REG - Inspirit Energy Hlds - Business Update & Company to become a Cash shell

Inspirit Energy HoldingsAnnouncement

08/10/2024 09:00

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RNS Number : 3549H  Inspirit Energy Holdings PLC  08 October 2024

8 October 2024

 Inspirit Energy Holdings plc

(the "Company")

Business Update & Company to become an AIM Rule 15 Cash shell

 

 

The Company was notified by the Design & Development Director of its
wholly owned subsidiary Inspirit Energy Limited ("Inspirit"), that he needs to
devote his full time and attention to caring for a close relative with
recently received life changing issues.  As a result, he will not currently
be in a position to fully devote any time or work in any other capacity for
Inspirit for the foreseeable future and will therefore cease to work for
Inspirit.

 

The Board fully understand the employee's personal position and is considering
the best way to support him during this time. This lead engineer is a key and
pivotal member of the team, and the Board has concluded that him leaving his
employment with Inspirit will have critical impact on the project. As such,
the Company's previously announced agreements and discussion with potential
commercial partners should be regarded as being on hold unless advised
otherwise.

 

The Board has completed its review and has concluded that it should now focus
its energies on preserving its existing cash balances to pursue other
opportunities and as such is, with immediate effect, becoming an AIM Rule 15
cash shell. In the meantime, the Company will seek to realise value from the
IP developed to date if it can. As an AIM Rule 15 cash shell the Company will
have six months to make an acquisition or acquisitions which constitutes a
reverse takeover under AIM Rule 14. Where, within six months, an AIM Rule 15
cash shell does not complete a reverse takeover as set out in AIM Rule 15, the
Exchange will suspend trading in the AIM securities pursuant to AIM Rule 40.

 

The Board will consider the next steps or opportunities for the Company and
will provide an update to the members in due course.

 

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET
ABUSE REGULATION (EU No. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.

More information on Inspirit Energy can be seen at: www.inspirit-energy.com
(http://www.inspirit-energy.com/)

For further information please contact:

 Inspirit Energy Holdings plc
 John Gunn, Chairman and CEO        +44 (0) 207 048 9400

 Beaumont Cornish Limited

 www.beaumontcornish.com

 (Nominated Advisor)
 Roland Cornish / James Biddle      +44 (0) 207 628 3396

 Global Investment Strategy UK Ltd

 (Broker)

 Samantha Esqulant                  +44 (0) 207 048 9045

 

Nominated Adviser

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

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