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Ondo InsurTech PLC - Walsall, West Midlands-based detection of micro-leaks of water - Changes name from Spinnaker Acquisition PLC as completes reverse acquisition of HomeServe Labs Ltd from Homeserve PLC. HomeServe Labs trades as LeakBot Ltd and helps home insurers reduce claims by detecting small water leaks before they cause damage. The deal was announced back in December, with Spinnaker paying with cash, new shares and loan notes. The UK Financial Conduct Authority has approved the prospectus for this. Spinnaker will raise £3.4 million in a share placing and subscription at 12 pence per share as part of its relisting as Ondo InsurTech. It will have a market capitalisation of £8.2 million at that price. The company also issue one warrant for each two new shares. The warrants are exercisable into shares at 25p each. Re-admission to the London Main Market is scheduled for Monday.
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