2 Sep 2015 14:30
Plutus PowerGen Plc / Ticker: PPG / Index: AIM
2 September 2015
Plutus PowerGen plc ('PPG' or 'the Company')
Director Dealing
Plutus PowerGen plc, the AIM listed power company focused on the development, construction and operation of flexible stand-by electricity generation in the UK, announces that it was notified on 1 September 2015 that on 27 August 2015 Mr. James Longley, Finance Director of the Company, transferred 39,683,001 ordinary shares of 0.1 pence each ("Ordinary Shares") held in his own name with Stocktrade to an account in his own name held with Hargreaves Lansdown, at a price of 0.87 pence per Ordinary Share, as a result of the sale of Stocktrade to a third party within a defined timescale.
In addition, the Company was notified on 1 September 2015 that on 14 August 2015, Mr Longley instructed the transfer of 600,000 Ordinary Shares held by Mr Longley on behalf of his son, Oliver Edmund Chapman Longley and 7,216,999 Ordinary Shares held in Mr Longley's self-invested personal pension scheme ("SIPP") from an account with Stocktrade to an account with Hargreaves Lansdown. The transfer of these Ordinary Shares has not yet completed.
The Company was today notified that on 2 September 2015 Mr Longley transferred 1,298,800 Ordinary Shares held in his own name to his son's junior SIPP at a price of 0.87 pence per Ordinary Share.
Following the transfers detailed above, Mr Longley's beneficial holding of 47,500,000 Ordinary Shares will remain unchanged and he will retain his ultimate beneficial interest in a total of 47,500,000 Ordinary Shares which represents approximately 8.31 per cent. of the Company's issued share capital.
A further announcement is expected to be made as soon as possible once the transfer of the 600,000 Ordinary Shares and 7,216,999 Ordinary Shares detailed above has completed.
**ENDS**
For further information, please visit www.plutuspowergen.com, or contact:
Charles Tatnall | Plutus PowerGen Plc | Tel: +44 (0) 20 8720 6562 |
Phil Stephens | Plutus PowerGen Plc | Tel: +44 (0) 20 8720 6562 |
Ewan Leggat | SP Angel Corporate Finance LLP | Tel: +44 (0) 20 3470 0470 |
Katy Birkin | SP Angel Corporate Finance LLP | Tel: +44 (0) 20 3470 0470 |
Felicity Winkles | St Brides Partners | Tel: +44 (0) 20 7236 1177 |
Elisabeth Cowell | St Brides Partners | Tel: +44 (0) 20 7236 1177 |
Notes to Editors
Plutus PowerGen plc is an AIM listed company focused on the development, construction and operation of flexible stand-by power generation sites in the UK. At present, the market dynamics for flexible power generation are positive as a result of the continued downward pressure on capacity available to National Grid to balance supply and demand, leading to their announcements about possible power shortages over the next few years.
Flexible Power generators such as PPG offer a viable and timely solution to the power capacity shortfall in the UK. To this end, PPG is initially focusing on delivering 200MW of capacity over the next three years and currently has a project pipeline of potential development sites with 500MW of power generation capacity.
PPG has a straightforward multi-revenue stream model with large and stable counter-parties and is using project/EIS funding through SPVs to finance construction of the generation assets. This structure has the benefit of limiting dilution to plc shareholders as the assets are financed and built.