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On 14 January 2025, the English Courts sanctioned Invinity Energy Systems plc's Reduction of Capital, reducing the nominal value of its ordinary shares from 14 pence to 1 pence per share. This action, expected to be effective around 15 January 2025, generates £57,273,026.07 in distributable reserves, with no change to the number of shares admitted to trading.
| Date | 14 Jan 2025 |
| Time | 12:27:24 |
| Category | Corporate updates |
| ID | 2915T |
14 January 2025
Invinity Energy Systems plc
("Invinity" or the "Company")
Reduction of Capital Sanctioned
Further to the announcement on 9 January 2025, Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF), a leading global manufacturer of utility-grade energy storage, is pleased to announce that the English Courts have now sanctioned the Reduction of Capital, as described in the Circular published by the Company on 22 November 2024.
The Reduction of Capital has the effect of reducing the nominal value of the Company's ordinary shares from 14 pence per ordinary share to 1 pence per ordinary share. The Reduction of Capital will become effective on registration of the Court Order and accompanying statement of capital by the Registrar of Companies, expected to be on or around 15 January 2025. The number of shares admitted to trading will be unchanged by the Reduction of Capital.
The Reduction of Capital will generate distributable reserves of £57,273,026.07 to support the payment of future dividends. The Company, however, does not plan on making dividend payments in the foreseeable future and there can be no assurance as to the level of future dividends.
As previously stated, the Reduction of Capital will have no impact on the Company's cash balance and the change to the nominal value is not expected to have any impact on the market value of the Company's ordinary shares.
Other than where defined, capitalised terms used in this announcement have the meanings given to them in the Circular published by the Company on 22 November 2024.
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Enquiries:
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Invinity Energy Systems plc |
+44 (0)20 4551 0361 |
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Jonathan Marren, Chief Executive Officer Joe Worthington, Senior Director, Corporate Affairs |
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Canaccord Genuity (Nominated Adviser and Joint Broker) |
+44 (0)20 7523 8000 |
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Henry Fitzgerald-O'Connor / Harry Pardoe / Charlie Hammond |
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VSA Capital (AQSE Corporate Advisor, Financial Adviser and Joint Broker) |
+44 (0)20 3005 5000 |
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Andrew Monk / Andrew Raca |
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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 ir@invinity.com.