Spinnaker Acquisitions PLC Notice of General Meeting (6372V)
15 December 2021 - 6:00PM
UK Regulatory
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RNS Number : 6372V
Spinnaker Acquisitions PLC
15 December 2021
15 December 2021
Spinnaker Acquisitions Plc
("SPAQ" or the "Company")
Notice of General Meeting
Spinnaker Acquisitions plc, which has recently confirmed that it
has conditionally agreed to acquire the entire issued share capital
of HomeServe Labs Ltd ("Labs"), announces that it has posted to
shareholders a Notice of General Meeting. The notice is also
available on the Company's website at www.spaq.co.uk . The notice
seeks approval for resolutions covering the share authorities and
ancillary matters required to complete the proposed
transaction.
The full terms of the proposed transaction are expected to be
set out in a prospectus which will be published in due course after
the General Meeting.
The General Meeting will be held at 2:00 p.m. on 6 January 2022
at the offices of Hill Dickinson LLP, The Broadgate Tower, 20
Primrose Street, London, EC2A 2EW, United Kingdom. A form of proxy
for use at the General Meeting accompanies the notice and, to be
valid, must be completed and returned to the Company at Neville
Registrars Limited at Neville House, Steelpark Road, Halesowen,
West Midlands, United Kingdom, B62 8HD or by e-mail to
info@nevilleregistrars.co.uk as soon as possible but in any event
to be received not later than 2:00 p.m. on 4 January 2022.
Considering the on-going COVID-19 pandemic and with a view to
taking appropriate measures to safeguard its shareholders' health
and make the General Meeting has safe and efficient as possible,
the Board requests that shareholders do not attend the meeting in
person. Shareholders are instead encouraged to vote in respect of
their shares by appointing the Chairman of the Company as their
proxy.
The situation in relation to COVID-19 continues to evolve and it
is possible the Government may introduce further restrictions or
measures. Any changes to the Company's General Meeting arrangements
will be communicated to Shareholders through the Company's website
at www.spaq.co.uk and we encourage you to monitor our website for
any updates.
Enquiries
Andrew Morrison
Non-Executive Chairman +44 7980 878561
Spinnaker Acquisitions Stefania Barbaglio
plc PR & Investor Relations +44 7949 690338
SI Capital Ltd Nick Emerson +44 (0) 1483 413500
(Company Broker) Jon Levinson +44 (0) 20 3143 0600
Cassiopeia Services
Ltd
(PR & Investor Relations) Stefania Barbaglio +44 7949 690338
About Labs
The principal activity of Labs is the development and
commercialisation of a water security system for the detection of
micro-leaks in residential properties. Protected by patents in
Europe and the USA, it currently trades under the name LeakBot (
www.LeakBot.io ). LeakBot is an InsurTech solution that assists
home insurers to reduce claims cost, deliver a better customer
experience through the benefits of early intervention and provides
risk data that potentially allows insurers to differentiate premium
pricing.
Water damage is the number one source of claims on residential
properties in the 97 million households in LeakBot's target markets
and results in significant waste of building materials which often
must be stripped out and sent to landfill. The LeakBot technology
therefore contributes in a practical way to sustainability by the
avoidance of water wastage and the reduction of the amount of
damaged building materials being sent to landfill.
The LeakBot technology can be provided free of charge to
householders by insurance companies and enjoys strong customer
advocacy with a Trustpilot score of 4.8.
Home insurance is a large market with $96 billion of Gross
Written Premium ("GWP") widely expected to be impacted by several
broad technological trends such as the Internet of Things (IoT),
Artificial Intelligence and digital automation. This is
demonstrated by the very large influx of investment into InsurTech,
with risk management and claims mitigation being the main areas of
focus.
If the proposed transaction proceeds to completion, it is
proposed to change the name of the Company to Ondo InsurTech Plc
and the name of Labs, which will become a subsidiary of the
Company, to LeakBot Ltd.
About Spinnaker Acquisitions Plc
Spinnaker Acquisition is a purpose-built cash shell investing
within the sustainability and energy transition sector, offering
its acquisition target a route to a public listing that is an
alternative to an IPO. Its strategy is to invest in a revenue
generating, tech driven, scalable businesses with a highly skilled
and committed management team and operating in a sector eligible
for the London Stock Exchange Green Economy Mark. The Company is
led by a team of experienced entrepreneurs and professionals within
public markets and the model has maximum alignment with
shareholders.
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END
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