LONDON - Inspired plc (AIM: INSE), a technology-enabled service provider focused on assisting businesses with their transition to net-zero and managing climate change response, has successfully raised £21.25 million before fees and expenses. The funds were raised through a placing of 53,125,000 ordinary shares at a price of 40 pence per share, which includes attached warrants as previously announced.
The issue price was set at a 1.3% premium over the closing mid-market price of the company's shares on December 13, 2024. Following the admission of the placing shares, which is anticipated on January 8, 2025, they will represent approximately 33.5% of Inspired's enlarged issued ordinary share capital.
The company's directors showed their confidence by collectively subscribing for shares worth £408,880 as part of the placing. Additionally, the retail offer, aimed at United Kingdom-based retail shareholders, is expected to raise up to £2 million at the same price as the placing, with results to be announced shortly.
GHAM, a significant shareholder, has subscribed for £7 million worth of placing shares and will also receive warrants, alongside a conditional subscription for £3 million in convertible loan notes. Regent Gas has also participated, subscribing for £8 million worth of placing shares and £2 million in convertible loan notes, without receiving any commission or arrangement fees.
The placing and the issuance of the warrants are subject to the approval of the resolutions at a general meeting scheduled for January 7, 2025. The retail offer and the convertible loan notes are contingent upon the successful completion of the placing.
CEO Mark Dickinson expressed that the fundraise is a strategic move to strengthen the company's balance sheet, thereby unlocking the potential of a record project pipeline within the Optimisation division. The additional capital is intended to support working capital investment for these projects and accelerate the reduction of leverage and interest costs.
This announcement is based on a press release statement from Inspired plc and is intended to present the facts of the company's recent fundraise without endorsement or promotional language.
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