Last checked at 12 Apr 2012 10:38
12 April 2012
PowerHouse Energy Group plc
("The Company" or "PowerHouse")
Statement re: Suspension
The Board of PowerHouse (AIM:PHE) announces that trading in the Ordinary Shares of the Company has been suspended with immediate effect, pending clarification of the Company's financial position.
As previously announced the Company indicated its intention to exercise an option available to it to acquire the remaining 70% interest in Pyromex Holding AG ("Pyromex") and that it was seeking to secure a significant level of funding which the Company requires to complete the acquisition of Pyromex, to execute its business plans for Pyromex, to restructure its US business and which is necessary to continue the operations of the Company. The Company has been in discussions with various parties to secure such financing. However, the Company has been unable to secure this financing within an appropriate timescale.
The Directors are in advanced discussions with a third party regarding a potential fundraising which would comprise a mixture of debt and equity. However, the fundraising is subject, inter alia, to an extension being given to the option to acquire Pyromex and due diligence which is expected to take a few weeks. The third party has offered to advance a small loan to the Company to provide immediate short term working capital in order to continue trading.
A further announcement will be made in due course.
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 / Charles Stewart
+44 (0) 20 7861 3232