Ondo InsurTech plc (LON: 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 |
