VULC.AQSE

Vulcan Industries PLC
Vulcan Industries - Acquisition and Equity Issue
6th March 2023, 11:13
TwitterFacebookLinkedIn
To continue viewing RNS, please confirm that you are a Private Investor*

* A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

  1. Obtains access to the information in a personal capacity;
  2. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
  3. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
  4. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
  5. Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
  6. Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
RNS Number : 0183S
Vulcan Industries PLC
06 March 2023
 

6 March 2023

 

Vulcan Industries plc

("Vulcan" or the "Company")

 

Acquisition of Forepower Lincoln (250) Limited and Equity Issue

 

Vulcan Industries plc (AQSE: VULC) is pleased to announce that it has acquired the entire share capital of Forepower Lincoln (250) Limited ("FPL 250"), a 240-megawatt (MW) Lithium-ion Battery Storage project.

 

Acquisition rationale

Following the disposal of its legacy businesses, Vulcan has been working to extend its portfolio of fabrication activities into the renewable energy sector.  Vulcan has been engaged with the vendor over the last year to identify and develop a pipeline of Battery Storage opportunities and this acquisition is the initial project in this evolution.  Further projects are expected to be brought into the Vulcan Group in due course.

 

Forepower Lincoln (250)

FPL (250) is a 240MW Lithium-ion Battery Storage project and holds a grid connection contract (to connect to the National Grid Infrastructure) and an option to lease a parcel of land for a minimum of 25 years. It has been identified as a major infrastructure project which is currently in the pre-planning stage. The management team of FPL(250) have a track record in identifying Battery Storage opportunities, obtaining planning, developing and bringing projects on line.

 

Vulcan offers the vendor the ability to raise the capital necessary to develop the FPL (250) project. It is intended to raise new equity capital initially to fund the working capital requirements of the enlarged Group; continue the planning process on the FPL (250) project and to further develop the pipeline of opportunities.

 

It is intended to raise new equity capital, initially to fund the working capital requirements of the enlarged Group; settle existing liabilities of FPL (250) of £250,000; continue the planning process on the FPL (250) project and to further develop the pipeline of opportunities.

 

In the event that the FPL (250) project is sold, the profit on disposal will be apportioned, with the first £1m payable to the Vendor, the next £10m will be retained by the Company and the remainder to be attributed 75% to the Company and 25% to the Vendor.

 

The Company has entered an Introducers' Agreement with the Seller, whereby Vulcan will be offered rights of first refusal on all future battery storage projects.  A fee of £10,000 per MW will be payable on receipt of planning consent for each project.

 

Total Consideration

The total consideration payable is £2,600,000 to be satisfied by the issue of 260,000,000 new ordinary shares of £0.0004 each (the "Consideration Shares") at a price of 1p.

 

Following Admission, the Company's issued share capital will comprise 870,527,605 ordinary shares of £0.0004 each, with each share carrying the right to one vote.

 

In total, the Consideration Shares will represent approximately 29.87% of the enlarged share capital of the Company.

 

Admission

Application has been made for the 260,000,000 Consideration Shares to be admitted to trading on Aquis Stock Exchange ('Admission'). Admission is expected to occur at 8:00am on or around 10th March 2023.

 

Total Voting Rights

Following Admission, the Company's issued share capital will comprise 870,527,605 ordinary shares of £0.0004 each, with each share carrying the right to one vote.

 

The Company does not hold any ordinary shares in treasury. The above figure of 870,527,605 may therefore be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or of a change to their interest in the Company under the FCA's Disclosure and Transparency Rules.

 

Ian Tordoff, Executive Chairman, "We are delighted to be working with the FPL (250) team to develop initially this exciting project and subsequently the pipeline of projects that we have identified.  Battery Storage is an important part of the drive for increased renewable energy in the UK and provides significant opportunities for growth in future."

 

For further information, visit: https://vulcanplc.com 

 

The directors of Vulcan accept responsibility for this announcement.

 

TR-1: Standard form for notification of major holdings

 

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) i


1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii:

Vulcan Industries plc

1b. Please indicate if the issuer is a non-UK issuer  (please mark with an "X" if appropriate)

Non-UK issuer


2. Reason for the notification (please mark the appropriate box or boxes with an "X")

An acquisition or disposal of voting rights

X

An acquisition or disposal of financial instruments


An event changing the breakdown of voting rights


Other (please specify) iii:


3. Details of person subject to the notification obligation iv

Name

Forepower Lincoln (250) Limited

City and country of registered office (if applicable)

East Yorkshire, United Kingdom

4. Full name of shareholder(s) (if different from 3.) v

Name


City and country of registered office (if applicable)


5. Date on which the threshold was crossed or reached vi:

3 March 2023

6. Date on which issuer notified (DD/MM/YYYY):

3 March 2023

7. Total positions of person(s) subject to the notification obligation


% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights held in issuer (8.A + 8.B) vii

Resulting situation on the date on which threshold was crossed or reached

29.87%

0

29.87%

260,000,000

Position of previous notification (if

applicable)

0

0

0


 

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii

A: Voting rights attached to shares

Class/type of
shares

ISIN code (if possible)

Number of voting rights ix

% of voting rights

Direct

(DTR5.1)

Indirect

 (DTR5.2.1)

Direct

(DTR5.1)

Indirect

(DTR5.2.1)

ordinary shares

GB00BKMDX634

260,000,000


29.87%












SUBTOTAL 8. A

260,000,000

29.87%

 

 

B 1: Financial Instruments according to DTR5.3.1R (1) (a)

Type of financial instrument

Expiration
date x

Exercise/
Conversion Period xi

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights


















SUBTOTAL 8. B 1



 

 

B 2: Financial Instruments with similar economic effect according to DTR5.3.1R (1) (b)

Type of financial instrument

Expiration
date x

Exercise/
Conversion Period xi

Physical or cash

Settlement xii

Number of voting rights

% of voting rights





















 

SUBTOTAL 8.B.2




 

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an "X")

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii


Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entity (please add additional rows as necessary) xiv

X

Name xv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

Britt Foreman

29.87%

0

29.87%

















 

10. In case of proxy voting, please identify:

Name of the proxy holder


The number and % of voting rights held


The date until which the voting rights will be held



11. Additional information xvi


 

Place of completion

East Yorkshire, United Kingdom

Date of completion

3 March 2023

 

Contacts

Vulcan Industries plc

Via Vox Markets

Ian Tordoff, Chairman

 

 

 

First Sentinel Corporate Finance Ltd (AQSE Corporate Adviser)

+44 7876 888 011

Brian Stockbridge

 

Jenny Liu

 

 

 

Vox Markets (Media and Investor Relations)

vulcan@voxmarkets.co.uk

Kat Perez

+44 7881 622 830

Paul Cornelius

+ 44 7866 384 707

 

 

About Vulcan

Vulcan seeks to acquire and consolidate traditional but historically profitable engineering, manufacturing, and industrial SMEs for value and to enhance this value in part through group synergies, but primarily by unlocking growth which is not being achieved as a standalone private company. For more information visit https://www.voxmarkets.co.uk/listings/PLU/VULC

 

Forward Looking Statements

This news release may contain "forward-looking" statements and information relating to the Company. These statements are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company management. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain. 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
NEXBBGDXBBGDGXL ]]>
TwitterFacebookLinkedIn