Last checked at 31 Jan 2018 15:56
POWERHOUSE ENERGY GROUP PLC - Issue of EquityPOWERHOUSE ENERGY GROUP PLC - Issue of Equity
PR Newswire
London, January 31
31 January 2018
PowerHouse Energy Group plc(“PowerHouse” or the “Company”)
Issue of Equity
PowerHouse Energy Group plc (AIM: PHE), the UK technology company pioneering hydrogen production from waste plastic and used tyres, announces that it has issued 280,430,920 ordinary shares of 0.5p each (“Ordinary Shares”) for the final settlement of the Hillgrove Investments Pty. Ltd. (“Hillgrove”) Convertible Note in accordance with the announcement dated 15 February 2017. These Ordinary Shares were not issued at the time as they were subject to a lock-in. The Company has now issued and placed out 215,686,275 of those Ordinary Shares (the “Placing Shares”), through its broker, Turner Pope Investments (TPI) Ltd (“TPI”), with a variety of private and institutional investors.
Hillgrove has, in accordance with its obligations under the terms of the conversion agreement, now released the debenture it held over the IP and assets of the Company, which PowerHouse now holds free and clear of any encumbrances. As part of that agreement, Hillgrove had voluntarily agreed to a “lock in” of the Ordinary Shares due to it and the postponement of the allotment of Ordinary Shares due to it until 14 February 2018.
The Ordinary Shares were placed by TPI at a price of 0.51p and raised approximately £1m for Hillgrove net of fees and commissions. Hillgrove has agreed with the Company that the balance of 64,744,645 Ordinary Shares due to it in settlement of the Convertible Note will remain under the Company’s control for a period of 6 months from the date of this announcement.
Application is being made for the admission of 280,430,920 new Ordinary Shares to trading on AIM and it is expected that this will occur on or around 6 February 2018. These shares will rank pari passu in all respects with the Company's existing issued Ordinary Shares.
Subsequent to the issue of the new Ordinary Shares, the Company will have 1,417,302,934 Ordinary Shares in issue.
PowerHouse has no shares in Treasury, therefore this figure 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 in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
For more information, contact:
| PowerHouse Energy Group plc Keith Allaun, Chief Executive Officer | Tel: +44 (0) 203 368 6399 |
| WH Ireland Limited (Nominated Adviser) James Joyce / Chris Viggor | Tel: +44 (0) 207 220 1666 |
| Turner Pope Investments Ltd (Broker) Ben Turner / James Pope | Tel: +44 (0) 203 621 4120 |
| Buchanan (Media enquiries) Mark Court / Chris Lane | Tel: +44 (0) 20 7466 5000 |
About PowerHouse Energy
PowerHouse Energy Group plc is the developer of the G3-UHt Ultra High Temperature Gasification unit, and the creator of DMG®, the Distributed Modular Gasification System that allows the distributed eradication of waste, the generation of distributed electricity, and the production of distributed hydrogen with the world’s first hydrogen from waste (HfW) process.
The Company is focused on technologies to enable projects for energy recovery from municipal and industrial waste streams that would otherwise be directed to landfills and incinerators; or from renewable and alternative fuels such as biomass, tyres, and plastics to create synthesis gas (syngas) for power generation, or high-quality hydrogen as a fuel for transport. DMG® allows for easy, economical, deployment and scaling of an environmentally sound solution to the growing challenges of waste eradication, landfill diversion, electrical demand, and distributed hydrogen production.
PowerHouse is quoted on the London Stock Exchange's AIM Market and is incorporated in the United Kingdom.
For more information see www.powerhouseenenergy.net