Last checked at 29 Dec 2021 10:34
Active Energy Group Plc / EPIC: AEG / Sector: Alternative Energy
29 December 2021
Active Energy Group Plc
('Active Energy', or the 'Company')
Result of General Meeting, changes to director and substantial shareholder shareholdings and Total Voting Rights
Active Energy, the London AIM-quoted renewable energy business focused on the production of next generation energy pellets, announces that at the General Meeting held earlier today, all resolutions were duly passed, and therefore the Conditional Fundraising and Subscription, announced on 9 December 2021, have been approved by Shareholders.
Michael Rowan, CEO of Active Energy, said:
"We would like to thank shareholders for their ongoing support of AEG as we deliver on the commercial viability and scalability of CoalSwitch™ technology. Operations are continuing at pace, with the permit application process in Ashland, Maine well underway. We look forward to the New Year with optimism as we deliver on our strategy of producing next generation energy pellets."
The proxy voting results for the resolutions are copied below:
Resolution | Votes For | % of votes cast | Votes Against | % of votes cast | Votes Withheld* | Total votes cast* |
1. Conditional on the passing of Resolution 2, to authorise theDirectors to issue or grant rights in respect of New Ordinary Shares up to 1,078,158,001. | 1,389,332,786
| 98.77% | 17,306,107
| 1.23% | 3,671,247
| 1,406,638,893
|
2. Conditional on the passing of Resolution 1, to authorise theDirectors to issue or grant rights in respect of the New OrdinaryShares on a non-pre-emptive basis | 1,387,845,264
| 98.66% | 18,793,629
| 1.34% | 3,671,247
| 1,406,638,893
|
3. Conditional on the passing of Resolution 4, to authorise theDirectors to issue or grant rights in respect of new ordinary sharesup to 1,869,519,216 | 1,209,668,486
| 86.00% | 196,970,407
| 14.00% | 3,671,247
| 1,406,638,893
|
4. Conditional on the passing of Resolution 3, to authorise theDirectors to issue or grant rights in respect of the new ordinaryshares on a non-pre-emptive basis | 1,206,516,140
| 85.77% | 200,122,753
| 14.23% | 3,671,247
| 1,406,638,893
|
Resolutions 1 and 3 were proposed as ordinary resolutions and resolutions 2 and 4 were proposed as special resolutions.
*Votes "Withheld" are not votes in law and do not count in the number of votes counted for or against a resolution.
Pursuant to the Conditional Fundraising and Subscription, application has been made for the admission of 1,078,158,001 New Ordinary Shares to trading on AIM. In addition, the Company has become aware that the number ordinary shares of 0.01p each in the Company (the "Ordinary Shares") that are currently in issue exceeds the number of Ordinary Shares for which applications have been made for admission to trading on AIM by one Ordinary Share. As a result, the Company has applied for the additional Ordinary Share to be admitted to trading on AIM at the same time as the admission of the 1,078,158,001 New Ordinary Shares to trading on AIM (together "Admission").
It is expected that Admission will take place at 8.00 a.m. on or around 30 December 2021, subject to the Placing Agreement becoming fully unconditional save only for the condition as to Admission.
Changes to director and substantial shareholder shareholdings
Certain directors of the Company subscribed for an aggregate of 30,500,000 New Ordinary Shares pursuant to the Fundraising. Their shareholdings as they will be on Admission are set out below:
Director | Ordinary Shares held on Admission | Percentage of issued share capital held on Admission |
Michael Rowan, Chief Executive Officer | 27,486,250 | 0.49% |
James Leahy, Non-Executive Chairman | 20,000,000 | 0.35% |
Jason Zimmermann, Non-Executive Director | 4,461,500 | 0.08% |
Andrew Diamond, Finance Director | 3,000,000 | 0.05% |
Max Aitken, Non-Executive Director | 4,000,000 | 0.07% |
On Admission, Gravendonck Private Foundation ("Gravendonck"), a substantial shareholder in the Company, will have an interest in 716,942,300 Ordinary Shares, representing 12.66% of the Company's issued share capital.
Total Voting Rights
On Admission, the Company will have 5,665,209,745 Ordinary Shares in issue, each with one voting right. There are no shares held in treasury. Therefore, the Company's total number of Ordinary Shares and voting rights is 5,665,209,745.
The above figure of 5,665,209,745 Ordinary Shares may be used by shareholders from Admission as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
Defined terms used in this announcement shall have the same meaning as in the announcement of 9 December 2021 unless otherwise defined herein.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
Enquiries:
Active Energy Group Plc | Michael Rowan (Chief Executive Officer)
Andrew Diamond (Chief Financial Officer)
| info@aegplc.com |
Allenby Capital Limited Nominated Adviser and Joint Broker | Nick Naylor / James Reeve (Corporate Finance)
Amrit Nahal (Sales and Corporate Broking)
| +44 (0)20 3328 5656 |
Panmure Gordon & Co Joint Broker | John Prior / James Sinclair-Ford / Harriette Johnson (Corporate Finance)
Hugh Rich (Corporate Broking)
| +44 (0)20 7886 2500 |
Camarco Financial PR Adviser | Gordon Poole / Tom Huddart / Emily Hall | aeg@camarco.co.uk +44 (0)20 3757 4980 |
About Active Energy Group
Active Energy Group plc is a London listed (AIM: AEG) renewable energy company that has developed a proprietary technology which transforms low-cost biomass material into high-value green fuels. Its patented product CoalSwitch™ is the world's only drop-in biomass fuel that can be mixed at any ratio with coal or completely replace coal in existing coal-fired power stations without requiring significant plant modification. Active Energy Group's immediate strategic focus is the production and commercialisation of CoalSwitch™.