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AMTE Power shares skyrocket as new equity investor to buy 80% stake

Tue, 25th Jul 2023 16:31

(Alliance News) - AMTE Power PLC on Tuesday announced that an unnamed potential new equity investor proposed to buy a large stake in the company.

Shares in AMTE Power surged to 11.50 pence per share from 5.13p just before the release.

The London-based lithium-ion and sodium-ion battery cells developer and manufacturer said it secured a GBP1.0 million loan facility with global asset manager Arena Investors LP. Funds under the facility will be made available to AMTE in two equal tranches of GBP500,000 each, with the first being drawn down in two business days.

The loan facility aims to provide enough time for the company and a potential new equity investor to complete a proposed initial equity investment of GBP2.5 million, with the equity investor buying 147.1 million shares for 1.7 pence per share, which would result in the investor holding 80% of the enlarged issued share capital.

The investor "intends to implement a financial solution" for AMTE, the company said.

AMTE expects the subscription to be completed at the end of September.

By Tom Budszus, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

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Amte Power PLC - Developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist applications - Agrees unsecured GBP580,000 loan from Highlands and Islands Enterprise. The loan is repayable after three years and incurs interest, after an initial twelve-month interest free period, at 6.5% per annum. Says it will be used for general working capital purposes to support operations in Thurso.

13 Mar 2023 14:09

IN BRIEF: AMTE Power notes conversion notice for GBP50,000 of shares

AMTE Power PLC - London-based developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist markets - Receives a conversion notice in respect of GBP50,000 worth of convertible loan notes from Arena Investors LP resulting in the issue of 98,308 new shares at a conversion price of 50.86 pence per share. Following the conversion, GBP2.8 million remains outstanding for conversion under the first tranche of GBP3.0 million of the convertible bond facility with Arena. Following admission, the company's issued share capital will comprise 36.3 million shares.

8 Mar 2023 13:27

IN BRIEF: Amte Power shares down as loss widens, turnover down b 33%

Amte Power PLC - London-based developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist markets - Posts turnover of GBP546,080 for the six months ended December 31, down 33% from GBP815,174 a year before. Pretax loss widens to GBP3.7 million from GBP2.6 million, as operating loss widens to GBP3.8 million from GBP2.6 million in 2021. Finance costs almost double to GBP208,790 from GBP120,991. Cash amounts to GBP1.2 million at period end, down from GBP6.3 million a year prior.

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IN BRIEF: AMTE Power converts GBP150,000 of loan notes into shares

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