REG - Ondo InsurTech PLC - Result of Open Offer

Ondo InsurTechAnnouncement

30/05/2024 15:15

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RNS Number : 5170Q  Ondo InsurTech PLC  30 May 2024

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION
(REGULATION 596/2014/EU) AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR"). IN ADDITION, MARKET SOUNDINGS
(AS DEFINED IN UK MAR) WERE TAKEN IN RESPECT OF THE PLACING AND OTHER MATTERS
CONTAINED IN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS BECAME
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OF THIS ANNOUNCEMENT, THOSE PERSONS WHO RECEIVED INSIDE INFORMATION IN A
MARKET SOUNDING ARE NO LONGER IN POSSESSION OF INSIDE INFORMATION RELATING TO
THE COMPANY AND ITS SECURITIES.

 

 

30 May 2024

 

Ondo InsurTech plc

("Ondo" or the "Company")

 

Result of Open Offer

96.2% take up from Shareholders

 

Ondo InsurTech plc (LSE: ONDO), a leading company in claims prevention
technology for home insurers, is pleased to confirm that the Open Offer
announced on 13 May 2024 has now closed.  Applications were received for
8,342,702 Open Offer Shares, representing a take-up of 96.2 per cent of the
8,669,476 available Open Offer Shares.

 

Accordingly applications under the Open Offer will be met in full and means
that the Open Offer has raised a further £1.2 million for the Company, on top
of the £3.0 million raised in the recent Placing.

 

Application will be made for 29,771,273 New Ordinary Shares to be a to be
admitted to listing on the Official List (by way of a Standard Listing under
Chapter 14 of the Listing Rules) and to trading on London Stock Exchange's
main market for listed securities, conditional on the Resolutions being passed
at the General Meeting to be held at 10.30am on 3 June 2024.  It is expected
that Admission and dealings in the New Ordinary Shares will commence at 8.00
a.m. on 5 June 2024.

 

Subject to the Resolutions being passed the Company will receive £3.7 million
(net of expenses), through the Placing and Open Offer.

 

Craig Foster, Chief Executive, commented:

"We want to thank our Shareholders for their tremendous support of this Open
Offer.  Together with the proceeds of the Placing we will have raised
approximately £4.2 million.  This is a significant capital injection for the
Company and provides Ondo with the platform we require to progress the
exciting opportunities we have previously announced, particularly with our US
insurance customers such as Nationwide and Selective. It will also enable us
to maintain our growth plans in UK and Scandinavia.

 

We look forward to providing a further update when we announce our full year
results in July."

 

Unless expressly defined in this announcement, capitalised terms shall have
the meanings as defined in the Launch Announcement issued on 13 May 2024.

 

Enquiries

 

 Ondo InsurTech plc                                         +44 (0) 800 783 9866
 Craig Foster, CEO
 Kevin Withington, CFO

 Dowgate Capital Limited - Financial Adviser & Broker       +44 (0)20 3903 7715
 Russell Cook

 Nicholas Chambers

 Charlie Hall

 Cassiopeia Services Limited - PR & Investor Relations      +44 (0) 7949 690338
 Stefania Barbaglio

 

About Ondo InsurTech PLC

 

Ondo InsurTech Plc is a world leading provider of claims prevention technology
for home insurers.  Ondo's focus is on the global scale-up of LeakBot -
claims prevention technology that prevents water damage claims in houses.
Water damage is the single biggest cause of home insurance claims, accounting
for $17bn of claims every year in the USA and UK combined. LeakBot is a
patented self-install solution that connects to the home wireless network and,
if it detects a leak, notifies the customer via the LeakBot mobile app and
provides access to a team of expert LeakBot engineers to 'find and fix' the
problem. Independent research by Consumer Intelligence found LeakBot can
reduce the cost of water damage claims by 70%.

 

LeakBot partners with 16 insurance carriers - including Nationwide, Admiral,
Direct Line Group, Hiscox, Länsförsäkringar and TopDanmark - both in Europe
and the USA.

 

In March 2022 LeakBot became the first InsurTech to IPO in London, as Ondo
InsurTech Plc, and holds the coveted London Stock Exchange Green Economy Mark
awarded to companies who derive the majority of their income from Green
activities.

 

For more information, visit www.ondoplc.com (http://www.ondoplc.com/)

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