Inspired PLC (LON:INSEI) (AIM:INSE) has raised £21.25 million through an oversubscribed placing with warrants attached at 40p per share or a small premium to the closing share price yesterday.
The shares issued amount to a third of the energy consultant’s current issued share capital with directors applying for shares worth around £409,000.
Two major shareholders, GHAM (33% of funding) and Regent Gas (38%), acted as cornerstone investors for the fundraise and will receive warrants on a one-for-one basis
A retail offer is also underway to raise up to a further £2 million.
Mark Dickinson, Inspired’s chief executive, said the timing of contracts in its Optimisation division had created strategic challenges but offered “a great opportunity ahead”.
“When considering this, we have reached a point where it was important to strengthen the company's balance sheet in order to unlock these opportunities.
“Whilst they require a higher proportion of working capital investment than other projects, they represent a key element of the group's competitive advantage as we help customers deliver on their net zero commitments.
“This fundraise will both support this and accelerate the reduction of leverage and interest costs we are currently facing.
“With a clear plan in place with customers, banking partners and our broader stakeholders, we see a great opportunity to deliver strong growth in 2025."