TIDMAEG
RNS Number : 1277J
Active Energy Group PLC
30 November 2018
Active Energy Group Plc / EPIC: AEG / Sector: Alternative
Energy
30 November 2018
Active Energy Group Plc ('Active Energy', the 'Company' or the
'Group')
Equity Placing to Raise GBP1.495m
To Advance Expansion of Revolutionary CoalSwitch(TM) Biomass,
Forestry & Related Projects
Active Energy, the London quoted international biomass based
renewable energy and forestry management business, has raised
GBP1.495m (before expenses) as detailed below:
-- Issue of 149,500,000 new ordinary shares of 1p each
('Ordinary Shares') at a price of 1p per share (the 'Placing Price'
and the 'Placing Shares') from new and existing investors (the
'Placing');
-- Grant of one warrant for every 4 Placing Shares, granted at a
price of 1.75p with a life of 12 months from the date of grant (the
'Warrants'). The Warrants will not be listed;
-- Michael Rowan, CEO of Active Energy and members of the senior
management team have subscribed for a total of 9,500,000 Placing
Shares;
-- In addition, certain creditors of the Company have resolved
to receive a total of 15,500,000 Ordinary Shares in lieu of cash in
consideration for services provided to the Company (the
'Consideration Shares');
-- The Company will use the net proceeds of the Placing to:
o execute the expansion plans under the joint venture with
Georgia Renewable Power LLC, through which commercial production of
CoalSwitch(TM) from its five tonne per hour plant is expected in
early 2019, as detailed in the RNS announcements dated 15 October
& 19 November 2018;
o commence planning for the commercial development of the
forestry opportunities and construction and installation of the
first CoalSwitch(TM) plant in Newfoundland detailed in the RNS
announcements dated 19, 26 & 29 November 2018; and
o provide the Group with additional working capital.
Active EnergyChief Executive Michael Rowan said, "Recent
developments have served to propel Active Energy towards near-term
visible revenues and position it to advance its longer-term
expansion strategy. Whilst I acknowledge now is not the optimum
time for the Company to be raising funds given the turbulence in
the wider market and with Active Energy's trading in recent weeks,
it is key for us to quickly leverage the commercial opportunities
available and move towards a cash generative position.
"Demonstrating the Board and senior management's confidence in
our investment proposition and our ability to achieve first revenue
generation from our operations within months, a number of us have
subscribed for Placing Shares. The Active Energy management team is
fully aligned with investors and we are committed to realising the
Company's strategic objectives in order to achieving value for all
shareholders.
"I am confident that our base case remains strong: we believe we
have a ground-breaking technology, coupled with expandingglobal
partnerships for our products and a defined path to revenue
generation. I would like to thank our existing shareholders who
participated in the Placing and welcome our new shareholders to the
Group's register. I look forward to providing them with further
updates regarding Active Energy's progress in due course."
Consideration Shares
Certain creditors of the Company have resolved to receive a
total of 15,500,000 Consideration Shares. Of the Consideration
Shares, 14,500,000 have been issued at the Placing Price and
1,000,000 have been issued at 2.5p per Ordinary Share.
Details of the Placing and Total Voting Rights
The Placing Shares and Consideration Shares will rank pari passu
with the existing Ordinary Shares and application has been made for
both the Placing Shares the Consideration Shares to be admitted to
trading on AIM ('Admission'). The Placing is conditional, inter
alia, on Admission, and dealings are expected to commence at 8.00am
on 6 December 2018. The Placing utilises the Company's existing
authorities to issue Ordinary Shares.
Following Admission, the Company's enlarged issued share capital
will comprise 1,201,906,951 Ordinary Shares with voting rights.
This figure may therefore be used by shareholders in the Company 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.
Details of Director and PDMR participation in the Placing
As detailed above, Michael Rowan and several members of the
senior management team have subscribed for a total of 9,500,000
Placing Shares.
Following Admission of the Placing Shares the percentage holding
in the total issued share capital of Active Energy of Michael Rowan
and certain PDMRs will increase as per the table below:
Director/PDMR Number of Placing Shares Holding following Placing Percentage holding of
subscribed for and Admission Ordinary Shares Following
Placing and Admission
Michael Rowan (CEO) 2,000,000 5,221,250 0.43%
Antonio Esposito (COO) 2,000,000 2,000,000 0.17%
Richard Spinks (MD,
Timberlands International) 2,000,000 54,105,333 4.5%
Ron Cella (MD Utah) 2,000,000 2,000,000 0.17%
Duncan Nealey (CFO) 1,500,000 1,500,000 0.12%
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
In addition, market soundings (as defined in MAR) were taken in
respect of the Placing with the result that certain persons became
aware of inside information (as defined in MAR), as permitted by
MAR. This inside information is set out in this Announcement.
Therefore, those persons that received inside information in a
market sounding are no longer in possession of such inside
information relating to the Company and its securities.
**ENDS**
For further information visit www.aegplc.com or follow on
Twitter: @aegplc
Enquiries
Active Energy Group Michael Rowan info@aegplc.com
Plc Chief Executive Officer
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Northland Capital
Partners Limited David Hignell / Gerry Beaney/
Nominated Adviser Domile Andruskeviciute +44 (0)20 3861 6625
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Optiva Securities
Ltd Broker Jeremy King / Ed McDermott +44 (0)20 3137 1902
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St Brides Partners Susie Geliher / Gaby Jenner info@stbridespartners.co.uk
Financial PR Adviser +44 (0) 20 7236 1177
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About Active Energy Group:
Active Energy Group Plc (AIM: AEG) is a London Stock
Exchange-listed international renewable energy business based upon
forestry assets. Its model is focussed on capturing the entire
forestry value chain through sourcing, utilising and
commercialising assets, and setting a new standard in the
sustainable management and optimisation of timber resources.
The Company is led by a highly technical and commercial team
with the experience to execute its defined growth strategy and
build its visibility, primarily as a London-listed timber
opportunity with a revolutionary biomass fuel technology.
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
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