Spinnaker Acquisitions PLC (LSE:SPAQ) said it is close to concluding a reverse takeover deal of a leak-detection company spun out from FTSE 250 company of HomeServe PLC and floating on the stock market as Ondo InsurTech PLC.
The cash shell company said it has agreed to purchase the entire issued share capital of HomeServe subsidiary HomeServe Labs Ltd, which owns the LeakBot technology.
LeakBot is a patented water security system developed by Homeserve, which senses small leaks at insured households and by providing plumbing repairs and data to assess risk “prevents [them] from turning into insurance claims”.
Once the reverse takeover deal is completed the shares will be floated on the main market of the London Stock Exchange under the ticker ONDO, with LeakBot Ltd becoming a subsidiary of Ondo InsurTech.
"Together, we will reduce claims, reduce waste, save water and lower the costs of insurance. We are very excited about what lies ahead," said Craig Foster, chief executive of HomeServe Labs.
"Since announcing the exchange of the Sale and Purchase Agreement on 13 December 2021, we have continued to make excellent progress towards execution of the transaction,” said Andy Morrison, Chairman of Spinnaker.
“I look forward to soon handing over the reins into the capable hands of Craig and the Labs team, while continuing as a committed director and shareholder of the enlarged company,” Morrison added.