FOR
IMMEDIATE RELEASE
THIS ANNOUNCEMENT CONTAINS INSIDE
INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU
WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE
(AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON
THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS
DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN.
NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION DIRECTLY OR INDIRECTLY, WITHIN, INTO OR IN THE UNITED
STATES, AUSTRALIA, CANADA OR JAPAN.
29 April 2024
Cindrigo Holdings Limited
Announces Application for Listing Cancellation
Cindrigo Holdings Limited
("Cindrigo" or the "Company") announces that it has submitted an
application pursuant to LR5.3.1R to the FCA and the London Stock
Exchange ("LSE") pursuant to paragraph 4.18 of Section 4 of the
Admission & Disclosure Standards to cancel the listing of its
ordinary shares on the standard segment of the Official
List and trading on the main market of the LSE (together the
"Listing"). The ordinary shares have been listed but suspended from
trading since August 2020 when discussions between Challenger
Acquisitions Ltd and Cindrigo regarding a reverse takeover by the
Company of Cindrigo Limited (later Cindrigo Energy Limited) (the
"Reverse Takeover") were initiated.
The Financial Conduct
Authority (FCA will generally seek to cancel the listing of an
issuer's equity shares pursuant to LR 5.6.19G upon the completion
of the Reverse Takeover. The Company's listing was not cancelled in
July 2021 due to the on-going prospectus review process and
proposed application for readmission and the FCA's indication that
the cancellation would be dealt with at the time of readmission.
However, the FCA have indicated that after such an extended period
of suspension, it is now appropriate to cancel the Listing.
Cindrigo acknowledges and agrees with the decision to delist,
considering the need for further updates to the prospectus due to
material changes in the business carried on by the
Company.
As a Standard Listed company,
Cindrigo is not required to obtain the approval of shareholders for
the cancellation of the Listing. Pursuant to LR 5.2.8R, the Company
is required to give at least 20 business days' notice of the
intended cancellation of its Listing, which it does by this
announcement. It is anticipated that the cancellation of the
Listing will become effective at 8.00am. on 31 May 2024. Following
the cancellation of the Listing, the Company will no longer be
subject to the regulatory and statutory regime which applies to
companies admitted to the standard segment of the Official List and
traded on the Main Market. The UK Takeover Code will continue to
apply to the Company for, currently, 10 years after the
cancellation of the Listing.
The FCA has confirmed that the
cancellation of the Listing will take effect from 8.00am British
Summer Time on 31 May 2024. A further announcement will be made
upon the cancelation becoming effective.
Significant changes to the business of the Company
have taken place since completion of the Reverse Takeover. The
recent announcement of Cindrigo's acquisition of Kaipolan Energia Oy which owns the rights for a
110MW Biomass Energy project in Finland ready built and targeted to
start operation and generate income already this year, and the
addition of term sheets for new 90MW geothermal licenses in
Germany. These two projects combined is an addition of c. 200MW
initially, with further growth potential, which has significantly
altered the Company's business landscape. These significant
enhancements of the business (increased more than 10 times the size
and targeted to be income generating already 2nd half of
this year) have necessitated extensive work to update company and
business descriptions and proposition from that
currently described in the draft prospectus.
In light of those developments,
Cindrigo will completely rewrite the prospectus with the new
stabile platform as a base, while evaluating its future options,
still with the objective of securing a listing for its ordinary
shares. The FCA has indicated that if an application for
listing were made in the current circumstances, it would be
inclined to refer the application to the Markets Regulatory
Committee with a recommendation to refuse it. This further
emphasises the need for a fully updated prospectus based on the
developed business of a 200MW size and an income generating
platform.
Following the cancellation of the
Listing, the Company will keep shareholders informed by posting
announcements on its website regarding the listing process and
other material operational or business developments, in place of
Regulatory News Service (RNS) announcements.
Updates on recent Strategic Business
Initiatives:
Acquisition of Kaipolan Energia Oy,
Finland: On 9 April 2024
Cindrigo finalized the acquisition of Kaipolan Energia Oy, a
Finnish company which holds a 50-year lease of a 110 MW
Biomass Energy combined heat and power (CHP) plant located in
Kaipola, Finland. The acquisition adds significant
operational capacity to Cindrigo's business.
Key
Details of the Kaipolan Energia Oy Acquisition:
· Output
Capacity: The Kaipola Energy plant
(the "Plant") has an output capacity of 110 MW and is capable of
generating both electricity and steam/heat.
· Revenue
Projection: Upon reaching full
operational capacity, the Plant is estimated to generate revenues
of approximately €40 million annually, with an estimated EBITDA of
around €10 million. Commencement of commercial operations is due in
Q4 2024 with revenues in the first year of commercial operations
being projected to be approximately €15 million.
Expansion into German Geothermal Market:
Cindrigo has signed a term sheet dated 25 April
2024 with Zukunft Geowärme GmbH (ZGW) to acquire a majority
interest in three geothermal energy projects located in the Upper
Rhine Valley, Germany. These projects have an initial target
capacity of approximately 90 MW and a combined target installed
potential capacity exceeding 300 MW, encompassing both geothermal
power and heat generation.
About Cindrigo Holdings Limited
Cindrigo Holdings Limited is an
active clean baseload power developer operating in the renewable
energy sector. The Company is committed to advancing sustainable
energy solutions and is currently engaged in various projects
across Europe, including new geothermal licenses in Germany and new
Biomass Energy plant in Finland.
**ENDS**
For
more information please contact:
Cindrigo Holdings Limited
Lars Guldstrand
CEO
+44 (0) 7408 861 667
Hannam & Partners (Financial
Advisor & Corporate Broker)
Samuel Merlin, Sean
Urquhart
+44 (0) 20 7907 8500
St Brides Partners Ltd
(PR)
Charlotte Page / Paul Dulieu
+44 (0) 20 7236 1177
