Equipmake Holdings - Result of Placing and Subscription

This Announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018) ("UK MAR")).

12 February 2024

Equipmake Holdings PLC

("Equipmake" or the "Company")

Result of Placing and Subscription

Equipmake, the UK-based engineering specialist pioneering the development and production of electrification products across the automotive, aerospace, bus, and coach industries, is pleased to announce that, further to its announcement at 1.01 p.m. (the "Launch Announcement"), the Bookbuild has now closed and the Company has conditionally raised approximately £4 million in aggregate (before expenses) through the placing of 54,066,666 Placing Shares at the Issue Price, being 6 pence per New Ordinary Share, and a subscription of 13,166,666 Subscription Shares at the Issue Price.

In addition to the Placing and Subscription, the Company is also providing retail investors with the opportunity to subscribe for an aggregate of up to 5,000,000 Retail Offer Shares at the Issue Price via the BookBuild platform, to raise up to approximately £0.3 million (before expenses). The Retail Offer is due to close at 4.35pm on or around 14 February 2024 and the results of the Retail Offer will be announced separately thereafter.

Admission and Total Voting Rights

Application will be made for the Placing Shares to be admitted to trading on the Aquis Apex exchange. It is expected that dealings in the VCT Placing Shares will commence at 8.00 a.m. on or around 15 February 2024 ("First Admission") and dealings in the Non-VCT Placing Shares, Subscription Shares and Retail Offer Shares is expected to commence at 8.00 a.m. on or around 16 February 2024 ("Second Admission") (or such later date as may be agreed between the Company and the Joint Brokers, but no later than 22 February 2024).

The Placing Shares and Subscription Shares will be issued fully paid and will rank pari passu in all respects with the Company's existing Ordinary Shares.

Upon First Admission (admission to trading of 46,899,999 VCT Placing Shares) the Company will have 997,904,540 Ordinary Shares in issue. There are no shares held in treasury. The total voting rights in the Company is therefore 997,904,540 and shareholders may use this figure as the denominator by which they are required to notify their interest in, or change to their interest in, the Company under the Disclosure Guidance and Transparency Rules.

Related Party Transaction

Schroders Investment Management Ltd is a Substantial Shareholder of the company as defined by the Aquis Growth Market Apex Rulebook and its participation in the Placing constitutes a related party transaction under the Aquis Growth Market Apex Rulebook. The Directors of the Company, having exercised reasonable care, skill and diligence, consider that the related party transaction is fair and reasonable as far as the shareholders of the Company are concerned.

Capitalised terms used in this announcement and not separately defined shall have the same meanings as defined in the Launch Announcement.

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About Equipmake                                                                                                                               

Equipmake is the UK-based engineering specialist pioneering the development and production of electrification products which are used across the automotive, aerospace and other sectors in support of the transition from conventional fossil-fuelled to zero-emission powertrains.

Equipmake produces ultra-high performance electric motors and complete EV drivetrains and ultra-fast power electronic systems. As well as developing proprietary technology - such as an ultra-compact, lightweight high performance spoke motor - it also offers bespoke R&D solutions.

Equipmake has developed a vertically integrated solution providing fully bespoke solutions.  The Company has built a significant pipeline of opportunities, as demand for electric vehicles increases as part of the global decarbonisation movement.