REG - Eneraqua Technolgs. - Proposal for Creditors Voluntary Liquidation

Eneraqua TechnologiesAnnouncement

Mon 07:00

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RNS Number : 6725S  Eneraqua Technologies PLC  28 July 2025

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
(EU) 596/2014 AS IT FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM BY VIRTUE
OF THE EU (WITHDRAWAL) ACT 2018.

28 July 2025

Eneraqua Technologies plc

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

Appointment of Administrators over Subsidiary, Sale of Part of that Business
and Proposal for Creditors Voluntary Liquidation

Subsequent to announcements released on both 7 and 9 July, Eneraqua
Technologies plc announces that James Lumb and Howard Smith of Interpath
Advisory ("Interpath" or "the Administrators") have been appointed as
Administrators of Cenergist Limited ("Cenergist"), the Group's major trading
subsidiary.

Immediately following that appointment, the Administrators concluded the sale
of Cenergist's Water Business to IMFD Limited ("IMFD"), a company led by
Caroline Gray-Mason and Gary Copeland who were shareholders in Eneraqua and
whose directors and/or shareholders include Mitesh Dhanak, David Routledge,
Sarah Cope and William Tame, all of whom are directors and shareholders of
Eneraqua.

The transaction includes the acquisition of various subsidiaries of Cenergist
including Control Flow Technologies Limited, Cenergist Energy Private Limited
and Cenergist Spain SL and its subsidiaries HaGePe International BV and HGP
Exploitatie BV.

For the year ended 31 January 2024, the Water Business recorded profit before
tax of £975,000 on revenue of £4,559,000. Net assets of that business at 31
July 2024 were £4,662,000.

The transaction value of £325,000 comprises £250,000 paid in cash on
completion and £75,000 of deferred cash consideration which is payable in no
more than 12 months. Additionally, IMFD is acquiring approximately £800,000
of debtors for a consideration of 85% of their value. This transaction will
safeguard 84 of the 180 jobs in Cenergist.

Certain assets of the Water Business are being retained by the Administrators.
Should these assets be sold with the assistance of IMFD, 55% of their value
will accrue to Cenergist in administration for the benefit of creditors. All
other proceeds from this sale will also be for the benefit of creditors.

The transaction follows an intensive period of marketing by Interpath to
achieve the best value for creditors. The transaction process has been
independently reviewed by J9 Advisory Limited as Evaluator under The
Administration (Restrictions on Disposal etc. to Connected Persons)
Regulations 2021.

Following the appointment of Administrators to Cenergist and as the Company
has no other assets, the Board of Eneraqua is now taking steps to place the
Company into Creditors Voluntary Liquidation and further announcements will be
made in due course.

For further information please contact:

Eneraqua Technologies plc

Guy Stenhouse, Chairman

John Samuel, Chief Financial Officer
                              john.samuel@eneraquatechnologies.com

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