TIDMNSCI
RNS Number : 2686W
NetScientific PLC
21 December 2021
NetScientific plc
("NetScientific", the "Group" or the "Company")
Q-Bot Investment and Share Acquisition
NetScientific takes c.19% direct stake in construction industry
robotics company Q-Bot and leads Convertible Loan round
London, UK - 21 December 2021 - NetScientific plc (AIM:NSCI),
the international life sciences and sustainability technology
investment and commercialisation Group, announces that on 20
December 2021, it completed a convertible loan investment and share
acquisition totalling approximately GBP1.3m in Q-Bot Limited
("Q-Bot").
The Board considers that these transactions will result in a
broadening of the Group's portfolio, via its hands-on investment
approach, and deepening its participation in a proven pioneering
robotics and AI business with rapid scale-up potential
Q-Bot is a London-based award-winning robotics and AI company
that has pioneered cutting edge technology and digital solutions
for the inspection, maintenance, insulation and upgrade of
buildings and homes. In the year to 31 March 2021, Q-Bot generated
a loss before taxation of GBP1.36m on sales of GBP1.03m, with net
assets of GBP3.7m (based on unaudited management accounts).
NetScientific's corporate finance and venture capital division
EMV Capital Ltd ("EMVC") led and advised the GBP2.8m transaction,
featuring:
(i) EMVC advising on a first close of a GBP1.5m Convertible Loan
Facility (of which NetScientific is responsible for GBP0.54m) with
a committed first close of GBP0.58m, of which GBP0.3m was provided
by NetScientific out of its GBP0.54m undertaking; and
(ii) EMVC advising on the purchase from early Q-Bot investors
and a departing founder of shares in Q-Bot for a consideration of
GBP1.3m, of which c.GBP1.0m was provided by NetScientific.
The Convertible Loan Facility carries interest at 10%, a
discount on conversion of 20% on the next investment round and is
repayable within two years. The buyout results in a significant
direct equity holding in Q-Bot by NetScientific of 18.7% (from
nil), in addition to EMVC's Capital Under Advisory representing
12.3%.
There are several changes to the Q-Bot Board including the
departure of Chief Executive Officer, Mathew Holloway and the
appointment of Professor Peter Childs (founder Director and
co-director of the Energy Futures Lab Imperial College London) as
Chairperson. Martin Jervis will continue to lead the commercial
operations of the business; Anthony Blaiklock as the CFO will
continue to manage the finances; and founder Director Tom Lipinski
will be interim Chief Technology Officer.
Q-Bot's post-money valuation in an investment round completed in
January 2021 was GBP16.6m on a fully diluted basis. Since then, the
company has realised important growth and sales milestones in its
core underfloor insulation offering and is looking to expand into
other geographical markets. Its patented robotic system for
applying insulation in tight spaces and suspended floors to
immediately reduce heat loss and stop draughts, damp and mould, won
the Queen's Award for Enterprise in the Innovation category in
2020, and is attracting global attention.
Professor Peter Childs, Chairman of Q-Bot, commented: "I am
thrilled at the prospects for Q-Bot. We have seen significant
growth in installations and therefore revenue over recent months
and have also rolled out the company's latest low void and high
void robots. In addition, we have secured our first overseas robot
as a service contract. I am delighted by NetScientific's
involvement with the company, and the continued support by EMV
Capital, and look forward to working with them and the company
towards significant growth."
Dr Ilian Iliev, CEO of NetScientific and Investment Director at
Q-Bot, commented: "As an early supporter of Q-Bot, I am pleased to
see the company move to the next stage of its commercial
development, through a focused growth strategy on revenues,
profitability and expanded applications of its technology in the
construction and engineering industry. This substantial direct
investment exemplifies the implementation of our stated plans,
prioritising portfolio companies for deeper ownership, targeted
investment and greater involvement to deliver shareholder returns,
while helping our portfolio companies accelerate growth."
John Clarkson, Executive Chairman of NetScientific, commented:
"After many months of hard work, it is gratifying that this
excellent deal has to come to fruition, with the necessary
restructuring and updated strategic plans for Q-Bot's future
success. This targeted financing reinforces NetScientific's
commitment to technology and sustainability, utilising Q-Bot's
proven robotics and AI platform, to expand from the established
building market to exploit the company's wider potential."
For more information, please contact:
NetScientific plc Via Walbrook PR
Ilian Iliev, CEO
WH Ireland Limited (NOMAD, Financial Adviser
and Broker)
Chris Fielding / Darshan Patel +44 (0)20 7220 1666
Walbrook PR
Nick Rome/ Paul McManus/ Nicholas Johnson 07748 325 236, 07980
541 893 or 07884 664
686
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
About NetScientific:
https://netscientific.net
NetScientific plc (AIM: NSCI) is an active holding company, that
invests in, develops, commercialises and realises shareholder value
in life sciences/healthcare, sustainability and technology
companies, which offer significant growth potential predominately
in the UK and USA, as well as globally.
With the acquisition of EMV Capital in August 2020, the Group
doubled its portfolio from 8 to 17 companies, either through direct
subsidiary, balance sheet investment or capital under advisory,
varying from start-up private companies to publicly listed
equities.
NetScientific delivers shareholder returns through a proactive
and hands-on management approach to their portfolio companies;
identifying, investing in, and helping to build game-changing
companies. The Group targets value inflection points and the
release of value through partial or full exits from trade sales,
public listings, or equity sales. The Company has a strong
transatlantic and growing international presence, providing
attractive expansion prospects.
NSCI can deploy a capital-light investment structure; utilising
the power of the PLC Brand, and the NetScientific balance sheet to
anchor future investments and achieve a multiplier effect by
attracting 3rd party investment for the portfolio companies.
NetScientific is headquartered in London, United Kingdom, and
was admitted to trading on AIM, a market operated by the London
Stock Exchange, in 2013
About EMV Capital:
https://emvcapital.com/
EMV Capital Ltd (EMVC), a fully-owned subsidiary of AIM-listed
NetScientific PLC, is a London-based award-winning investor focused
on B2B companies in the healthcare, sustainability and industrials
sectors with investments in the UK, US and Israel. EMVC's model is
to develop a customized investment strategy for each company,
combining its network of investors from Family Offices, Wealth
Managers, Institutional VC investors and Corporate VC funds. EMVC
recognizes the benefits of corporate engagement for early-stage
technology companies, with EMVC's team having led and structured
investments alongside some of the world's leading corporations. EMV
Capital has a growing EIS investment practice, and is an exclusive
advisor to the EMVC Evergreen EIS Fund.
EMV Capital Limited is an appointed representative of Sapphire
Capital Limited, which is authorised and regulated by the Financial
Conduct Authority.
About Q-Bot:
www.q-bot.com
Q-Bot Limited, was formed in 2012 by award winning architect Tom
Lipinski and Professor Peter Childs from Imperial College London,
with the goal of using robotics and AI to transform the
construction industry. Q-Bot's solutions enable the delivery of
innovative new services for the inspection, maintenance and upgrade
of buildings which empower workers, improve safety, are
cost-effective, and efficient. Q-Bot is revolutionising the
industry by connecting the built environment with robotics and AI,
to rethink processes that have remained unchanged for hundreds of
years. The company is backed by EMV Capital, the French
multinational corporation St.Gobain, EIS investment platform Wealth
Club, and other investors.
Q-Bot has already brought to market a unique retrofit solution,
using a robotic device to apply insulation under suspended floors
of existing homes. The solution is cheaper, performs better, and
has none of the disruption of more traditional methods. Through its
work with local councils and housing authorities, for whom it is
increasingly becoming the de facto standard, the Q-Bot solution has
been proven to reduce fuel poverty by improving the energy
efficiency of homes, whilst substantially reducing their carbon
footprint- cementing the company's strong ESG credentials. Q-Bot
has also grown to work with private customers, to reduce household
bills, and eliminate the discomfort caused by cold draughts coming
up through floorboards. The solution is TrustMark certified and
fully accredited by the BBA.
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