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Modern Water plc announces an Open Offer

Modern Water plc announces an Open Offer to qualifying shareholders of up to 10,042,705 New Ordinary Shares at 9 pence to raise up to approximately £0.9 million. The 9p price represents a discount of 4.3% to the closing price on the Record Date and an 18.8% discount to the 90 day volume weighted average price. Modern Water plc is pleased to announce that it has received an irrevocable undertaking from Hangzhou Shangtuo Environmental Technology Co., LTD to subscribe for its full entitlement and to buy a number of further shares not taken up by other shareholders. Simon Humphrey said: “We are pleased to be delivering on the commitment made to shareholders in July to allow them to participate alongside our strategic partner Hangzhou Shangtuo Environmental Technology Co., LTD. We are particularly pleased that they are committed to the open offer only a matter of months after their initial investment.” For more please click here.

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Modern Water is a pioneering and innovative technology company, specialising in membrane water treatment solutions and advanced monitoring products. Modern Water is an AIM listed Water Technology Group that was established in 2006 by IP Group Plc to develop and commercialise IP and technologies related to the treatment of water.