THE
INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE
COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE
MARKET ABUSE REGULATION (REGULATION 596/2014/EU) AS IT FORMS PART
OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT
2018 ("UK MAR"). IN ADDITION, MARKET SOUNDINGS (AS DEFINED IN UK
MAR) WERE TAKEN IN RESPECT OF THE PLACING AND OTHER MATTERS
CONTAINED IN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN
PERSONS BECAME AWARE OF SUCH INSIDE INFORMATION AS PERMITTED BY UK
MAR. UPON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY
INFORMATION SERVICE THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE
IN THE PUBLIC DOMAIN. THEREFORE, UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THOSE PERSONS WHO RECEIVED INSIDE INFORMATION IN A
MARKET SOUNDING ARE NO LONGER IN POSSESSION OF INSIDE INFORMATION
RELATING TO THE COMPANY AND ITS SECURITIES.
30 May 2024
Ondo
InsurTech plc
("Ondo" or the "Company")
Result of Open Offer
96.2% take up from Shareholders
Ondo InsurTech plc (LSE: ONDO), a
leading company in claims prevention technology for home insurers,
is pleased to confirm that the Open Offer
announced on 13 May 2024 has now closed. Applications were
received for 8,342,702 Open Offer Shares, representing a take-up of
96.2 per cent of the 8,669,476 available Open Offer
Shares.
Accordingly applications under the
Open Offer will be met in full and means that the Open Offer has
raised a further £1.2 million for the Company, on top of the £3.0
million raised in the recent Placing.
Application will be made for
29,771,273 New Ordinary Shares to be a to be admitted to listing on
the Official List (by way of a Standard Listing under Chapter 14 of
the Listing Rules) and to trading on London Stock Exchange's main
market for listed securities, conditional on the Resolutions being
passed at the General Meeting to be held at 10.30am on 3 June
2024. It is expected that Admission and dealings in the New
Ordinary Shares will commence at 8.00 a.m. on 5 June
2024.
Subject to the Resolutions being
passed the Company will receive £3.7 million (net of expenses),
through the Placing and Open Offer.
Craig Foster, Chief Executive,
commented:
"We want to thank our Shareholders
for their tremendous support of this Open Offer. Together
with the proceeds of the Placing we will have raised approximately
£4.2 million. This is a significant capital injection for the
Company and provides Ondo with the platform we require to progress
the exciting opportunities we have previously announced,
particularly with our US insurance customers such as Nationwide and
Selective. It will also enable us to maintain our growth plans in
UK and Scandinavia.
We look forward to providing a further update when we announce our
full year results in July."
Unless expressly defined in this
announcement, capitalised terms shall have the meanings as defined
in the Launch Announcement issued on 13 May 2024.
Enquiries
Ondo InsurTech
plc
|
+44 (0)
800 783 9866
|
Craig Foster, CEO
|
|
Kevin Withington, CFO
|
|
|
|
Dowgate Capital Limited - Financial Adviser &
Broker
|
+44 (0)20
3903 7715
|
Russell Cook
Nicholas Chambers
Charlie Hall
|
|
|
|
Cassiopeia Services Limited - PR & Investor
Relations
|
+44 (0)
7949 690338
|
Stefania Barbaglio
|
|
About Ondo InsurTech PLC
Ondo InsurTech Plc is a world
leading provider of claims prevention technology for home
insurers. Ondo's focus is on the global scale-up of LeakBot -
claims prevention technology that prevents water damage claims in
houses. Water damage is the single biggest cause of home insurance
claims, accounting for $17bn of claims every year in the USA and UK
combined. LeakBot is a patented self-install solution that connects
to the home wireless network and, if it detects a leak, notifies
the customer via the LeakBot mobile app and provides access to a
team of expert LeakBot engineers to 'find and fix' the problem.
Independent research by Consumer Intelligence found LeakBot can
reduce the cost of water damage claims by 70%.
LeakBot partners with 16 insurance
carriers - including Nationwide, Admiral, Direct Line Group,
Hiscox, Länsförsäkringar and TopDanmark - both in Europe and the
USA.
In March 2022 LeakBot became the
first InsurTech to IPO in London, as Ondo InsurTech Plc, and holds
the coveted London Stock Exchange Green Economy Mark awarded to
companies who derive the majority of their income from Green
activities.
For more information, visit
www.ondoplc.com