Last checked at 18 Aug 2011 08:46
18 August 2011
PowerHouse Energy Group plc
(the "Company")
Disclosure of dealings
In the Admission document published by the Company on 31 March 2011, it was stated that following Admission EnviroEnergy Resources Limited ("ERL"), the Company's major shareholder, intended to distribute its entire holding in the Company to its shareholders.
In addition, ERL undertook to the Company and Merchant Securities Limited ("Merchant Securities"), the Company's nominated adviser and broker, that for a period of 12 months after Admission it would not dispose of any ordinary shares in the Company without the consent of Merchant Securities, such consent not to be unreasonably withheld or delayed ("the Undertaking").
The Company has been advised that ERL is currently conducting the process of distributing its shareholding in PowerHouse to its shareholders but before any transfers are completed ERL's shareholders must sign a Deed of Adherence to comply with ERL's Undertaking and ERL must obtain the approval of Merchant Securities for such transfers.
The Company has now been advised that it has transferred 27,742,628 Ordinary Shares to certain of its shareholders and that following such transfers ERL now holds 113,557,412 Ordinary Shares, representing 39.95 per cent. of the issued share capital of the Company.
As a result of these transfers, Credit First Holding Limited and Credit First Asset Management Limited now hold 18,061,099 and 9,681,529 Ordinary Shares, respectively, which represents 6.35 and 3.41 per cent. of the issued share capital of the Company, respectively.
For additional information please contact:
PowerHouse Energy Group plc
Ross Lyndon-James+44 (0) 20 7887 1362
Merchant Securities Limited (NOMAD and Broker)
David Worlidge/Simon Clements
+44 (0) 20 7628 2200
Pelham Bell Pottinger
Nick Lambert / Jenny Renton
+44 (0) 20 7861 3232
Notes to Editors:
·; PowerHouse Energy Group plc is a leading provider of economically proven, on-site, clean energy systems that use traditional and renewable forms of fuel to generate electric and thermal energy in an environmentally responsible way
·; PowerHouse offers a complete turnkey waste/biomass to energy equipment solution either by: direct sale or energy supply under long term power purchase agreements
·; PowerHouse's historical co-gen customer base has included Fortune 500 companies as well as government authorities (US)
·; PowerHouse's shares trade on the Alternative Investment Market under the ticker (PHE)