22nd Jun 2026 20:07
Ondo InsurTech PLC - claims prevention technology company for home insurers - Reaches agreement with a number of cornerstone investors and HomeServe Assistance Ltd on a refinancing and vendor loan note restructuring package and associated capital reorganisation. As part of this, launches an accelerated bookbuild alongside a retail offer to raise a minimum of GBP2.9 million at a price of not less than 3.0 pence per share. Also raising GBP2.0 million by way of an issue of unsecured convertible loan notes and enters into a credit facility of up to a further GBP2.0 million for a period of two years, commencing April 1, 2027. The placing is being conducted through an ABB to be undertaken by Singer Capital Markets Securities Ltd. To facilitate the share issue at the fundraising price, the company proposes to subdivide and reclassify each existing ordinary share into one new ordinary share and one deferred share. Proceeds will fund working capital to accelerate scaled rollouts under existing US and European agreements and to support expansion of the US plumbing network. Further company notes it has continued to make strong commercial progress in the US, with Nationwide confirming their intention to order a further 35,000 LeakBots to be deployed in the second half of 2026, and a pilot outsourcing of Find & Fix plumbing to Beagle Services Inc, supporting further geographic expansion.
Current stock price: 3.50 pence
12-month change: down 84%
By Jeremy Cutler, Alliance News reporter
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