REG - FORGENT PLC - Completion of Fundraise and Acquisition Update

ForgentAnnouncement

18/05/2026 11:45

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RNS Number : 7486E  FORGENT PLC  18 May 2026

 

This announcement contains inside information as defined in Article 7 of the
EU Market Abuse Regulation No 596/2014, as it forms part of United
Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018,
as amended, and has been announced in accordance with the Company's
obligations under Article 17 of that Regulation.

 

18 May 2026

Forgent plc

("Forgent" or the "Company")

Completion of Equity Fundraise and Asset Acquisition Update

 

Forgent plc (AIM: FORG), the technology-led energy transition platform, is
pleased to announce the completion of the equity fundraise and an update on
the acquisition of a 51% interest in the Peak Hills project following
shareholder approval at the EGM on 14 May 2026.

 

Placing

The Placing has raised £1.3 million (before expenses) through the placing of
8,666,666,667 Placing Shares (the "Placing Shares"), at a price of 0.015 pence
per share (the "Placing Price").

 

Peak Hills Option Exercise

 

Forgent plc has now also partially exercised its binding exclusive option over
Peak Hills, first announced on 29 January 2026 and 14 April 2026.  The
Company has acquired a 51% interest in the Project with the balance of 48%
remaining under option to the Company, extended for a further five months as
announced on 14 April 2026.

 

Pursuant the option terms, the consideration payable for the 51% is being
satisfied through US$206,060 in cash and the issue of 4,808,080,933 new
ordinary shares in the Company (the "Consideration Shares").

 

Final Subscription Shares

 

As set out in the Company's announcement on 16 February 2026, pursuant to the
terms of the set-off deeds entered into between the Secured Lenders and the
Company, the Secured Lenders agreed to subscribe for, in aggregate,
5,527,056,326 ordinary shares ("Subscription Shares") of €0.0001 in the
capital of the Company for an amount equivalent to £1.93 million. To ensure
that the Secured Lenders and any persons with whom they are acting in concert
would not hold more than 29.9% of the voting rights of the Company a total of
2,237,025,714 Initial Subscription Shares were issued to the Secured Lenders
at that time, amounting to, in aggregate 28% of the then issued share capital,
with the balance of 3,290,030,612 shares (the "Final Subscription Shares") to
follow at such time as the issue of such shares would mean that the Secured
Lenders and any persons with whom they are acting in concert would not hold in
total more than 29.9% of the voting rights of the Company.

 

The Final Subscription Shares are now being allotted to the Secured Lenders,
following which the Secured Lenders will hold, in total, 21.78% of the Company
enlarged share capital at Admission (as defined below).

 

Creditor settlements

 

As announced on 14 April 2026, the Company has reached agreement with certain
creditors to convert outstanding balances totalling £22,000 into 146,666,667
new ordinary shares in the Company (the "Creditor Shares").

 

Admission and Total Voting Rights

 

Application is being made to the London Stock Exchange for admission of the
8,666,666,667 Placing Shares, 3,290,030,612 Final Subscription Shares,
146,666,667 Creditor Shares and 4,808,080,933 Consideration Shares (together
the "Transaction Shares") to trading on AIM ("Admission"). It is expected
that Admission will become effective and that dealings in the Transaction
Shares on AIM will commence at 8.00 a.m. on or around 26 May 2026.

 

The Transaction Shares will rank pari passu in all respects with the
Company's existing Ordinary Shares.

 

Following Admission, there will be 25,371,321,333 Ordinary Shares in issue.
The Company holds no Ordinary Shares in Treasury. This number may be used by
shareholders as the denominator for the calculation 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
Guidance and Transparency Rules.

 

 

ENQUIRIES 

 

 FORGENT plc                                     investors@forgentplc.com

 James Parsons

 Strand Hanson - Nomad & Financial Adviser       +44 20 7409 3494 

 James Harris / Richard Johnson 

 Global Investment Strategy UK Ltd - Broker      +44 20 7048 9045 

 Christopher Kipling

 Samantha Esqulant 

 

 

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