Powerhouse Energy
Group plc
("Powerhouse" or
the "Company")
Result of General
Meeting
And
Issue of
Equity
14 July 2020
Powerhouse Energy Group plc (AIM: PHE), the UK technology
company commercialising hydrogen production from waste plastic,
announces that at the General Meeting of the Company held today,
all resolutions as set out in the Circular and Notice of General
Meeting dated 26 June 2020 (the
“Circular”), were passed by shareholders. The resolutions proposed
were in connection with the proposed issue of 1,437,440,277 new
Ordinary Shares of 0.5p (“Ordinary Shares”) for the acquisition of
the entire issue shared capital of Waste2Tricity Limited and the
approval of the waiver of obligations under Rule 9 of the
Takeover Code.
Terms used in this announcement shall have the same meaning as
those used in the Circular.
Shareholders were invited to submit questions relating to the
Acquisition to the board. Relevant questions and answers to will
shortly be available to view on the Company’s website at
https://www.powerhouseenergy.net.
The results of the votes will be available on the Company’s
website at https://www.powerhouseenergy.net shortly and are set out
below.
Ordinary
Resolutions |
Votes
for* |
% of
votes cast* |
Votes
against |
% of
votes cast |
Votes
withheld** |
Total
votes cast |
|
|
|
|
|
|
|
1.
Authorise the directors to allot new Ordinary Shares |
444,254,748 |
99.93% |
299,631 |
0.07% |
0 |
444,554,379 |
2.
Approve the waiver of obligations under Rule 9 of the Takeover
Code*** |
379,280,156 |
99.94% |
236,526 |
0.06% |
53,962,697 |
379,516,682 |
*Votes "for" include votes giving the Chairman
discretion.
** A vote withheld
is not a vote in law and is not counted in the calculation of the
votes 'For' or 'Against' a resolution)
*** Only Independent Shareholders
were eligible to vote for resolution 2.
Following the General Meeting, Dr Cameron Davies, Chairman of Powerhouse,
said:
“We are delighted with the result of the General Meeting
and most grateful for the support we have received from
shareholders in relation to the acquisition of Waste2Tricity. This
is a transformational time for Powerhouse as we look forward to the
construction of the first commercial DMG plant and the enactment of
a UK exclusivity agreement with Peel.
“This will open the door to the pipeline of projects arising in
the UK and then release overseas markets. The Company’s technology
will make a positive difference regenerating waste plastic into
energy as a foundation of the hydrogen economy.”
Following the General Meeting, Mr Tim
Yeo, Chairman of Waste2Tricity, said:
“The resounding vote by Powerhouse Energy shareholders at
today’s EGM in favour of the acquisition of Waste2tricity is a
strong vote of confidence in the future success of the enlarged
group.”
Further to the General Meeting, the Company is issuing
1,437,440,277 Ordinary Shares to the Sellers of Waste2Tricity.
Application has been made for the admission of 1,437,440,277
Ordinary Shares to trading on AIM (“Admission”) and it is expected
that Admission will occur on or around 15 July 2020. These shares will rank pari passu
in all respects with the Company's existing issued Ordinary
Shares.
Subsequent to the issue of Ordinary Shares, the Company will
have 3,515,100,693 Ordinary Shares in issue with voting rights.
Powerhouse has no shares in Treasury, therefore this figure may be
used by shareholders, from Admission, 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
share capital of the Company under the FCA's Disclosure and
Transparency Rules.
For more information, contact:
Powerhouse Energy Group
plc |
Tel: +44 (0) 203 368 6399 |
David Ryan, Chief Executive
Officer |
|
|
|
WH Ireland Limited (Nominated
Adviser) |
Tel: +44 (0) 207 220 1666 |
James Joyce / Lydia Zychowska |
|
|
|
Turner Pope Investments Ltd
(Joint Broker) |
Tel: +44 (0) 203 657 0050 |
Andrew Thacker / Zoe Alexander |
|
|
|
Ikon Associates (Media
enquiries) |
Tel: +44 (0) 1483 271291 |
Adrian Shaw |
Mob: +44 (0) 7979 900733 |
About Powerhouse Energy Group plc
Powerhouse has developed a proprietary process technology - DMG®
- which can utilise waste, unrecycleable plastic,
end-of-life-tyres, and other waste streams to efficiently and
economically convert them into syngas from which valuable products
such as hydrogen, chemical precursors, electricity and other
industrial products may be derived. The Powerhouse technology is
one of the world’s first proven, modular, hydrogen from waste (HfW)
process.
The Powerhouse DMG® process can generate up to 2 tonnes of
road-fuel quality H2, and more than 58MWh of exportable electricity
per day.
The Powerhouse process produces low levels of safe residues and
requires a small operating footprint, making it suitable for
deployment at enterprise and community level.
Powerhouse is quoted on the London Stock Exchange's AIM Market
under the ticker: PHE, and is incorporated in the United Kingdom.
For more information see www.powerhouseenergy.net