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Invinity Energy Systems plc announced on 11 December 2024 that all resolutions pertaining to its Jersey Court Meeting, held at 3.00 p.m., and its General Meeting, held at 3.15 p.m. on the same day, were duly passed. At the Jersey Court Meeting, shareholders approved the Scheme of Arrangement with 305,638,654 votes (99.99%) for and 29,759 against. Resolutions at the General Meeting to authorise director actions, reduce share capital, and amend articles passed with 307,755,334 votes (99.99%) for, and resolutions concerning the nominal value of New Invinity shares and general meeting notice periods also passed with 99.95% and 99.16% of votes for, respectively.
| Date | 11 Dec 2024 |
| Time | 15:55:04 |
| Category | AGMs and other meetings |
| ID | 7441P |
11 December 2024
Invinity Energy Systems plc
("Invinity" or the "Company")
Results of General Meeting and Court Meeting
Further to the announcement on 22 November 2024 that a circular containing details of the Company's proposed redomiciliation from Jersey to the UK had been sent to shareholders, Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF), a leading global manufacturer of utility-grade energy storage, announces that all resolutions pertaining to the Company's Jersey Court Meeting, held today at 3.00 p.m. and the Company's General Meeting, held today at 3.15 p.m. have been duly passed.
A Jersey Court Hearing to sanction the Scheme and the Scheme Reduction of Capital is expected to take place on 8 January 2025. The Scheme is expected to become effective on 9 January 2025. Further details on the proposed redomiciliation can be found in the Scheme Document on the Company's website here.
The result of the poll voting (including all proxies) for both meetings are included below:
Jersey Court Meeting
|
|
RESOLUTION |
VOTES FOR* |
VOTES AGAINST |
|
|
|
|
Number of votes |
% |
Number of votes |
|
1 |
To consider and approve the Scheme of Arrangement |
305,638,654 |
99.99 |
29,759 |
*Any proxy appointments, which gave discretion to the Chairman, have been included in the 'For' votes total.
General Meeting
|
|
RESOLUTION |
VOTES FOR* |
VOTES AGAINST |
WITHHELD |
|
|
|
|
Number of votes |
% |
Number of votes |
Number of votes |
|
1 |
For the purposes of the Scheme: (i) to authorise the directors of the Company to take all such action as they may consider necessary or appropriate for carrying the Scheme into effect; (ii) to authorise the reduction of share capital of the Company, together with the issue of new shares in the Company to Invinity Energy Group Services Limited, a company in England and Wales ("New Invinity"); (iii) to amend the articles of association of Invinity Energy Systems plc as set out in the Notice of General Meeting. |
307,755,334 |
99.99 |
20,594 |
290,353 |
|
2 |
Subject to the Scheme becoming effective and Resolution 1, the nominal value of Ordinary Shares in New Invinity be reduced to 1 pence. |
307,632,190 |
99.95 |
156,434 |
277,657 |
|
3 |
Subject to the Scheme becoming effective and Resolutions 1 and 2, a general meeting of New Invinity, other than an AGM, may be called on not less than 14 clear days' notice. |
305,206,830 |
99.16 |
2,570,878 |
288,573 |
*Any proxy appointments, which gave discretion to the Chairman, have been included in the 'For' votes total.
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Enquiries:
|
Invinity Energy Systems plc |
+44 (0)20 4551 0361 |
|
Jonathan Marren, Chief Executive Officer Joe Worthington, Senior Director, Corporate Affairs |
|
|
|
|
|
Canaccord Genuity (Nominated Adviser and Joint Broker) |
+44 (0)20 7523 8000 |
|
Henry Fitzgerald-O'Connor / Harry Pardoe / Charlie Hammond |
|
|
|
|
|
VSA Capital (AQSE Corporate Advisor, Financial Adviser and Joint Broker) |
+44 (0)20 3005 5000 |
|
Andrew Monk / Andrew Raca |
|
Notes to Editors
Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF) manufactures vanadium flow batteries for large-scale, high-throughput energy storage requirements of business, industry and electrical networks.
Invinity's factory-built flow batteries run continually with no degradation for over 25 years, making them suitable for the most demanding applications in renewable energy production. Energy storage systems based on Invinity's batteries are safe, reliable, and economical, and range in size from less than 250 kilowatt-hours to tens of megawatt-hours.
Invinity was created in April 2020 through the merger of two flow battery industry leaders: redT energy plc and Avalon Battery Corporation. With 75 MWh of systems already deployed or contracted for delivery across 82 sites in 15 countries, Invinity is active in all major global energy storage markets and has operations in the UK, Canada, USA, China and Australia. Invinity Energy Systems plc is quoted in the UK on AIM and AQSE and trades in the USA on OTCQX.
To find out more, visit invinity.com, sign up to our monthly Investor Newsletter here or contact Investor Relations on via +44 (0)20 4551 0361 or [email protected].