PPG.L Regulatory News (PPG)

4 December 2020

PLUTUS POWERGEN PLC

("Plutus", the "Group" or the "Company")

Reduction of Capital effective

Further to the announcement made by the Company on the 24 November 2020, the Board of Plutus today announces that the Reduction of Capital required to effect the demerger of Plutus Energy Limited has become effective. This follows the Court Order approving the Reduction of Capital having been registered with Companies House.

Completion of the Proposals remain subject only to the admission of the Placing Shares and Debt Capitalisation Shares to trading on AIM.

Pursuant to the previously announced Proposals, the Company has conditionally raised £600,000 (before expenses) through a placing of 3,000,000,000 new Ordinary Shares at a price of 0.02p per Ordinary Share and has undertaken a debt capitalisation which will result in the issue of 1,390,470,000 new Ordinary shares at a conversion price of 0.02p per new Ordinary Shares (the "New Ordinary Shares").

Application will be made shortly to the London Stock Exchange for the 4,390,470,000 New Ordinary Shares pursuant to the Placing and Debt Capitalisation to be admitted to trading on AIM and it is expected that admission will take place on or around 10 December 2020 ("Admission").

AIM Rule 15 Cash Shell

Following the completion of the demerger of Plutus Energy Limited, the Company will become an AIM Rule 15 Cash Shell and, in accordance with Rule 15 of the AIM Rules, the Company will be required to make an acquisition, or acquisitions, which constitutes a reverse takeover under AIM Rule 14 (including seeking re-admission under the AIM Rules for Companies) within six months from becoming an AIM Rule 15 Cash Shell. Alternatively, within such time period, the Company can seek to become an investing company pursuant to AIM Rule 8, which requires, inter alia, the raising of at least £6 million and publication of an admission document. In the event that the Company does not complete a reverse takeover under AIM Rule 14 within such six month period or seek re-admission to trading on AIM as an investing company pursuant to AIM Rule 8 (either being, a "Re-admission Transaction"), the Company's ordinary shares would be suspended from trading pursuant to AIM Rule 40. Thereafter, if a Re-admission Transaction has not been completed within a further six month period, admission to trading on AIM of the Company's ordinary shares would be cancelled.

Total Voting Rights

Upon Admission of the New Ordinary Shares, the issued share capital of the Company will consist of 5,263,004,994 ordinary shares of 0.01p each. The Company does not hold any shares in treasury. Therefore, the total number of voting rights in the Company from Admission will be 5,263,004,994. This figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.

An updated timetable of events is set out below:

Further announcements will be made in due course.

Definitions in this announcement are consistent with those set out in the circular issued to Shareholders of the Company on 9 October 2020, a copy of which is available on the investor section of the Company's current website (http://www.plutuspowergenplc.com).

For further information, please contact: