Last checked at 18 May 2018 07:00
POWERHOUSE ENERGY GROUP PLC - Issue of EquityPOWERHOUSE ENERGY GROUP PLC - Issue of Equity
PR Newswire
London, May 17
18 May 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 end-of-life tyres, announces the issue of 17,894,737 ordinary shares of 0.5p each in the Company ("Ordinary Shares") to service providers for the settlement of fees.
Of the 17,894,737 Ordinary Shares, 7,894,737 are being issued at 0.76p per Ordinary Share and 10,000,000 are being issued at 0.5p per Ordinary Shares in accordance with the terms of the relevant service agreements.
Application is being made for the admission of 17,894,737 new Ordinary Shares to trading on AIM and it is expected that this will occur on or around 23 May 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 1,550,453,026 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) Andy Thacker | Tel: +44 (0) 203 621 4120 |
About PowerHouse Energy
PowerHouse Energy has developed proprietary process technology called DMG® which takes plastic and rubber waste streams and converts them into cost efficient energy in the form of electricity and ultra clean hydrogen gas fuel for use in cars and commercial vehicles (FCEV: Fuel Cell Electric Vehicles) and other industrial uses. The PowerHouse technology is the world’s first proven hydrogen from waste (HfW) process.
The PowerHouse process converts 25 tonne of plastic or rubber waste into 1 tonne H2 per day and 28 MWh per day of electricity.
The PHE process produces low levels of safe residues and requires a small operating footprint, making it suitable for deployment at enterprise and community level.
PowerHouse is quoted on the London Stock Exchange's AIM Market. The Company is incorporated in the United Kingdom.
For more information see www.powerhouseenergy.net.