Last checked at 18 Dec 2017 07:00
Active Energy Group Plc / EPIC: AEG / Sector: Alternative Energy
18 December 2017
Active Energy Group Plc ('Active Energy' or 'the Group')
Exercise of Warrants and Options by Richard Spinks, CEO
Active Energy, the London quoted international biomass based renewable energy and forestry management business is pleased to announce that pursuant to the receipt of exercise notices from Chief Executive Officer Richard Spinks for, (1) 40,000,000 options, it is issuing 40,000,000 ordinary shares of 1p each ("Ordinary Shares") at the exercise price of 1.25p per share (the "New Ordinary Shares") and (2) 1,733,333 warrants, it is issuing 1,733,333 New Ordinary Shares at the exercise price of 1.25p per share. Following this exercise, Mr Spinks will hold 52,105,333 Ordinary Shares or 6.013% of the voting share capital of Active Energy. The option and the warrant exercise raised £521,666, with the proceeds being utilised, in particular, to capitalise on the commercial activities of Active Energy.
Active Energy Non-Executive Chairman, Michael Rowan, said, "I am delighted by Richard's show of support for the Company at what is a pivotal time in our strategy. There is a huge amount happening, for both Timberlands International and Advanced Biomass Solutions. The funds will be used to capitalise on both opportunities, and further accelerate our plans to rapidly scale the business over the next 12 months."
Application has been made for the New Ordinary Shares, which will rank pari passu with the existing Ordinary Shares, to be admitted to trading on AIM and it is expected that this will take place on or around 29 December 2017 ("Admission").
Following admission of the New Ordinary Shares, the Company's enlarged issued share capital will comprise 899,737,943 Ordinary Shares with voting rights. The Company currently holds 33,212,841 Ordinary Shares in Treasury and the figure of 866,525,102 Ordinary Shares may therefore be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 ("MAR").
**ENDS**
Enquiries & Further Information:
Website |
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www.active-energy.com
www.abs-plc.com | www.linkedin.com/company/activeenergy
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Enquiries | ||
Active Energy Group Plc
| Michael Rowan Non-Executive Chairman
| michael.rowan@aegplc.com
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| Richard Spinks Chief Executive Officer
| richard.spinks@aegplc.com
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Northland Capital Partners Limited Nominated Adviser
| Patrick Claridge/David Hignell/Gerry Beaney | Office: +44 (0)20 3861 6625 |
Optiva Securities Ltd Broker | Graeme Dickson
Ed McDermott |
Office: +44 (0)20 3137 1902
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St Brides Partners Financial PR Adviser
| Isabel de Salis/Megan Dennison | info@stbridespartners.co.uk Office: +44 (0) 20 7236 1177 |
About Active Energy Group:
Active Energy Group Plc (AIM: AEG.L) is a London Stock Exchange-listed international renewable energy business based upon forestry assets. Its model is focussed on capturing the entire forestry value chain through sourcing, utilising and commercialising assets, and setting a new standard in the sustainable management and optimisation of timber resources. The Company is led by a highly technical and commercial team with the experience to execute its defined growth strategy and build its visibility, primarily as a London-listed timber opportunity with a revolutionary biomass fuel technology. It has two affiliate companies formed being:
· Advanced Biomass Solutions Plc (www.abs-plc.com), which is commercialising a revolutionary biomass coal replacement fuel, CoalSwitch™; and
· Timberlands International Ltd, a sustainable international forestry management business.
About CoalSwitch™:
CoalSwitch™ is the world's first direct drop-in replacement biomass fuel with the ability to transform the coal energy dynamic. Its unique qualities allow the fuel to be directly mixed in any ratio or completely replace coal in existing unmodified coal-fired power stations, negating the need for expensive retrofitting or avoiding complete plant closure. Unlike almost all biomass based pellets, it does not have to use high-quality wood but can instead utilise low-cost waste material which translates into significant economic benefits. CoalSwitch™ has a unique solution to enable coal-fired power plants to continue operating at acceptable environmental standards. To facilitate the expansion, ABS is establishing operations in the Americas, Europe and Asia and has representation in those areas in terms of business development and technical support.