Last checked at 14 Jul 2020 15:52
POWERHOUSE ENERGY GROUP PLC - Result of General Meeting and Issue of EquityPOWERHOUSE ENERGY GROUP PLC - Result of General Meeting and Issue of Equity
PR Newswire
London, July 14
Powerhouse Energy Group plc
("Powerhouse" or the "Company")
Result of General Meeting
And
Issue of Equity
14 July 2020
Powerhouse Energy Group plc (AIM: PHE), the UK technology company commercialising hydrogen production from waste plastic, announces that at the General Meeting of the Company held today, all resolutions as set out in the Circular and Notice of General Meeting dated 26 June 2020 (the “Circular”), were passed by shareholders. The resolutions proposed were in connection with the proposed issue of 1,437,440,277 new Ordinary Shares of 0.5p (“Ordinary Shares”) for the acquisition of the entire issue shared capital of Waste2Tricity Limited and the approval of the waiver of obligations under Rule 9 of the Takeover Code.
Terms used in this announcement shall have the same meaning as those used in the Circular.
Shareholders were invited to submit questions relating to the Acquisition to the board. Relevant questions and answers to will shortly be available to view on the Company’s website at https://www.powerhouseenergy.net.
The results of the votes will be available on the Company’s website at https://www.powerhouseenergy.net shortly and are set out below.
| Ordinary Resolutions | Votes for* | % of votes cast* | Votes against | % of votes cast | Votes withheld** | Total votes cast |
| 1. Authorise the directors to allot new Ordinary Shares | 444,254,748 | 99.93% | 299,631 | 0.07% | 0 | 444,554,379 |
| 2. Approve the waiver of obligations under Rule 9 of the Takeover Code*** | 379,280,156 | 99.94% | 236,526 | 0.06% | 53,962,697 | 379,516,682 |
*Votes "for" include votes giving the Chairman discretion.
** A vote withheld is not a vote in law and is not counted in the calculation of the votes 'For' or 'Against' a resolution)
*** Only Independent Shareholders were eligible to vote for resolution 2.
Following the General Meeting, Dr Cameron Davies, Chairman of Powerhouse, said:
“We are delighted with the result of the General Meeting and most grateful for the support we have received from shareholders in relation to the acquisition of Waste2Tricity. This is a transformational time for Powerhouse as we look forward to the construction of the first commercial DMG plant and the enactment of a UK exclusivity agreement with Peel.
“This will open the door to the pipeline of projects arising in the UK and then release overseas markets. The Company’s technology will make a positive difference regenerating waste plastic into energy as a foundation of the hydrogen economy.”
Following the General Meeting, Mr Tim Yeo, Chairman of Waste2Tricity, said:
“The resounding vote by Powerhouse Energy shareholders at today’s EGM in favour of the acquisition of Waste2tricity is a strong vote of confidence in the future success of the enlarged group.”
Further to the General Meeting, the Company is issuing 1,437,440,277 Ordinary Shares to the Sellers of Waste2Tricity. Application has been made for the admission of 1,437,440,277 Ordinary Shares to trading on AIM (“Admission”) and it is expected that Admission will occur on or around 15 July 2020. These shares will rank pari passu in all respects with the Company's existing issued Ordinary Shares.
Subsequent to the issue of Ordinary Shares, the Company will have 3,515,100,693 Ordinary Shares in issue with voting rights. 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 | Tel: +44 (0) 203 368 6399 |
| David Ryan, Chief Executive Officer | |
| WH Ireland Limited (Nominated Adviser) | Tel: +44 (0) 207 220 1666 |
| James Joyce / Lydia Zychowska | |
| Turner Pope Investments Ltd (Joint Broker) | Tel: +44 (0) 203 657 0050 |
| Andrew Thacker / Zoe Alexander | |
| Ikon Associates (Media enquiries) | Tel: +44 (0) 1483 271291 |
| Adrian Shaw | Mob: +44 (0) 7979 900733 |
About Powerhouse Energy Group plc
Powerhouse has developed a proprietary process technology - DMG® - which can utilise waste, unrecycleable plastic, end-of-life-tyres, and other waste streams to efficiently and economically convert them into syngas from which valuable products such as hydrogen, chemical precursors, electricity and other industrial products may be derived. The Powerhouse technology is one of the world’s first proven, modular, hydrogen from waste (HfW) process.
The Powerhouse DMG® process can generate up to 2 tonnes of road-fuel quality H2, and more than 58MWh of exportable electricity per day.
The Powerhouse 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 under the ticker: PHE, and is incorporated in the United Kingdom.
For more information see www.powerhouseenergy.net