Announcement • Jan 16
DG Innovate plc Provides Update on P80 Motor Development DG Innovate plc provided an update on development of its Pareta®? P80 motor. Following the announcement on 27 November 2024 that it had signed a Joint Venture Agreement (JVA) with EVage Automotive Pvt. Limited (EVage) to manufacture and supply a range of DGI's Pareta e-drives, the Company is pleased to provide an update on development of its Pareta P80 motor. The engineering team are currently finalising the construction of six A-sample motors, which will undergo rigorous, state-of-the-art performance and reliability testing over the next two months. The findings from these tests, along with valuable input from the Company's supply chain, will inform the development of subsequent B sample motors. These B samples will represent designs that are nearly production-ready, with finalisation planned by March 2025. Announcement • Jan 15
DG Innovate plc Announces Board Changes DG Innovate Plc announces that Jochen Rudat (Executive Director) and Trevor Gabriel (Non-Executive Director) have offered to step down as Directors with immediate effect, to help the Company reduce its ongoing cost base and streamline the Board. This follows the Company's announcement on 31 December that it intends to cancel the admission to trading of its ordinary shares on the Main Market of the London Stock Exchange, with various other steps also being taken to reduce costs and ensure that the Board and wider team are of an appropriate size as DGI continues to progress the commercialisation of its technology. Following these changes, the Board of the Company comprises: Peter Bardenfleth-Hansen (Chief Executive Officer), Christian Eidem (Executive Director), Jack Allardyce (Chief Financial Officer), Sir Michael Fallon (Independent Non-Executive Director) and Mark Carleton (Independent Non-Executive Director). Announcement • Dec 31
DG Innovate Intends to Delist from London Stock Exchange Effective January 31, 2025 DG Innovate plc announced its intention to cancel the listing of the Company's ordinary shares ("Shares") on the Equity Shares (Transition) category of the Official List of the Financial Conduct Authority ("FCA") and the admission to trading of its Shares on the Main Market of the London Stock Exchange. DGI's management team has made significant operational progress over the past 12 months, including: signing of the Indian Joint Venture Agreement with EVage, delivering the Pareta P450 and e-brake motor prototypes to partner Cummins, and completion and initial testing of the first P80 samples in the past week. Despite this, the Company has found it difficult to raise sufficient funds to invest in its commercialisation strategy during this period, and in general since coming to market via reverse takeover in April 2022. This is in part due to its current listing and the constraints of the associated prospectus rules. However, it is also clear that there has been and remains a broad lack of demand for exposure to companies at DGI's current stage of development within the UK's traditional institutional investor base. The DGI Directors do not foresee any obvious near-term catalysts likely to change this backdrop and have therefore concluded that the costs, regulatory requirements and additional administrative burden associated with maintaining the Company's listing are now, in their opinion, completely disproportionate to the benefits. Furthermore, current discussions with potential investors who could substantially invest in DGI were it no longer listed has given the Directors confidence that this provides the best available route to significant funding. In order to continue these funding discussions and focus management resources on operational matters, the Board has therefore concluded that it is necessary to cancel the listing of the Company's Shares on the Equity Shares (Transition) category of the Official List and to cancel the admission to trading of the Shares on the Main Market for listed securities of the London Stock Exchange ("LSE") (the "Delisting"). The Directors believe that the Delisting will significantly reduce the Company's cost base and assist the Company in raising the capital it requires to invest in its products and assembly capacity, and grow the business. The Directors remain absolutely committed to delivering value for all DGI's shareholders, with whom the Board are substantially aligned, given their respective shareholdings. The Directors believe that this course of action is the most appropriate to take at this time. As a company listed on the Equity Shares (Transition) category, the Company is not required to obtain the approval of its shareholders for the Delisting, but is required under UK Listing Rule 21.2.17 to give at least 20 business days' notice of the intended cancellation. Accordingly, DGI has requested that (i) the FCA cancel the listing of the Shares on the Official List of the FCA, and that (ii) the LSE cancels the admission to trading of the Shares on the Main Market for listed securities of the LSE. It is anticipated that the Delisting will become effective from 8:00 a.m. (London time) on 31 January 2025. Investors holding Shares following the Delisting will remain a shareholder of DG Innovate and continue to be entitled to exercise all of the rights attaching to the Shares. 