This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014, as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended, and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.

18 May 2026

Forgent plc

("Forgent" or the "Company")

Completion of Equity Fundraise and Asset Acquisition Update

Forgent plc (AIM: FORG), the technology-led energy transition platform, is pleased to announce the completion of the equity fundraise and an update on the acquisition of a 51% interest in the Peak Hills project following shareholder approval at the EGM on 14 May 2026.

Placing

The Placing has raised £1.3 million (before expenses) through the placing of 8,666,666,667 Placing Shares (the "Placing Shares"), at a price of 0.015 pence per share (the "Placing Price").

Peak Hills Option Exercise

Forgent plc has now also partially exercised its binding exclusive option over Peak Hills, first announced on 29 January 2026 and 14 April 2026.  The Company has acquired a 51% interest in the Project with the balance of 48% remaining under option to the Company, extended for a further five months as announced on 14 April 2026.

Pursuant the option terms, the consideration payable for the 51% is being satisfied through US$206,060 in cash and the issue of 4,808,080,933 new ordinary shares in the Company (the "Consideration Shares").  

Final Subscription Shares

As set out in the Company's announcement on 16 February 2026, pursuant to the terms of the set-off deeds entered into between the Secured Lenders and the Company, the Secured Lenders agreed to subscribe for, in aggregate, 5,527,056,326 ordinary shares ("Subscription Shares") of €0.0001 in the capital of the Company for an amount equivalent to £1.93 million. To ensure that the Secured Lenders and any persons with whom they are acting in concert would not hold more than 29.9% of the voting rights of the Company a total of 2,237,025,714 Initial Subscription Shares were issued to the Secured Lenders at that time, amounting to, in aggregate 28% of the then issued share capital, with the balance of 3,290,030,612 shares (the "Final Subscription Shares") to follow at such time as the issue of such shares would mean that the Secured Lenders and any persons with whom they are acting in concert would not hold in total more than 29.9% of the voting rights of the Company.

The Final Subscription Shares are now being allotted to the Secured Lenders, following which the Secured Lenders will hold, in total, 21.78% of the Company enlarged share capital at Admission (as defined below).

Creditor settlements

As announced on 14 April 2026, the Company has reached agreement with certain creditors to convert outstanding balances totalling £22,000 into 146,666,667 new ordinary shares in the Company (the "Creditor Shares").

Admission and Total Voting Rights

Application is being made to the London Stock Exchange for admission of the 8,666,666,667 Placing Shares, 3,290,030,612 Final Subscription Shares, 146,666,667 Creditor Shares and 4,808,080,933 Consideration Shares (together the "Transaction Shares") to trading on AIM ("Admission"). It is expected that Admission will become effective and that dealings in the Transaction Shares on AIM will commence at 8.00 a.m. on or around 26 May 2026.

The Transaction Shares will rank pari passu in all respects with the Company's existing Ordinary Shares.

Following Admission, there will be 25,371,321,333 Ordinary Shares in issue. The Company holds no Ordinary Shares in Treasury. This number may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

ENQUIRIES