REG - Pineapple Power Corp - Placing

Pineapple PowerAnnouncement

16/03/2023 07:00

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RNS Number : 1359T  Pineapple Power Corporation PLC  16 March 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET
ABUSE REGULATION (EU) 596/2014 (AS AMENDED) AS IT FORMS PART OF THE DOMESTIC
LAW OF THE UNITED KINGDOM BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT
2018 (AS AMENDED). UPON PUBLICATION OF THIS ANNOUNCMENT, THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

Pineapple Power Corporation PLC

£350,000 Placing at 3p per share

 

Pineapple Power Corporation PLC ("PNPL or the Company") is pleased to announce
that £350,000 of new financing has been secured for the Company by way of a
fundraising undertaken by the Company's joint broker Peterhouse Capital
Limited ("Peterhouse") at an issue price of 3p per share (the "Placing
Price"). Andrew Holland (a director of the Company) and Peter Mills (a former
director of the Company) participated in the fundraising.

Background

The Company is currently unable to issue and admit new shares without either
the publication of an FCA approved prospectus or relying upon an exemption to
the requirement to issue a prospectus. Consequentially, this fundraise
involves a combination of a subscription by Claudio Morandi, a director of
PNPL, for 10,966,666 new ordinary shares in the Company (the "Director
Shares"), at a placing price of 3p each.

Following Admission, Mr Morandi has agreed to sell the 10,966,666 Director
Shares, at the same 3p consideration price, to certain investors introduced by
Peterhouse and Andrew Holland, a director of the Company. In addition to the
above, Peter Mills, a former director, is subscribing for 700,000 new ordinary
shares at the Placing Price on his own account.

Peterhouse is acting as placing agent to the Company. The Proceeds of the
Placing, less expenses, will be utilised for general working capital
requirements and to ensure the Company retains sufficient funds to meet the
anticipated costs involved in any future acquisition.

Completion of the Placing is conditional on, inter alia:- the Placing Shares
being admitted to listing on the Official List (standard listing segment) and
to trading on the London Stock Exchange's main market for listed securities on
or around 23 March 2023.

Applications will be made to the FCA and to the London Stock Exchange for
Admission in respect of the Placing Shares proposed to be issued on completion
of the Placing.  It is expected that Admission will become effective, and
that dealings in the Placing Shares are expected to commence, at 8.00 a.m. on
23 March 2023.

The rights attaching to the Placing Shares will be uniform in all respects and
all of the new Placing Shares will rank pari passu and form a single class for
all purposes with the existing issued shares of £0.01 par value in the
Company.

Total Voting Rights

Following Admission, the Company has 83,332,877 ordinary shares of £0.01 par
value in issue, each with one vote per share (and none of which are held in
treasury). The total number of voting rights in the Company is therefore
83,332,877. This figure of 83,332,877 may be used by shareholders in the
Company as the denominator for calculations to determine if they have a
notifiable interest in the share capital of the Company under the Disclosure
Guidance and Transparency Rules, or if such interest has changed.

For further information please 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

 

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 following information relating to the transaction by Directors have been
filed with the Financial Conduct Authority in accordance with Article 19(1) of
UK MAR.

Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them.

 1    Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name                                                         Claudio Morandi
 2    Reason for the notification
 a)   Position/status                                              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 £0.01 each

      Identification code

                                                                    ISIN: GB00BD0SN947
 b)   Nature of the transaction                                    Acquisition of 10,966,666 new ordinary shares
 c)   Price(s) and volume(s)                                        Price      No. of shares

                                                                   £0.03      10,966,666
 d)   Aggregated information

      - Aggregated volume                                          10,966,666

      - Price                                                      £0.03
 e)   Date of the transaction                                      15 March 2023
 f)   Place of the transaction                                     Outside a trading venue

Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them.

 1    Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name                                                         Claudio Morandi
 2    Reason for the notification
 a)   Position/status                                              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 £0.01 each

      Identification code

                                                                    ISIN: GB00BD0SN947
 b)   Nature of the transaction                                    Disposal of 10,966,666 new ordinary shares
 c)   Price(s) and volume(s)                                        Price      No. of shares

                                                                   £0.03      10,966,666
 d)   Aggregated information

      - Aggregated volume                                          10,966,666

      - Price                                                      £0.03
 e)   Date of the transaction                                      15 March 2023
 f)   Place of the transaction                                     Outside a trading venue

 

Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them.

 1    Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name                                                         Capital International Group as Trustees of a pension fund for the benefit of
                                                                   Andrew Holland.
 2    Reason for the notification
 a)   Position/status                                              PCA with Andrew Holland, a director of the Company
 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 £0.01 each

      Identification code

                                                                    ISIN: GB00BD0SN947
 b)   Nature of the transaction                                    Acquisition of 833,333 new ordinary shares
 c)   Price(s) and volume(s)                                        Price      No. of shares

                                                                   £0.03      833,333
 d)   Aggregated information

      - Aggregated volume                                          833,333

      - Price                                                      £0.03
 e)   Date of the transaction                                      15 March 2023
 f)   Place of the transaction                                     Outside a trading venue

 

 

 

 

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