TIDMRED
RNS Number : 4662I
RedT Energy PLC
01 April 2020
THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS INSIDE
INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION
596/2014
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT IS
RESTRICTED AND IT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION,
IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED
STATES, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR AUSTRALIA OR
ANY OTHER STATE OR JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION
OR DISTRIBUTION WOULD BE UNLAWFUL
1 April 2020
redT energy plc
("redT" or "the Company")
Result of EGM
redT energy plc (AIM:RED), to be renamed Invinity Energy Systems
plc (AIM:IES), is pleased to announce that at the Extraordinary
General Meeting which took place at 11.00 a.m. today, all
Resolutions were duly passed.
Upon Admission, the Merger between the Company and Avalon
Battery Corporation will complete to form Invinity Energy Systems
plc ("Invinity"), heralding the start of an exciting new chapter
for the combined company.
Also, as a result of the Resolutions passed today, the Company's
Ordinary Shares will be consolidated to form Consolidated Ordinary
Shares at a rate of 1 Consolidated Ordinary Share for every 50
Ordinary Shares. On the Share Consolidation, all Shareholders will
be rounded down to the nearest 50 Ordinary Shares, in contrast to
the fractional entitlements previously stated.
The Company also wishes to provide an update to its announcement
on 16 March 2020. Due to recent fluctuations in foreign exchange
rates, the number of Conversion Shares that will be issued to
Bushveld has been revised to 302,978,063 Ordinary Shares (pre-Share
Consolidation). The additional shares will be allotted using the
Directors' general authority to allot, pursuant to Resolution 4
passed today. These Conversion Shares will not be subject to
lock-in arrangements, which is a correction to the information
included in the Company's announcement on 16 March 2020.
Application has been made for a total of 69,567,788 Consolidated
Ordinary Shares (comprising the Existing Ordinary Shares and the
New Ordinary Shares on a post-consolidation basis) to be admitted
to trading on AIM. It is expected that Admission of these
Consolidated Ordinary Shares will become effective at 8.00 a.m. on
2 April 2020.
Capitalised terms used in this announcement shall have the same
meanings given to them in the Admission Document sent to
Shareholders on 13 March 2020.
Neil O'Brien, Chairman of the Company commented:
"I am delighted today that shareholders have approved this
merger. redT and Avalon coming together to form Invinity is the
result of a lot of hard work by both companies and it is now that
we will see the opportunities begin to open up for Invinity's
vanadium flow technology in a world that is going to need
increasing amounts of energy storage as we move towards a renewable
energy future. In uncertain times, we are very grateful for the
support of shareholders in getting us to this point."
Result of the Resolutions:
The table below sets out the results of the poll from the
Extraordinary General Meeting held today.
VOTES % VOTES % VOTES VOTES
FOR AGAINST TOTAL WITHHELD
Resolution
1 390,753,200 96.60 13,771,622 3.40 404,524,822 310,000
------------ ------ ----------- ------ ------------ ----------
Resolution
2 353,962,375 87.87 48,844,809 12.13 402,807,184 2,027,638
------------ ------ ----------- ------ ------------ ----------
Resolution
3 388,664,922 96.58 13,752,778 3.42 402,417,700 2,417,122
------------ ------ ----------- ------ ------------ ----------
Resolution
4 389,497,562 96.59 13,771,622 3.41 403,269,184 1,565,638
------------ ------ ----------- ------ ------------ ----------
Resolution
5 404,206,506 99.92 306,316 0.08 404,512,822 322,000
------------ ------ ----------- ------ ------------ ----------
Resolution
6 403,102,868 99.87 506,316 0.13 403,609,184 1,225,638
------------ ------ ----------- ------ ------------ ----------
Resolution
7 390,388,562 96.59 13,771,622 3.41 404,160,184 674,638
------------ ------ ----------- ------ ------------ ----------
Resolution
8 389,085,935 96.49 14,149,622 3.51 403,235,557 1,599,265
------------ ------ ----------- ------ ------------ ----------
Enquiries :
redT energy plc +44 (0)20 7121 6111
Larry Zulch, Chief Executive Officer
(with effect from Admission)
Neil O'Brien, Non-executive Chairman
(with effect from Admission)
Fraser Welham, Chief Financial Officer
Joe Worthington, Investor & Media Relations
Investec Bank plc (Nominated Adviser
and Broker) +44 (0) 20 7597 5970
Jeremy Ellis / Chris Sim / Cassie Herlihy
VSA Capital Limited (Financial Adviser)
Andrew Raca / Simon Barton +44 (0)20 3005 5000
VSA Capital Limited (Joint Broker)
Andrew Monk / David Scriven +44 (0)20 3005 5000
Hudson Sandler (Financial PR)
Nick Lyon / Toby Andrews +44(0) 207 796 4133
Notes to Editors
About redT energy plc
redT energy plc are experts in energy storage, specialising in
the design, manufacture, installation and operation of energy
storage infrastructure which creates revenue alongside reliable,
low-cost renewable generation for businesses, industry and
electricity distribution networks. Using patented vanadium redox
flow technology to store energy in liquid, redT's own energy
storage machines can be run continually with no degradation:
charging and discharging for over 25 years, matching the lifespan
of renewable assets in on-grid, off-grid and weak-grid
settings.
redT's energy storage solutions, developed over the past 15
years, address today's changing energy market by providing a
flexible platform for time shifting surplus renewable power,
securing electricity supplies and earning revenue through grid
services. The company has customers in the UK, Europe, sub-Saharan
Africa, Australia and Asia Pacific. For more information, visit
www.redTenergy.com
For sales, press or investor enquiries, please contact the redT
team on +44 (0)207 061 6233.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
ROMUPUUCCUPUGCG
(END) Dow Jones Newswires
April 01, 2020 10:45 ET (14:45 GMT)
Invinity Energy Systems (LSE:IES)
Historical Stock Chart
From Mar 2024 to Apr 2024
Invinity Energy Systems (LSE:IES)
Historical Stock Chart
From Apr 2023 to Apr 2024