REG - Cindrigo Hldgs Ltd - Main Market Admission and First Day of Dealings

Cindrigo HoldingsAnnouncement

31/10/2025 07:00

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RNS Number : 5947F  Cindrigo Holdings Limited  31 October 2025

 

This announcement 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, Australia, New Zealand or any jurisdiction where
to do so would constitute a violation of the relevant laws in that
jurisdiction or which would require any registration or licensing within that
jurisdiction.

 

31 October 2025

Cindrigo Holdings Limited

("Cindrigo" or the "Company")

 

Admission to Trading on Main Market of the London Stock Exchange

&

First Day of Dealings

 

Cindrigo Holdings Limited, a clean baseload energy developer and producer, is
pleased to announce the admission of its entire issued share capital to
trading on the Main Market of the London Stock Exchange, at 8.00 am today
under the ticker "CINH" ("Admission"). The Company's Prospectus is available
on Cindrigo's website
https://www.cindrigo.com/investor-relations/corporate-documents
(https://www.cindrigo.com/investor-relations/corporate-documents) .

 

Admission follows a Placing by Capital Plus Partners Limited ("Capital Plus"),
as well as a Company Subscription, for a combined total of 17,176,994 New
Ordinary Shares ("Fundraising Shares") at 12p per ordinary share of £0.01
each (the "Placing Price"), raising gross proceeds of £2.06 million together
with the conversions of £9.3 million principal amount of Convertible Loan
Notes at an average blended conversion price of approximately 17p. Beaumont
Cornish Limited acted as the Sponsor and Financial Advisor in relation to the
Admission and Capital Plus acted as Sole Broker. The Company expects to
receive the London Stock Exchange's Green Economy Mark in due course.

 

Placing Statistics

 

 Placing Price per Ordinary Share                        12 pence
 Gross proceeds of Fundraise                             £2.06 million
 Ordinary Shares issued under Convertible Loan Notes     53,682,464
 Number of Ordinary Shares in issue following Admission  333,914,907
 Market Capitalisation at the Placing Price              £40.07 million

 

Key Highlights

 

·    The Company's primary focus is to advance its clean energy
initiatives initially through Waste-to-Energy and geothermal projects across
Europe.

·    The Kaipola Plant is a 110 MW Combined Heat and Power Waste-to-Energy
facility in Finland, secured under a 50-year lease, and plans to become a
significant revenue-generating asset for the Company.

·    The Kaipola Plant is expected to restart and step-up to scale
production of Combined Heat and Electricity during Q4 2025 with a further
gradual increase in 2026.

·    The Company has acquired three German Geothermal Projects with 85 per
cent. ownership, located in the highly prospective Upper Rhine region of
Germany, with a combined target capacity of over 300 MW including heat and
power, and the potential for lithium production to supplement project
revenues.

·    Electricity generated using geothermal resources benefits from a
feed-in tariff for 20 years under Germany's Renewable Energy Sources Act, and
heat tariffs typically range between €45 and €60 per megawatt hour under
long-term (10- to 12-year) contracts.

·   German federal and regional governments support Geothermal projects,
where Capex recovery ("BEW Subsidy") can be up to 40 per cent. if appropriate
criteria is met.

 

Lars Guldstrand, CEO of Cindrigo, commented: "Admission to the Main Market of
the London Stock Exchange marks a significant milestone for Cindrigo as we
progress our strategy to deliver long-life, sustainable baseload energy assets
across Europe. Our Waste-to-Energy plant in Finland is expected to become a
core revenue generator for the Group, providing the foundation to advance our
geothermal portfolio in Germany, one of the most attractive and supportive
markets for green baseload power and heat.

 

"With strong policy backing, long-term pricing structures and the growing need
for reliable, clean energy, we believe the opportunity in geothermal is
considerable. We are focused on progressing our projects in a responsible and
disciplined manner, and we look forward to updating shareholders as we
continue to deliver on our plans."

 

About Cindrigo

The Company's primary focus is to advance its clean energy initiatives
initially through WtE and geothermal projects across Europe, which include
commencement of commercial operations of the Kaipola Plant in Finland and
prospective geothermal energy projects in Germany.

 

The Company's 110 MW WtE facility in Kaipola, secured through a 50-year lease,
is positioned to become a key revenue-generating asset following the full
functional start (large scale heat and electricity production) in conjunction
with the primary heat customer and commencement of its pellet factory expected
in 2025, with a further gradual increase in 2026 and thereafter generating a
consistent income. The Directors estimate that the assets held under the Lease
and the operation of the Plant can be attributed a depreciated replacement
value in the region of €80 million to €120 million.

 

Additionally, the Company's Geothermal Projects in Germany reflect Europe's
emphasis on green baseload energy and will benefit from the support of the
German Renewable Energy Sources Act and federal funding initiatives. These
projects highlight the Company's commitment to sustainable energy production
and alignment with the EU's renewable energy objectives.

 

Germany has a history of using geothermal energy for heating and power. The
Federal Government of Germany has published a key issues paper outlining
strategies for targeting 10 TWh of geothermal output from medium-depth and
deep resources by 2030. This effectively increases the current feed-in to
heating grid from geothermal by tenfold. Thus, the Government aims to add at
least 100 additional geothermal projects by 2030, connect them to heating
networks, and make geothermal energy usable in residential buildings,
neighbourhoods, and industrial processes.

 

The German Renewable Energy Sources Act 2021 (EEG) provides a stable and
transparent support framework for electricity generation from geothermal
resources. Under the EEG, electricity generated using geothermal energy
benefits from a feed-in tariff of €0.252 per kilowatt hour, guaranteed for
20 years. Heat tariffs typically range from €45 to €60 per megawatt hour
under 10- to 12-year contracts (which may be extended), commonly agreed with
municipalities, industrial users, and greenhouse operators.

 

German federal and regional government are strongly supportive of Geothermal
development. Government supports heat projects with up to 40 per cent. Capex
recovery (BEW Subsidy), which is significant and eases capital expenditure
concerns for earlier stage companies such as Cindrigo.

 

The Company expects to receive, in due course, the London Stock Exchange's
Green Economy Mark which recognises companies and funds that derive 50% or
more of revenues or 100% of its business activity, if pre-revenue, from
products and services that contribute to the global green economy. The
underlying methodology incorporates the Green Revenues Classification System,
developed by FTSE Russell.

 

For further information regarding Cindrigo, please contact:

 

 Cindrigo Holdings Limited                                                 lg@cindrigo.com

 Lars Guldstrand, CEO

 Beaumont Cornish Limited (Sponsor)                                        Tel:  +44 (0) 207 628 3396

 Roland Cornish / Asia Szusciak / Andrew Price

 Capital Plus Partners Limited (Broker)                                    Tel: +44 (0) 207 432 0501

 Jonathan Critchley                                                        JC@capplus.co.uk (mailto:JC@capplus.co.uk)

 St Brides Partners (Financial PR)                                         cindrigo@stbridespartners.co.uk

 Paul Dulieu / Charlotte Page / Will Turner

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Sponsor as
defined in the FCA UK Listing Rules and is authorised and regulated by the
FCA. Beaumont Cornish Limited is acting exclusively for the Company and for no
one else in relation to the matters described in this announcement and is not
advising any other person and accordingly will not be responsible to anyone
other than the Company for providing the protections afforded to clients of
Beaumont Cornish Limited, or for providing advice in relation to the contents
of this announcement or any matter referred to in it.

 

The dealing codes for the Ordinary Shares are as follows:

 

 ISIN number   GG00BM9CCP98
 SEDOL number  BM9CCP9
 TIDM          CINH
 LEI number    213800T424TYEZ5PLE75

 

Important Notices

This announcement does not constitute or form part of any offer or invitation
to sell or issue or any solicitation of any offer to purchase or subscribe for
any securities in any jurisdiction, nor shall it (or any part of it), or the
fact of its distribution, form the basis of, or be relied upon in connection
with, or act as any inducement to enter into, any contract or commitment
whatsoever relating to any securities.

 

Recipients of this announcement who intend to purchase or subscribe for
Ordinary Shares in the Company are reminded that any such purchase or
subscription must only be made solely on the basis of the information
contained in the final Prospectus relating to the Company. The information
contained in this announcement is for background purposes only and does not
purport to be full or complete. No reliance should be placed for any purposes
whatsoever on the information contained in this announcement or its accuracy,
fairness or completeness, including (without limitation) in connection with
any contract or commitment or investment decision whatsoever.

 

This announcement does not constitute an offer of securities in the United
States or to US Persons. Ordinary Shares of the Company may not be offered or
sold in the United States or to US Persons without being registered under the
United States Securities Act of 1933, as amended ("U.S. Securities Act") or an
available exemption from such registration. The Company does not presently
intend to register any securities under the U. S. Securities Act and no public
offering of shares is being or will be made in the United States or to US
Persons.

 

The information contained in this announcement is not for publication or
distribution, in whole in part, directly or indirectly into or from the United
States, Australia, Canada, Japan, South Africa or New Zealand or any other
jurisdiction where to do so might constitute a violation or breach of any
applicable law ("Restricted Territories"). The Ordinary Shares have not been,
and will not be, registered under the applicable securities laws of (and
clearances have not been, and will not be, obtained from the relevant
securities authorities or commissions of) any Restricted Territories. Any
failure to comply with these restrictions may constitute a violation of
Restricted Territories securities laws. This announcement (and the information
contained herein) does not contain or constitute an offer of securities for
sale, or solicitation of an offer to purchase securities, in the Restricted
Territories where such an offer or solicitation would be unlawful. No money,
securities or other consideration is being solicited and, if sent in response
to the information contained herein, will not be accepted.

 

Beaumont Cornish Limited ("BCL"), which is authorised and regulated in the
United Kingdom by the FCA, is acting exclusively for the Company as Sponsor
and Financial Advisor in connection with the Fundraising and Admission. BCL
are not acting for any other person and will not be responsible to any other
person for providing the protections afforded to customers of BCL, or for
advising any other person in connection with the Fundraising or Admission. The
responsibility of BCL, as the Company's Sponsor, is owed solely to the London
Stock Exchange and is not owed to the Company or the Directors or any other
person. No representation or warranty, express or implied, is made by BCL or
any of its directors, officers, partners, employees, agents or advisers as to
the contents of the Prospectus (without limiting the statutory rights of any
person to whom this Document is issued). No liability whatsoever is accepted
by BCL or any of its directors, officers, partners, employees, agents or
advisers for the accuracy of any information or opinions contained in this
Document or for the omission of any material information for which it is not
responsible.

 

Capital Plus Partners Limited ("Capital Plus"), which is authorised and
regulated in the United Kingdom by the FCA, is acting exclusively for the
Company as broker in connection with the Placing and Admission. Capital Plus
are not acting for any other person and will not be responsible to any other
person for providing the protections afforded to customers of Capital Plus, or
for advising any other person in connection with the Placing or Admission. No
representation or warranty, express or implied, is made by Capital Plus or any
of its directors, officers, partners, employees, agents or advisers as to the
contents of this Document (without limiting the statutory rights of any person
to whom this Document is issued). No liability whatsoever is accepted by
Capital Plus or any of its directors, officers, partners, employees, agents or
advisers for the accuracy of any information or opinions contained in this
Document or for the omission of any material information for which it is not
responsible.

 

In the member states of the European Economic Area ("EEA"), this announcement
is only addressed to and directed at persons who are qualified investors
within the meaning of the Prospectus Regulation ("Qualified Investors"). The
term "Prospectus Regulation" means either (a) Regulation (EU) 2017/1129 of the
European Parliament and of the Council (as amended) on the prospectus to be
published when securities are offered to the public or admitted to trading on
a regulated market; and repealing Directive 2003/71/EC, or (b) the United
Kingdom's version of Regulation (EU) 2017/1129 of the European Parliament and
of the Council (as amended) on the prospectus to be published when securities
are offered to the public or admitted to trading on a regulated market, which
is part of United Kingdom's law by virtue of the European Union (Withdrawal)
Act 2018, as applicable. In the United Kingdom, this announcement is only
addressed to and directed at Qualified Investors in the United Kingdom who are
reasonably believed by the Company to be persons of a kind described in
Article 19 (Investment Professionals), Article 48 (High Net Worth Individuals)
and Article 49 (High Net Worth Companies, Unincorporated Associations, etc) of
the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005,
as amended or any other recipient that is a Qualified Investor in the United
Kingdom to whom an invitation or inducement to engage in investment activity
(within the meaning of section 21 of the Financial Services and Markets Act
2000, as amended ("FSMA")) in connection with the sale of any securities of
the Company may otherwise lawfully be communicated or caused to be
communicated (together, "Relevant Persons").

 

Persons who fall outside these categories in the EEA or the United Kingdom,
respectively, should not rely on or act upon the matters communicated in this
announcement. Any investment activity to which this announcement relates (i)
in the United Kingdom is available only to, and may be engaged in only with,
Relevant Persons, and (ii) in any member state of the EEA is available only
to, and may be engaged only with, Qualified Investors.

 

Forward looking statements

Certain statements contained in this announcement constitute forward-looking
statements. When used in this announcement, the words "may", "would", "could",
"will", "intend", "plan", "anticipate", "believe", "seek", "propose",
"estimate", "expect", and similar expressions, as they relate to the Company,
are intended to identify forward-looking statements. These statements include,
but are not limited to, statements regarding intentions, beliefs or current
expectations concerning, among other things, the Company's results of
operations, financial position, liquidity, prospects, growth, strategies and
expectations of the industry in which the Company operates.

 

Such statements reflect the Company's current views with respect to future
events and are subject to certain risks, uncertainties and assumptions. Many
factors could cause the Company's actual results, performance or achievements
to materially differ from those described in this announcement Should one or
more of these risks or uncertainties materialise, or should assumptions
underlying forward-looking statements prove incorrect, actual results may
differ materially from those described in this announcement as "intended",
"planned", "anticipated", "believed", "proposed", "estimated" or "expected".

 

By its very nature, such forward-looking statements require the Company to
make assumptions that may or may not materialise. Although the directors
consider that these assumptions are reasonable, such forward-looking
statements may involve known and unknown risks, uncertainties, assumptions and
other important factors beyond the control of the Company that could cause the
actual performance or achievements of the Company to be materially different
from such forward-looking statements. Past performance is not a reliable
indicator of future results and, in particular, past performance of the
Company cannot be relied upon as a guide to future performance.
Forward-looking statements speak only as of the date they are made.
Accordingly, you should not rely on any forward-looking statements and the
Company, BCL and Capital Plus expressly disclaim any obligation to disseminate
any updates or revisions to such forward-looking statements. No statement in
this announcement is intended as a profit forecast or a profit estimate and no
statement in this announcement should be interpreted to mean that earnings per
share for the current or future financial periods would necessarily match or
exceed historical published earnings per share. As a result, you are cautioned
not to place any undue reliance on such forward-looking statements. Neither
the Company nor anyone else is under any obligation to update or keep current
the information contained in this announcement.

 

No representation or warranty, express or implied, is given by or on behalf of
the Company, BCL, Capital Plus or any of their directors, officers, partners,
employees, advisers, agents, affiliates, representatives or any other persons
as to the accuracy, fairness, completeness, verification or sufficiency of the
information or opinions contained in this announcement, that any
forward-looking statements will come to pass or prove to be correct, or for
any other statement made or purported to be made by them, or on their behalf,
in connection with the Company, the Ordinary Shares or the Admission and
nothing in this announcement will be relied upon as a promise or
representation in this respect, whether as to the past or future. Save in the
case of fraud, no liability is accepted for any errors, omissions or
inaccuracies in any of the information or opinions in this announcement or for
any loss, cost or damage suffered or incurred howsoever arising, directly or
indirectly, from any use of this announcement or otherwise in connection with
the subject matter of this announcement. Accordingly, each of the Company, BCL
and Capital Plus and each of their respective affiliates, branches,
associates, subsidiary and parent undertakings and the subsidiary undertakings
of their parent undertakings, and their respective directors, officers,
unlimited partners, agents and employees, disclaims, to the fullest extent
permitted by applicable law, all and any responsibility or liability, whether
arising in tort, contract or otherwise (save as referred to above), which it
might otherwise have in respect of this announcement or any such statement.

 

Any subscription for or purchase of Ordinary Shares should be made solely on
the basis of information contained in the Prospectus. The information in this
announcement is subject to change. Before subscribing for or purchasing any
Ordinary Shares, persons viewing this announcement should ensure that they
fully understand and accept the risks which are set out in the Prospectus.
This announcement shall not constitute, or form part of, any offer or
invitation to sell, or any solicitation of any offer to acquire, any Ordinary
Shares or any other securities, nor shall it (or any part of it), or the fact
of its distribution, form the basis of, or be relied on in connection with, or
act as any inducement to enter into, any contract or commitment whatsoever.

 

Potential investors should not base their financial decision on this
announcement. Acquiring investments to which this announcement relates may
expose an investor to a significant risk of losing all of the amount invested.
Persons considering making investments should consult an authorised person
specialising in advising on such investments. This announcement does not
constitute a recommendation concerning the Admission or to subscribe for or
purchase Ordinary Shares or any other securities. The value of shares can
decrease as well as increase. Potential investors should consult a
professional adviser as to the suitability of an investment for the person
concerned. Nothing contained herein constitutes or should be construed as
investment, tax, financial, accounting or legal advice or a representation
that any investment or strategy is suitable or appropriate to your individual
circumstances.

 

For the avoidance of doubt, the contents of the Company's website and any
hyperlinks accessible from the Company's website are not incorporated by
reference into, and do not form part of, this announcement and investors
should not rely on them.

 

-ENDS-

 

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