REG - Pineapple Power Corp - Placing to raise £357,900

Pineapple PowerAnnouncement

18/07/2022 07:00

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RNS Number : 7153S  Pineapple Power Corporation PLC  18 July 2022

July 18, 2022

 

Pineapple Power Corporation PLC

("Pineapple Power" or "the Company")

Placing to raise £357,900

 

Pineapple Power Corporation plc is pleased to announce it has raised
£357,900 (before expenses) by way of a placing (the "Placing") of 11,930,000
new Ordinary Shares of GBP 0.01 each (the "Placing Shares") at a price of GBP
0.03 per share.  A total of 9,630,000 shares were placed by the Company's
brokers - Peterhouse Capital and Axis Capital. In addition, certain Company
insiders participated in the Placing for a total of 2,300,000 shares - Andrew
Holland, Company Director, as to 1,000,000 shares, Clive de Larrabeiti,
Corporate Finance Advisor, as to 1,000,000 shares and Peter Mills, Corporate
Administrator, as to 300,000 shares.

 

The use of proceeds from the Placing will primarily be used for legal and due
diligence costs associated with and expected during any future RTO
transaction.

 

Clive de Larrabeiti, founding shareholder and Corporate Finance Advisor of the
Company stated that "We are delighted to be able to raise this capital in the
current market and are pleased to report that this placing and issue of these
shares was substantially over-subscribed. We are grateful to the existing
shareholders who have followed their investment in Pineapple and welcome all
new ones. With the unremitting appetite to merge with fully listed cash shells
such as Pineapple Power on the London Stock Exchange exhibited by private
enterprises and the rapidly decreasing supply of such vehicles we enjoy a very
advantageous position and view the coming months with much excitement. We hope
to make further announcements in due course."

 

Director participation in the placing

 

Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them in
accordance with the requirements of the Market Abuse (Amendment) (EU exit)
Regulations 2019/310 are set out below:

 

 

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         Andrew Holland

 2    Reason for the notification

 a)   Position/status                                              PDMR (Non-Executive Director)

 b)   Initial notification /Amendment                              Initial Notification

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         Pineapple Power Corporation PLC

 b)   LEI                                                          213800BTD7JL99MTGQ68

 4    Details of the transaction(s): section to be repeated for (i) each type of

    instrument; (ii) each type of transaction; (iii) each date; and (iv) each
      place where transactions have been conducted

 a)   Description of the financial instrument, type of instrument  Ordinary Shares of GBP 0.01 each

      Identification code                                          GB00BD0SN947

 b)   Nature of the transaction                                    Purchase of ordinary shares

 c)   Price(s) and volume(s)

                                                                                     Price(s)          Volume(s)
                                                                                     £0.03             1,000,000

 d)   Aggregated information                                       N/A

      - Aggregated volume

      - Price

 e)   Date of the transaction                                      15 July 2022

 f)   Place of the transaction                                     London Stock Exchange

 

Application for Admission and Total Voting Rights

 

The new Ordinary Shares to be issued pursuant to the Placing will represent
approximately 19.97 per cent of the issued ordinary share capital of the
Company prior to the Placing and subscription. The Company will apply for
admission of the Placing Shares to listing on the standard listing segment of
the Official List of the FCA and to trading on the main market for listed
securities of the London Stock Exchange ("Admission"). The Placing Shares
will rank pari passu in all respects with the existing Ordinary Shares of
GBP 0.01 in the capital of the Company.  Admission of the Placing Shares is
expected to occur on or around 21 July 2022.

 

In accordance with the provision of the Disclosure Guidance and Transparency
Rules of the FCA ("DTRs"), the Company confirms that, following Admission,
its issued share capital will comprise 71,666,211 Ordinary Shares, each of
which carries the right to vote, with no Ordinary Shares held in treasury.
This figure may be used by Shareholders as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or a change to their interest in, the Company under the DTRs.

 

 

The Directors of the Company accept responsibility for the contents of this
announcement.

 

 

ENQUIRIES

For further information, please visit - www.pineapple-powercorp.com
(http://www.pineapple-powercorp.com/) ,

follow us on Twitter - @PineapplePlc,

or contact:

 Pineapple Power Corporation PLC
 Claudio Morandi - Director

                                     +44 203 039 3913

 Clive de Larrabeiti

 Corporate Finance Advisor

 clive.d.l@pineapple-powercorp.com

                                     +44 797 317 7973
 Joint Corporate Broker

 Peterhouse Capital                  +44 207 220 9791

 Charles Goodfellow

 cg@peterhousecap.com

 Joint Corporate Broker              +44 203 026 0320

 Axis Capital Markets

 Richard Hutchison

 rh@axcap247.com
 Media Relations

 David Burton

 Total Market Solutions

 davidburton.tms@gmail.com

 

The information contained within this announcement is deemed by the Company to
constitute inside information for the purposes of Article 11 of The Market
Abuse (Amendment) (EU Exit) Regulations 2019 (SI 2019/310). Upon publication
of this announcement, this inside information is now considered to be in the
public domain.

This announcement has been issued by and is the sole responsibility of
Pineapple Power.

This announcement is not intended to, and does not, constitute or form part of
any offer, invitation or the solicitation of an offer to purchase, otherwise
acquire, subscribe for, sell or otherwise dispose of, or vote in any manner,
any securities pursuant to this announcement or otherwise. The distribution of
this announcement in jurisdictions outside the United Kingdom may be
restricted by law and therefore persons into whose possession this
announcement comes should inform themselves about, and observe such
restrictions. Any failure to comply with the restrictions may constitute a
violation of the securities law of any such jurisdiction.

The statements contained in this announcement that are not historical facts
are "forward-looking" statements.  These forward-looking statements are
subject to a number of substantial risks and uncertainties, many of which are
beyond the Company's control and actual results and developments may differ
materially from those expressed or implied by these statements for a variety
of factors.  These forward-looking statements are statements based on the
Company's current intentions, beliefs and expectations about among other
things, the Company's financial condition, prospects, growth, strategies and
the industry in which the Company operates.  Forward-looking statements are
typically identified by the use of forward-looking terminology such as
"believes", "expects", "may", "will", "could", "should", "intends",
"estimates", "plans", "assumes" or "anticipates" or the negative thereof or
other variations thereon or comparable terminology, or by discussions of
strategy that involve risks and uncertainties.  By their nature,
forward-looking statements involve risks and uncertainties because they relate
to events and depend on circumstances that may or may not occur in the
future.  In addition, from time to time, the Company or its representatives
have made or may make forward-looking statements orally or in writing.
Furthermore, such forward-looking statements may be included in, but are not
limited to, press releases or oral statements made by or with the approval of
an authorised executive officer of the Company.  No assurance can be given
that such future results will be achieved; actual events or results may differ
materially from those expressed in or implied by these statements as a result
of risks and uncertainties facing the Company and its subsidiaries.  Many of
these risks and uncertainties relate to factors that are beyond the Company's
ability to control or estimate precisely, such as changes in taxation and
fiscal policy, future market conditions, currency fluctuations, the behaviour
of other market participants, the actions of governmental regulators and other
risk factors such as the Company's ability to continue to obtain financing to
meet its liquidity needs, changes in the political, social and regulatory
framework in which the Company operates or in economic or technological trends
or conditions, including inflation and consumer confidence, on a global,
regional or national basis.  Such risks and uncertainties could cause actual
results to vary materially from the future results indicated, expressed or
implied in such forward-looking statements.  The forward-looking statements
contained in this announcement speak only as of the date of this announcement
and the Company undertakes no duty to update any of them publicly in light of
new information or future events, except to the extent required by applicable
law or regulation.

 

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