PPG.L Regulatory News (PPG)

28 January 2021

Plutus PowerGen plc

('Plutus' or 'the Company')

Convertible loan note

The Board of Plutus, an AIM Rule 15 cash shell, announces that it has entered into convertible subscription agreements to raise £200,000, before expenses, through the issue of unsecured convertible loan notes (the "Convertible Loans"). The Company is raising the funds to assist the Company in covering the additional costs of any potential future reverse takeover transaction and for general working capital purposes.

The Convertible Loans were placed with clients of Pello Capital Limited, the Company's joint broker and placing agent for the purposes of the issue of the Convertible Loans.

The key terms of the Convertible Loans are as follows:

- 12 month term;

- 8% annual interest rate, payable in cash in arrears on 31 January, 30 April, 31 July and 31 October, with the first instalment due to be paid on 30 April 2021;

- principal and accrued but unpaid interest will be convertible at a 25 per cent. discount to the price of new ordinary shares that are issued pursuant to a placing conducted simultaneous with the re-admission of the ordinary shares of the Company to trading on AIM becoming effective following an acquisition or acquisitions which constitute a reverse takeover under Rule 14 of the AIM Rules ("Re-Admission");

- convertible at the date of Re-Admission; and

- unsecured.

The Company expects to receive the funds from the issue of the Convertible Loans by the beginning of February 2021.

As announced on 8 January 2021 the Directors are focused on sourcing an appropriate reverse takeover candidate. At present, no assurances can be provided that the effort will be successful to source and/or complete a reverse takeover transaction.

The Company was reclassified as an AIM Rule 15 cash shell on 10 December 2020. Following its reclassification as an AIM Rule 15 cash shell, the Company is required to make an acquisition which constitutes a reverse takeover under the AIM Rules by 10 June 2021, failing which the Company's ordinary shares would be suspended from trading on AIM pursuant to AIM Rule 40. The Company's admission to trading on AIM would then be cancelled six months from the date of suspension, should the reason for the suspension not have been rectified.

The Company's Directors will provide shareholders with further updates as appropriate.