REG - Zenova Group PLC - Subscription to Raise £677k; Appt. of Joint Broker

ZenovaAnnouncement

15/03/2024 14:15

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RNS Number : 1036H  Zenova Group PLC  15 March 2024

15 March 2024

Zenova Group plc

(the "Company" or the "Group")

Subscription to Raise £677,500; Appointment of Joint Broker

Subscription supported by existing shareholders and new investors to fund
order demand

Zenova Group plc (AIM:ZED), the innovative fire suppression and interdiction
solutions company, is pleased to announce that the Company and Peterhouse
Capital Limited ("Peterhouse") has conditionally raised gross proceeds of
£677,500 via a placing and subscription (together the "Fundraise") of
33,875,000 new ordinary shares ("Subscription Shares"). The Fundraise was
undertaken with several supportive existing shareholders and new institutions
and high net worth investors.

The Placing and Subscription has been completed at a price of 2 pence per
share (the "Issue Price"), being a discount of approximately 18 per cent to
the 30 trading day VWAP of the Company's existing ordinary shares for the
period ended on 14 March 2024 (the business day prior to the date of this
announcement).

The Fundraise is conditional, inter alia, upon admission of the Subscription
Shares to trading on AIM becoming effective in accordance with the AIM Rules
for Companies and occurring by not later than 8.00 a.m. on 21st of March 2024.

Use of Proceeds

The proceeds will be used to ensure sufficient working capital and enable the
Company to progress on substantial order interest for the Group's extinguisher
products received recently after a major product demonstration day in Palma,
Spain. These expressions of interest come in addition to existing interest and
advanced discussions relating to numerous potential orders which we look
forward to updating the market on in due course.

Admission & Total Voting Rights

The new ordinary shares will rank pari passu with the existing ordinary
shares in all respects.

Following the admission of the new ordinary shares, the total issued share
capital of the Company will be 140,225,973 ordinary shares, each with voting
rights. The Company does not hold any ordinary shares in treasury. The above
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 Disclosure and
Transparency Rules.

Appointment of Joint Broker

The company is also pleased to announce the appointment of Peterhouse Capital
Limited ("Peterhouse") as joint broker to the Company effective immediately.

The information communicated in this announcement is inside information for
the purposes of Article 7 of Regulation 596/2014.

 

For further information please contact:

     Zenova Group PLC
    Thomas Melchior, Chief Executive Officer      Via Orana Corporate LLP:

Anthony Eastman
    Fiona Rodford, Executive Vice Chairperson
Tel: +44 20 3475 6834

    SPARK Advisory Partners Limited (Nominated Adviser)
    Matt Davis / Adam Dawes                       Tel: +44 20 3368 3550

    SI Capital Limited (Joint Broker)
    Nick Emerson                                  Tel: +44 1483 413 500

    Peterhouse Capital Limited (Joint Broker)

    Charles Goodfellow / Rose Greensmith          Tel: +44 20 7469 0930

About Zenova Group PLC

The Group, through Zenova Ltd, is the holder of intellectual property that
underpins a suite of fire safety and temperature management products and
technology. The product range is applicable to industrial, commercial, and
residential markets. The Group's products include fire retardant paints,
insulating paints and render, fire extinguishing fluid and fire extinguishers.
Through innovative development, and a refined formulation and development
process, Zenova provides industry leading solutions across a range of fire
protection and temperature management problems, comprising:

Zenova FP, fire protection paint

A water based, fire protection paint (also known as a 'thermofoaming' or
'intumescent' paint), which can be used on any surface and colour matched to
any colour. When exposed to heat or flames, the paint expands and creates a
solid foam-like crust which will not burn and insulates the surface it is
painted on. This prevents surfaces from catching fire and stops fire
spreading.  It has been tested by global fire industry experts and complies
with UK building regulations and the latest UK and European fire safety
standards.

Zenova IP, thermal insulation paint

A thermal insulation paint embeds the most modern insulating technology in a
thermos-like ultra-thin layer.  It saves energy by increasing the thermal
insulation level in commercial and residential buildings. Solar heat can
increase the temperature within a building by 75% to 90%. Zenova IP has been
independently tested and validated to deflect, absorb and dissipate up to 75%
of this heat, thereby reducing the inside temperature by up to 45%.  Suitable
for both exterior and interior, on any type of surface

Zenova IR, thermal insulation render

Zenova IR is a ready mixed insulation render that can be applied to internal
and external walls in commercial and residential buildings to provide
immediate insulation benefits and can be colour matched to any colour.

Zenova FX, fire extinguishers

A fire extinguisher like no other. It puts out class A, B, F, Electrical fires
fully tested against European EN3 as well as British standards. Available in 6
and 9 litre sizes.

Zenova FX500, aerosol fire extinguisher

The Zenova FX500 is a high-performance handheld fire extinguisher that is
tested by independent experts and adheres to the highest industry
standards.   Safe for use on any type of fire the Zenova FX500 reduces the
risk of reignition. The Zenova FX 500 is quick, easy and safe to operated and
has been tested to BS6165 standard.

Zenova WB, wildfire barrier

A wildfire barrier fluid (applied via spray wands or aerial drops), which
provides a virtual barrier where fire simply will not burn. Repeated tests on
a variety of extremely dry wildfire fuels (grasses, hays, brush) demonstrates
the incredible fire resistance Zenova WB provides, while remaining viable
after application for30+ days in dry conditions.

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