Re-Admission to LSE and First Day Dealing

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO ANY US PERSONS OR IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, SOUTH AFRICA OR JAPAN, OR ANY OTHER JURISDICTION, OR TO ANY PERSON, WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF APPLICABLE LAW.

This announcement is an advertisement and not a prospectus. Investors should not purchase or subscribe for any transferable securities referred to in this announcement except on the basis of information in the prospectus (the "Prospectus") to be published by Spinnaker Acquisitions Plc (the "Company") in connection with the initial public offering and the admission of its ordinary shares (the "Shares") to trading on the Standard Segment of the Main Market of London Stock Exchange plc (the "London Stock Exchange"). Once published a copy of the Prospectus will be available for inspection on the Company's website, at the Company's registered office and made available for viewing at the National Storage Mechanism. This announcement does not constitute or form a part of any offer to sell, or a solicitation of any offer to purchase or otherwise acquire, securities by any US Persons or in the United States or any other jurisdiction. Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

21 March 2022

Spinnaker Acquisitions Plc ("the Company")

Re-Admission to the London Stock Exchange

First Day Dealing

Spinnaker Acquisitions Plc announces that re-admission of the Company's ordinary shares to trading on the London Stock Exchange ("Re-Admission") will take place and dealings will commence at 8.00 a.m. today under the ticker ONDO (ISIN: GB00BNVVGD77) following its acquisition of 100% of the share capital of Leakbot Limited ("Leakbot") (the "Acquisition"). As a result of the Acquisition the Company now owns 100% of Leakbot. The Company will be renamed Ondo InsurTech Plc ("Ondo") in due course.

Highlights

-       The Company has raised gross proceeds of £3,427,501 through fundraising;

-       The Company has completed the acquisition of LeakBot a B2B Insurtech business and formerly a wholly owned subsidiary of HomeServe PLC;

-       The Company has a patented water security system (The LeakBot system) that prevents small leaks from turning into insurance claims;

-       Insurers in the UK, Denmark, Sweden, Ireland and the US pay Ondo for the LeakBot system and derive the benefit of claims mitigation through the prevention of leaks at insured households;

-       As of today, there are 39,000 registered LeakBot devices supplied to partners. The Company is in discussions with eleven potential partners in the UK, Scandinavia and US to enter into further partner contracts;

-       Use of Proceeds for the next 12 months include partner development, onboarding and delivery and IT systems enhancement.

In conjunction with Admission, the Company has raised gross proceeds of £3,427,501 through a fundraising that is comprised of a placing and subscription, at an issue price of 12 pence per share. Upon Admission, the Company will have a market capitalisation (at the issue price) of approximately £8.2 million. SI Capital Limited acted as Broker and Placing Agent to this fundraising.

Craig Foster, CEO of Spinnaker Acquisitions Plc says: "I am delighted to have reached this milestone of admission to trading as an independent public company. The whole Ondo team is looking forward to the challenge and significant opportunity ahead of us".

For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules, on Admission the Company will have 68,169,612 ordinary shares in issue, each share carrying the right to one vote. The figure of 68,169,612  should be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Enquiries

For further information, please visit www.ondoplc.com or contact the following: