Dukemount Capital PLC Completion of Purchase of Energy Generation Sites (8780N)
October 04 2021 - 2:19AM
UK Regulatory
TIDMDKE
RNS Number : 8780N
Dukemount Capital PLC
04 October 2021
Dukemount Capital Plc 4th October 2021
Dukemount Capital Plc
("Dukemount" or the "Company")
Completion of Purchase of two RTB energy generation sites with a
total output of 10MW, Issue of Equity and Registered Office Address
Change
Dukemount, the property management and long dated income
specialist, is pleased to announce that HSKB Limited ("HSKB"), in
which it holds a 50% interest, has successfully completed the
purchase of two special purpose companies. Each company contains an
11kV gas peaking facility, which are ready to build, with full
planning permission and grid access. HSKB has also changed its name
to DKE Flexible Energy Limited ("DKE Energy").
As previously announced, DKE Energy will initially build two gas
peaking facilities. Dukemount will manage the construction of the
two sites and provide its knowledge of long-dated income funding
and finance to optimize the capital structure. DKE Energy's
management brings its technical, operational and market expertise
of the UK flexible power market, as well as access to a pipeline of
further deals. Dukemount believes the opportunities presented by
this joint venture to be an important milestone for Dukemount to
meet its projected growth targets.
Dukemount is set to rollout further joint venture projects with
a focus on gas peaking and battery storage facilities. Both asset
types balance the fluctuating power requirements of the grid during
periods of high-level demand or shortfalls of electricity supply: a
problem which is set to become more acute in the transition to a
greater reliance on renewable energy sources. Dukemount is
therefore looking for further potential joint venture partners, for
a potential pipeline up to 100MW reaching value of approximately
GBP100m.
Issue of Equity
Further to its announcement of 15 September 2021 regarding the
signing of the subordinated funding package necessary to enable
completion of the senior debt funding for the gas peaking projects,
Dukemount has issued 15,119,442 ordinary shares ("New Shares") at a
subscription price of 0.3077 pence per ordinary share (being 93% of
the lowest daily VWAP of the last 10 Trading Days (being VWAP of
0.3308 pence reported on 13 September 2021) in settlement of the
implementation fees arising under such funding package.
When issued, the New Shares will be credited as fully paid and
will rank pari passu in all respects with the existing ordinary
shares in the share capital of the Company, including the right to
receive all dividends and other distributions declared, made or
paid on or in respect of such shares after the date of issue of the
New Shares.
Application will be made to the Financial Conduct Authority
("FCA") for admission of the New Shares to the standard listing
segment of the Official List and to the London Stock Exchange (the
"LSE") for admission to trading of the New Shares on the LSE's main
market for listed securities (together "Admission"). It is expected
that Admission will take place at 8 a.m. on or around 6 October
2021 and that dealings in the New Shares on the LSE's main market
for listed securities will commence at the same time.
Total Voting Rights
The Company does not hold any ordinary shares in treasury.
Therefore, following Admission, the total number of voting rights
in Dukemount Capital plc is 513,535,974. This figure may be used by
shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change in their interest in, the Company under the FCA's
Disclosure Guidance and Transparency Rules.
Registered Office Address Change
Dukemount announces that it has changed its registered office
address to: 70 Jermyn Street, St James's, London, SW1Y 6NY with
effect from 1 October 2021.
Market Abuse Regulation (MAR) disclosure
Certain statements in this announcement contain inside
information for the purpose of Article 7 of EU Regulation
596/2014.
For further information, please visit www.dukemountcapitalplc.com or contact:
Dukemount Capital Plc
Geoffrey Dart / Paul Gazzard
Media Enquries
Miriad Media, Zak Mir Tel: +44 (0)7867 527 659
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