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
Fiona Rodford,
Executive Vice Chairperson
|
Via Orana Corporate LLP:
Anthony Eastman
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
Peterhouse Capital Limited (Joint
Broker)
Charles Goodfellow /
Rose Greensmith
|
Tel: +44 1483 413 500
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.