TIDMGTC
RNS Number : 0146U
GETECH Group plc
30 March 2021
30 March 2021
Getech Group plc
("Getech" or the "Company")
Result of General Meeting and Open Offer
Result of General Meeting
Getech, a provider of data, knowledge and software products to
the energy industry, is pleased to announce that, further to the
announcement on 12 March 2021, the Resolution put to Shareholders
at the General Meeting held earlier today in connection with the
Placing, Subscription and Open Offer to raise up to GBP6.25 million
(before expenses), was duly passed. Full details of the proxy
voting results will be published on the Company's website at
www.getech.com shortly.
Unless otherwise defined herein, capitalised terms used in this
announcement shall have the same meaning as defined in the
announcement the Placing, Subscription and Open Offer made by the
Company on 12 March 2021.
Acquisition of H2 Green Limited
Getech is also pleased to confirm that, following approval of
the Resolution, it has acquired the entire issued share capital of
H2 Green for an initial consideration of GBP250,000, of which
GBP196,250 (78.5 per cent.) will be satisfied through the issue of
the Consideration Shares with the remaining GBP53,750 paid in
cash.
Result of Open Offer
In addition, the Company is pleased to announce that valid
applications have been received in respect of, and the Company will
issue, 1,138,291 Open Offer Shares, raising gross proceeds of
GBP0.25 million and taking the total proceeds of the Placing,
Subscription and Open Offer to GBP6.25 million.
As the Open Offer was oversubscribed, the Directors of the
Company will undertake a scaling back process, on a pro-rata basis,
with the same scaling methodology to be applied to each shareholder
who applied for excess applications.
Admission & Total Voting Rights
Application has been made for the First Placing Shares and the
Consideration Shares, totalling 18,835,998 new Ordinary Shares, to
be admitted to trading on AIM and dealing will commence in the
First Placing Shares and the Consideration Shares at 8.00 a.m. on
31 March 2021 ("First Admission"). Following First Admission, the
Company will have 56,399,613 Ordinary Shares in issue.
Application has also been made for the Second Placing Shares,
the Subscription Shares and the Open Offer Shares, totalling
10,467,067 new Ordinary Shares, to be admitted to trading on AIM
and dealing will commence in the Second Placing Shares, the
Subscription Shares and the Open Offer Shares at 8.00 a.m. on 1
April 2021 ("Second Admission"). Following Second Admission the
Company will have 66,866,680 Ordinary Shares in issue. The
aforementioned figure of 66,866,680 Ordinary Shares may be used by
shareholders in the Company 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 FCA's Disclosure Guidance and Transparency Rules.
Jonathan Copus, Chief Executive Officer, commented:
"Completion of the Placing and oversubscribed Open Offer opens
an exciting new chapter for Getech.
The global drive to decarbonise is ushering in an unprecedented
transition to low-carbon distributed energy systems. Getech's core
business is to use our geoscience and geospatial technology and
expertise to help customers locate energy resources and optimise
their management.
Whilst historically the majority of our business has come from
oil and gas companies, we are increasingly applying our services to
energy companies in the geothermal, unconventional gas and hydrogen
sectors, as well as to mining companies that are seeking to expand
production of vital materials, such as battery metals and other
rare earths.
This Placing and Open Offer enables Getech to enhance our
product offering and market our energy transition services
globally. We see exceptional growth potential as countries and
companies proceed on their journey to net zero and we have also
identified opportunities in the development of projects that
generate asset-value and recurring income.
Furthermore, today, we have completed the acquisition of
H2Green, a transaction that illustrates our new business model.
H2Green is working to develop a network of hydrogen production,
storage and refuelling hubs, utilising Getech's geospatial skills
to identify optimal hub locations, using criteria that include
customer demand dynamics, energy efficiency and operational
safety.
This is an exciting time for Getech and I look forward to
updating shareholders with our progress."
For further information, please contact:
Getech Group plc Tel: 0113 322 2200
Jonathan Copus, Chief Executive
Cenkos Securities plc
Neil McDonald / Pete Lynch (Corporate Finance)
Michael Johnson / Julian Morse (Sales) Tel: 0207 397 8900
Camarco
James Crothers / Ollie Head / Toby Strong Tel: 020 3781 8331
Notes to editors:
Getech (AIM: GTC) has a well-established position within the
global energy market, assisting clients with its unique combination
of products and services, that utilise the Group's sub-surface
skills and geospatial design and implementation capabilities
alongside a deep knowledge and understanding of how to deploy
data.
The Company is leveraging its strong market position, utilising
its existing expertise, and targeting additional commercial
opportunities, to de-risk and accelerate the global transition to
renewable sources of energy while strengthening its existing and
well-established business.
Getech is listed on the AIM market of the London Stock Exchange.
For further information, please visit www.getech.com
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