2 Aug 2017 07:00
redT energy plc
("redT" or the "Company")
Director Dealing
The Company announces that it was notified on 1 August 2017 that on this date that Alchemy Projects Limited ("Alchemy") wholly owned by John Ward, Non-Executive Director of the Company, transferred 9 million Ordinary Shares of €0.01 each in the Company ("Ordinary Shares") from Alchemy to a third party at a share price of 7.12 pence.
The transfer was enacted as the result of the dissolution of a historic business partnership, which has no connection to the past, present or future operations of redT energy plc. To cover associated professional fees and costs Alchemy, in addition to the transfer, has sold a further 2 million Ordinary Shares of €0.01 each in the Company at a share price of 6 pence per share.
Following the transfer, Alchemy's beneficial interest in the Company's Ordinary Shares has reduced to 86,419,319 Ordinary Shares, representing 13.2 % of the Company's total issued share capital.
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||||||
a) | Name | John Ward | ||||||||
2. | Reason for the Notification | |||||||||
a) | Position/status | Director of the Company
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b) | Initial notification/amendment | Initial notification
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3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||
a) | Name | redT energy plc | ||||||||
b) | LEI | 213800N2NKOTYUNRCU14 | ||||||||
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 | Ordinary shares | ||||||||
Identification code | GB00B11FB960 | |||||||||
b) | Nature of the Transaction | Transfer and Sale of ordinary shares
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c) | Price(s) and volume(s) |
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d) | Aggregated information Aggregated volume Price | 11 million shares 6.92 pence | ||||||||
e) | Date of the transaction | 1 August 2017 | ||||||||
f) | Place of the transaction | London Stock Exchange, AIM (LON:RED) | ||||||||
Enquiries:
redT energy plc | +44 207 061 6233 |
Scott McGregor, Chief Executive Officer |
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Joe Worthington, Investor & Media Relations |
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Cenkos Securities plc |
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Nick Tulloch | +44 131 220 9772 |
Derrick Lee | +44 131 220 9100 |
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Celicourt (Financial PR) Mark Antelme Joanna Boon Jimmy Lea
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Notes to Editors
About redT energy
redT energy develops and supplies durable and robust energy storage machines based on proprietary vanadium redox flow technology for on and off-grid applications. The liquid storage medium affords an exceptionally long life of up to 25,000 full charge/discharge cycles and a 100 per cent usable depth of discharge. Combined with low maintenance requirements, this delivers industry leading lowest 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 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 storage machine has applications in remote power, smart grids, power quality, and all aspects of renewable energy management.
To find out more about redT products or to register your interest in purchasing an energy storage machine please go to the below web address:
http://www.redtenergy.com/register-interest
For sales enquiries, please email enquiries@redtenergy.com or call +44 (0) 207 061 6233
RED.L (RED)