9 Feb 2016 12:10
9 February 2016
redT energy plc
("redT energy" or the "Company")
Result of Extraordinary General Meeting
The board of redT energy is pleased to announce that, further to the announcement on 20 January 2016 that it had conditionally raised approximately £3.5 million (before expenses) through a conditional placing of 51,851,852 Placing Shares, the Resolution was duly passed as a special resolution at the General Meeting held earlier today. The results of the poll vote on the Resolution are as follows:
No. | Description | Votes For | % Cast* | Votes Against | % Cast | Votes Withheld**
|
1 | To disapply pre-emption rights pursuant to the Placing | 196,012,700 | 75.89 | 62,265,557 | 24.11 | 10,015,337 |
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| ||||
| Number of holders voting | 52 |
| 4 |
| 2 |
* In order to be effective, a special resolution must be passed by a majority of not less than two thirds of votes cast
** A vote withheld is not a vote in law and is not counted in the calculation of the votes for or against a resolution
Application has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM. It is expected that Admission will become effective and dealings in the Placing Shares will commence at 8.00 a.m. on 10 February 2016.
The number of Ordinary Shares in issue and the total voting rights in the Company following the Placing will be 461,685,079. There are no Ordinary Shares held in treasury. The above figure may be used by Shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
Unless otherwise defined herein, terms defined in the circular posted to Shareholders on 20 January 2016 and available on the Company's website http://www.redtenergy.com/investors shall have the same meanings in this announcement.
Enquiries:
redT energy plc | +44 (0)207 121 6100 |
Scott McGregor, Chief Executive Officer | |
Jonathan Marren, Chief Financial Officer | |
finnCap Ltd (Nominated Adviser and Broker) | +44 (0)207 220 0500 |
Julian Blunt (Corporate Finance) | |
Tony Quirke (Corporate Broking) | |
Celicourt (Financial PR) Mark Antelme
| +44 (0)20 7520 9266 |
About redT energy
redT energy develops and supplies durable and robust energy storage systems based on proprietary vanadium redox flow technology for on and off-grid applications. The liquid storage medium affords an exceptionally long life of over 10,000 full charge/discharge cycles and a 100 per cent. usable depth of discharge. Combined with low maintenance requirements this delivers industry leading levelised cost of storage (LCOS) and total cost of ownership (TCO) results. The modular approach allows the power and energy components of systems to be independently sized to meet customer requirements.
Until now it has not been possible to directly compare variable renewable energy generation sources with firm diesel or fossil fuel generation. PV + Storage is now reaching 'grid parity' in many countries, a paradigm shift in energy production, which will ultimately enable a distributed energy network optimising conventional and renewable generation. The redT energy system has applications in remote power, smart grids, power quality, and all aspects of renewable energy management.