TIDMPFLM

RNS Number : 2352Q

PowerFilm, Inc

15 June 2015

PowerFilm, Inc.

Special Meeting Results

15 June 2015, PowerFilm, Inc. (AIM: PFLM), ("PowerFilm" or the "Company"), the developer and manufacturer of thin flexible solar panels, today announces the results of its Special Meeting held on 15 June 2015.

Shareholders passed Resolution 1 for cancellation of the admission of trading of the common shares of PowerFilm, Inc. on the AIM Market of the London Stock Exchange plc, with 86.5% of the votes cast in favor.

Shareholders also passed Resolution 2 to delete Section 7 of the Company's Certificate of Incorporation, with 62.0% of the outstanding Common Shares voted in support of the resolution.

Resolutions with their corresponding voting results are as follows:

RESOLUTION 1

THAT in accordance with Rule 41 of the AIM Rules for Companies, the cancellation of the admission to trading on the AIM Market of the London Stock Exchange plc of the common shares of $0.01 each in the capital of the Company, be and is hereby approved, and that the directors of the Company be authorised to take all steps which they consider to be necessary or desirable in order to effect such cancellation.

The AIM Rules provide that Cancellation must be conditional upon the approval of a shareholder resolution by not less than 75 per cent of the votes cast by shareholders in a Special Meeting, whether in person or by proxy.

Voting Results:

   For:                           22,660,432     Common Shares 
   Against            :             3,547,910      Common Shares 
   Abstain:                                2,500      Common Shares

Result: Resolution passed.

RESOLUTION 2

THAT, subject to and conditional upon the approval of Resolution 1 above, the wording of Section 7 of the Company's Certificate of Incorporation be deleted in its entirety and replaced with the words "[Intentionally deleted]"

Resolution 2, was proposed as a resolution to be approved by an affirmative vote of a majority of the voting power of all of the outstanding Common Shares. As of May 15, 2015 the Company had 36,494,825 outstanding shares.

Voting Results:

   For:                           22,643,932     Common Shares 
   Against            :             2,447,910      Common Shares 
   Abstain:                         1,117,500      Common Shares

Result: Resolution passed.

Accordingly, it is expected that Cancellation will become effective at 7.00 a.m. London, UK time on 24 June 2015. Shareholders should note therefore that the last day of dealings in Common Shares of the Company on AIM will be 23 June 2015.

PowerFilm will maintain an "investors" section on the Company's website at http://www.powerfilmsolar.com/investors/ providing information on certain significant events and/or developments in which Shareholders may be interested.

Immediately following the Cancellation, there will be no market facility for dealing in the Shares and no price will be publically quoted. As a result the Board recognises that the Cancellation will make it more difficult for the Shareholders to buy and sell Shares should they want to do so. In view of this and in order to assist Shareholders, the Board intends to facilitate an Alternative Dealing Facility expected to be put in place shortly after the date of Cancellation to enable Shareholders to continue to trade Shares. The Alternative Dealing Facility is a book the Company will keep which will list self-identified current and prospective shareholders interested in trading Shares of the Company. Once the facility has been arranged, it will be made available to Shareholders via the Company's website at http://www.powerfilmsolar.com/investors/. The Directors intend that facility will be maintained by the Company for a period of not less than 90 days following the date of Cancellation. Shareholders should note, however, that the Company cannot make any assurances that a purchaser will be available for Shares or as to the price which may be agreed.

For further information, please contact:

   PowerFilm, Inc.                     +1 (515) 292 7606, ext. 102

Frank Jeffrey

Mike Coon

   Stifel Nicolaus Europe Limited, Nominated Adviser                          +44 20 7710 7600

Giles Balleny

A copy of this announcement will be available on the PowerFilm website at http://www.powerfilmsolar.com. The common shares of PowerFilm, Inc. are traded on the AIM Market of the London Stock Exchange and are not registered under the US Securities Act 1933, as amended. Such shares may not be offered or sold to residents of the United States or to persons acting on their behalf, or to other persons who are "United States Persons" within the meaning of Regulation S as promulgated under the Securities Act of 1933, unless such shares have been registered under the Securities Act or there is an available exemption from registration.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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