LONDON - Inspirit Energy Holdings Plc, a company specializing in Waste Heat Recovery (WHR) systems, has announced a significant shift in its operations due to a change in personnel. The development work for the company's WHR system, which had been relocated from Poland to the United Kingdom (TADAWUL:4280) between late December 2023 and March 2024, encountered a critical setback after Design & Development Director Paul Booker ceased his work with the subsidiary Inspirit Energy Limited.
Booker, a pivotal figure in the project, had to leave to care for a close relative with life-changing issues, leading to a halt in discussions with potential commercial partners. As a result, the Board has decided to focus on preserving its cash reserves and seek opportunities to monetize the intellectual property developed thus far.
As of October 8, 2024, Inspirit has become an AIM Rule 15 cash shell. This status gives the company six months to execute a reverse takeover under AIM Rule 14. Failure to complete such a transaction within the allotted time frame will result in the suspension of trading of its securities, as per AIM Rule 40.
The Board intends to consider further opportunities for the company and will update shareholders accordingly. This announcement is in line with the UK Market Abuse Regulation, as it contains inside information.
The full audited results for the year ended June 30, 2024, have been released and are available on Inspirit's website. Shareholders can obtain copies of the Annual Report and Accounts from the company's registered office or the website. Further details about the company's next steps will be provided to members in due time, based on a press release statement.
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