REG - Cindrigo Hldgs Ltd - Application for Listing Cancellation

Cindrigo HoldingsAnnouncement

29/04/2024 16:45

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RNS Number : 4680M  Cindrigo Holdings Limited  29 April 2024

 

FOR IMMEDIATE RELEASE

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET
ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE
PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK
MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY, WITHIN,
INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.

 

29 April 2024

 

Cindrigo Holdings Limited Announces Application for Listing Cancellation

Cindrigo Holdings Limited ("Cindrigo" or the "Company") announces that it has
submitted an application pursuant to LR5.3.1R to the FCA and the London Stock
Exchange ("LSE") pursuant to paragraph 4.18 of Section 4 of the Admission
& Disclosure Standards to cancel the listing of its ordinary shares on the
standard segment of   the Official List and trading on the main market of
the LSE (together the "Listing"). The ordinary shares have been listed but
suspended from trading since August 2020 when discussions between Challenger
Acquisitions Ltd and Cindrigo regarding a reverse takeover by the Company of
Cindrigo Limited (later Cindrigo Energy Limited) (the "Reverse Takeover") were
initiated.

 The Financial Conduct Authority (FCA will generally seek to cancel the
listing of an issuer's equity shares pursuant to LR 5.6.19G upon the
completion of the Reverse Takeover. The Company's listing was not cancelled in
July 2021 due to the on-going prospectus review process and proposed
application for readmission and the FCA's indication that the cancellation
would be dealt with at the time of readmission. However, the FCA have
indicated that after such an extended period of suspension, it is now
appropriate to cancel the Listing. Cindrigo acknowledges and agrees with the
decision to delist, considering the need for further updates to the prospectus
due to material changes in the business carried on by the Company.

 

As a Standard Listed company, Cindrigo is not required to obtain the approval
of shareholders for the cancellation of the Listing. Pursuant to LR 5.2.8R,
the Company is required to give at least 20 business days' notice of the
intended cancellation of its Listing, which it does by this announcement. It
is anticipated that the cancellation of the Listing will become effective at
8.00am. on 31 May 2024. Following the cancellation of the Listing, the Company
will no longer be subject to the regulatory and statutory regime which applies
to companies admitted to the standard segment of the Official List and traded
on the Main Market. The UK Takeover Code will continue to apply to the Company
for, currently, 10 years after the cancellation of the Listing.

 

The FCA has confirmed that the cancellation of the Listing will take effect
from 8.00am British Summer Time on 31 May 2024. A further announcement will be
made upon the cancelation becoming effective.

Significant changes to the business of the Company have taken place since
completion of the Reverse Takeover. The recent announcement of Cindrigo's
acquisition of Kaipolan Energia Oy which owns the rights for a 110MW Biomass
Energy project in Finland ready built and targeted to start operation and
generate income already this year, and the addition of term sheets for new
90MW geothermal licenses in Germany. These two projects combined is an
addition of c. 200MW initially, with further growth potential, which has
significantly altered the Company's business landscape.  These significant
enhancements of the business (increased more than 10 times the size and
targeted to be income generating already 2(nd) half of this year) have
necessitated extensive work to update company and business descriptions and
proposition from that currently described in the draft prospectus.

 

In light of those developments, Cindrigo will completely rewrite the
prospectus with the new stabile platform as a base, while evaluating its
future options, still with the objective of securing a listing for its
ordinary shares.  The FCA has indicated that if an application for listing
were made in the current circumstances, it would be inclined to refer the
application to the Markets Regulatory Committee with a recommendation to
refuse it. This further emphasises the need for a fully updated prospectus
based on the developed business of a 200MW size and an income generating
platform.

 

Following the cancellation of the Listing, the Company will keep shareholders
informed by posting announcements on its website regarding the listing process
and other material operational or business developments, in place of
Regulatory News Service (RNS) announcements.

 

Updates on recent Strategic Business Initiatives:

Acquisition of Kaipolan Energia Oy, Finland:  On 9 April 2024 Cindrigo
finalized the acquisition of Kaipolan Energia Oy, a Finnish company which
holds  a 50-year lease of a 110 MW Biomass Energy combined heat and power
(CHP) plant located in Kaipola, Finland.  The acquisition adds significant
operational capacity to Cindrigo's business.

 

Key Details of the Kaipolan Energia Oy Acquisition:

·   Output Capacity: The Kaipola Energy plant (the "Plant") has an output
capacity of 110 MW and is capable of generating both electricity and
steam/heat.

·   Revenue Projection: Upon reaching full operational capacity, the Plant
is estimated to generate revenues of approximately €40 million annually,
with an estimated EBITDA of around €10 million. Commencement of commercial
operations is due in Q4 2024 with revenues in the first year of commercial
operations being projected to be approximately €15 million.

 

Expansion into German Geothermal Market: Cindrigo has signed a term sheet
dated 25 April 2024 with Zukunft Geowärme GmbH (ZGW) to acquire a majority
interest in three geothermal energy projects located in the Upper Rhine
Valley, Germany. These projects have an initial target capacity of
approximately 90 MW and a combined target installed potential capacity
exceeding 300 MW, encompassing both geothermal power and heat generation.

 

About Cindrigo Holdings Limited

Cindrigo Holdings Limited is an active clean baseload power developer
operating in the renewable energy sector. The Company is committed to
advancing sustainable energy solutions and is currently engaged in various
projects across Europe, including new geothermal licenses in Germany and new
Biomass Energy plant in Finland.

 

**ENDS**

 

For more information please contact:

Cindrigo Holdings Limited

Lars Guldstrand
CEO
+44 (0) 7408 861 667

 

Hannam & Partners (Financial Advisor & Corporate Broker)

Samuel Merlin, Sean
Urquhart
+44 (0) 20 7907 8500

 

St Brides Partners Ltd (PR)

Charlotte Page / Paul Dulieu
                                              +44 (0)
20 7236 1177

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