Last checked at 10 Oct 2012 07:24
09 October 2012
PowerHouse Energy Group plc
("PowerHouse", the "Group" or the "Company")
Publication of accounts and lifting of suspension
The Annual Report for the year ended 31 December 2011 was posted to shareholders earlier today. The interim results for the six months ended 30 June 2012 were also released earlier today. Trading in the Company's shares was suspended with effect from 12 April 2012 pending clarification of the Company's financial position. The provision of a £380,000 convertible loan from Hill Grove Investments Pty Limited and, amongst other things, the settlement of the US litigation enabled the Company's accounts for the year ended 31 December 2011, which received an unqualified audit opinion, to be prepared on a going concern basis. Accordingly, trading in the Company's ordinary shares will re-commence with effect from 7.30 a.m. on 10 October 2012.
Copies of the Annual Report are available at the Company's registered office (16 Great Queen Street, London WC2B 5DG) and on its website - www.powerhouseenergy.net.
Keith Allaun, recently appointed as Executive Chairman, commented:
"We have made a tremendous effort to get PowerHouse back on track. We have cleared several hurdles to get to this position but there is still a lot of work to do. With our newly aligned management objectives and operating in the ever-growing waste-to-energy marketplace, we feel we now have a future and plan to report further developments over the coming months."
For additional information please contact:
PowerHouse Energy Group plc
Keith AllaunLevel 3, 8 Cavendish Square, London W1G OPD
Phone: +44 (0)20 7079 4407Email: inquire@powerhousegroup.co.uk
Merchant Securities Limited (Nominated Adviser & Broker)
David Worlidge/Simon Clements
Phone: +44 (0) 20 7628 2200