REG - Eneraqua Technolgs. - Related Party Transaction

Eneraqua TechnologiesAnnouncement

19/04/2022 07:00

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RNS Number : 5004I  Eneraqua Technologies PLC  19 April 2022

Eneraqua Technologies plc

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

 

Related Party Transaction

 

Eneraqua Technologies plc, a specialist provider of energy and water
efficiency solutions, announces that Drew Johnson, a related party of the
Company, has transferred in aggregate 600,000 ordinary shares of 1 pence each
in the capital of the Company ("Ordinary Shares") to his two non-dependent
children, for nil consideration (the "Share Transfer").

 

Following the Share Transfer, Drew's interest in Ordinary Shares is 3,519,300
Ordinary Shares, representing approximately 10.6% of the issued share capital
of the Company.

 

As disclosed in the Company's admission document dated 17 November 2021,
certain shareholders undertook to the Company and finnCap not to dispose of
any Ordinary Shares at any time prior to the first anniversary of the
admission of the Ordinary Shares to trading on AIM without the prior consent
of finnCap and the Company (the "Lock-in Undertaking").

The Directors of the Company have consented on behalf of the Company to the
release of Drew Johnson from the Lock-in Undertaking such that he may transfer
in aggregate 600,000 Ordinary Shares to his non-dependent children. The
residual Ordinary Shares held by Drew Johnson, along with the transferred
Ordinary Shares held by Drew Johnson's non-dependent children, will remain
subject to such a lock-in undertaking. finnCap has also provided its consent
to the Share Transfer on this basis.

The release of Drew Johnson (a substantial shareholder and previously a
director of the Company) from the Lock-in Undertaking constitutes a related
party transaction for the purpose of Rule 13 of the AIM Rules for Companies
(the "Related Party Transaction"). The Directors consider, having consulted
with finnCap, the Company's nominated adviser, that the terms of the Related
Party Transaction are fair and reasonable insofar as the Company's
shareholders are concerned.

 

 

For more information, please contact:

 

 Eneraqua Technologies plc                          Via Alma PR
 Mitesh Dhanak, CEO                                 www.eneraquatechnologies.com (http://www.eneraquatechnologies.com)
 Iain Richardson, CFO

 finnCap Limited - Nominated adviser and Broker     +44(0)20 7220 0500
 Ed Frisby / Charlie Beeson - Corporate Finance
 Andrew Burdis / Sunila de Silva - ECM

 Alma PR - Financial PR and IR                      +44(0)20 3405 0205
 Justine James / Hilary Buchanan / Sam Modlin       eneraqua@almapr.co.uk (mailto:eneraqua@almapr.co.uk)

 

 

Notes to editors

 

Eneraqua Technologies (AIM:ETP) is a specialist in energy and water
efficiency. The Group has two divisions energy and water. Energy is the larger
division, with the Company focused on clients with end of life gas, oil or
electric heating and hot water systems. The Group provides turnkey retrofit
district or communal heating systems based either on high-efficiency gas or
ground/air source heat pump solutions that support Net Zero and
decarbonisation goals.

 

The water division is a growing service offering focused on water efficiency
upgrades for utilities and commercial clients including hotels and care homes.

 

The activities in both divisions are underpinned by the Company's wholly-owned
intellectual property, the Control Flow HL2024 family of products which reduce
water wastage and improve the performance of heating and hot water systems.

 

The Company's main country of operation is the United Kingdom. The Company's
head office is based in London with additional offices in Leeds, Washington
(Sunderland), India, Spain and the Netherlands. The Company has 116 employees,
with the majority employed within the UK. Eneraqua Technologies has received
the London Stock Exchange's Green Economy Mark.

 

To find out more, please visit: www.eneraquatechnologies.com
(http://www.eneraquatechnologies.com)

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