1 Aug 2016 11:47
Plutus PowerGen plc / Ticker: PPG / Index: AIM
1 August 2016
Plutus PowerGen plc ('PPG' or 'the Company')
Warrant Extension
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 the extension to the expiry date of unexercised warrants held by Charles Tatnall, Executive Chairman of PPG, and James Longley, Chief Financial Officer of PPG, to 22 August 2017.
The warrants referred to above were granted on 5 August 2014 over a total of 40,000,000 existing ordinary shares of 0.1 pence each ("Ordinary Shares") exercisable at a price of 0.9 pence per Ordinary Share up until 22 August 2016 ("Warrants"). Mr Tatnall and Mr Longley were each granted 20,000,000 Warrants on 5 August 2014 and each exercised 10,000,000 Warrants on 1 February 2016. Accordingly, Mr Tatnall and Mr Longley each now hold 10,000,000 Warrants exercisable at 0.9 pence per Ordinary Share up until 22 August 2017.
Warrants Extended
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name: | Charles Tatnall | ||||
2. | Reason for the notification | |||||
a) | Position/status: | Chairman | ||||
b) | Initial notification/amendment: | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name: | Plutus PowerGen plc | ||||
b) | LEI: |
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4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument:
Identification code: | Share options over ordinary shares of 0.1 pence
GB00B1GDWB47 | ||||
b) | Nature of the transaction: | Extension of exercise period for options over ordinary shares | ||||
c) | Price(s) and volume(s): |
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d) | Aggregated information:
Aggregated volume:
Price: | Single transaction as in 4 c) above
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e) | Date of transaction: | 29 July 2016 | ||||
f) | Place of transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name: | James Longley | ||||
2. | Reason for the notification | |||||
a) | Position/status | Chief Financial Officer | ||||
b) | Initial notification/amendment: | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name: | Plutus PowerGen plc | ||||
b) | LEI: |
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4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument:
Identification code: | Share options over ordinary shares of 0.1 pence
GB00B1GDWB47 | ||||
b) | Nature of the transaction: | Extension of exercise period for options over ordinary shares | ||||
c) | Price(s) and volume(s): |
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d) | Aggregated information:
Aggregated volume:
Price: | Single transaction as in 4 c) above
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e) | Date of transaction: | 29 July 2016 | ||||
f) | Place of transaction | Outside a trading venue | ||||
**ENDS**
For further information, please visit www.plutuspowergen.com, or contact:
Charles Tatnall | Plutus PowerGen Plc | Tel: +44 (0) 20 3705 8350 |
Phil Stephens | Plutus PowerGen Plc | Tel: +44 (0) 20 3705 8352 |
Ewan Leggat | SP Angel Corporate Finance LLP | Tel: +44 (0) 20 3470 0470 |
Laura Harrison | SP Angel Corporate Finance LLP | Tel: +44 (0) 20 3470 0470 |
Elisabeth Cowell | St Brides Partners Ltd | Tel: +44 (0) 20 7236 1177 |
Hugo de Salis | St Brides Partners Ltd | 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 by the end of 2017 and currently has a project pipeline of potential development sites with 700MW 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.