are increasingly applying our services to energy companies in the geothermal, unconventional gas and hydrogen sectors, as well as to mining companies that are seeking to expand production of vital materials, such as battery metals and other rare earths.

 

This Placing and Open Offer enables Getech to enhance our product offering and market our energy transition services globally. We see exceptional growth potential as countries and companies proceed on their journey to net zero and we have also identified opportunities in the development of projects that generate asset-value and recurring income.

 

Furthermore, today, we have completed the acquisition of H2Green, a transaction that illustrates our new business model. H2Green is working to develop a network of hydrogen production, storage and refuelling hubs, utilising Getech's geospatial skills to identify optimal hub locations, using criteria that include customer demand dynamics, energy efficiency and operational safety.

 

This is an exciting time for Getech and I look forward to updating shareholders with our progress."

 

For further information, please contact:

 

Getech Group plc

Jonathan Copus, Chief Executive

 

Tel:  0113 322 2200



Cenkos Securities plc

Neil McDonald / Pete Lynch (Corporate Finance)

Michael Johnson / Julian Morse (Sales)

 

 

 

Tel:  0207 397 8900

 

Camarco

James Crothers / Ollie Head / Toby Strong

 

Tel: 020 3781 8331

 

Notes to editors:

 

Getech (AIM: GTC)  has a well-established position within the global energy market, assisting clients with its unique combination of products and services, that utilise the Group's sub-surface skills and geospatial design and implementation capabilities alongside a deep knowledge and understanding of how to deploy data.

 

The Company is leveraging its strong market position, utilising its existing expertise, and targeting additional commercial opportunities, to de-risk and accelerate the global transition to renewable sources of energy while strengthening its existing and well-established business.

 

Getech is listed on the AIM market of the London Stock Exchange. For further information, please visit www.getech.com

 

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