TIDMAMTE
RNS Number : 3518X
AMTE Power PLC
19 December 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE UK VERSION OF REGULATION (EU) NO 596/2014 WHICH
FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL)
ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA
A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
19 December 2023
For immediate release
AMTE Power Plc
Intention to appoint administrators and suspension of trading of
shares
Further to its announcement of the proposed Subscription,
Placing and Convertible Loan Facility on 16 November 2023 (the
"Previous Announcement"), AMTE Power Plc (AIM: AMTE), (the
"Company"), a leading developer and manufacturer of lithium-ion and
sodium-ion battery cells for specialist markets, regrets to
announce that:
-- Pinnacle has extended the long stop date for completion of
the Subscription Agreement from 20 December 2023 until 12 January
2024 as a result of a delay in receipt of its advisers' due
diligence report and the holiday period, and
-- while the Company has served a drawdown notice, Pinnacle has
declined to advance funds under the Convertible Loan Facility.
The Board has no other options to secure finance in the time
available and has therefore concluded that the Company has
insufficient funds to continue trading and intends to appoint FRP
Advisory as administrator of the Company. In the interim, FRP
Advisory will manage an accelerated sale process to seek potential
buyers of the business and assets of the Company. The Board has
therefore requested that the Company's Ordinary Shares be suspended
from trading on AIM.
WH Ireland Limited will resign as nominated adviser to the
Company upon the appointment of an administrator. If the Company
fails to appoint a replacement nominated adviser within one month
of the date that its Ordinary Shares are suspended from trading on
AIM, the admission of the Ordinary Shares to trading on AIM will be
cancelled.
As a consequence of the above, the Board intends to adjourn
indefinitely the general meeting of the Company convened to be held
on 20 December 2023.
Capitalised terms not defined in this announcement shall have
the meaning given to them in the Previous Announcement, unless the
context otherwise demands.
A further announcement will be made in due course.
The person responsible for arranging the release of this
announcement on behalf of the Company is Anita Breslin, Chief
Financial Officer of the Company.
Enquiries
AMTE Power plc +44 (0)1847 867 200
Alan Hollis (Chief Executive Officer)
Anita Breslin (Chief Financial Officer)
WH Ireland (NOMAD and Joint Broker) +44 (0)207 220 1666
Chris Fielding / Isaac Hooper (Corporate
Finance)
Fraser Marshall (Corporate Broking)
FRP Advisory (Administrator and AMA)
Richard Bloomfield (Proposed Administrator
and AMA)
Email: ProjectCellProcess@frpadvisory.com +44 (0)1603 703173
+44 (0)203 757 4992
Camarco (Financial PR) / 4981
Ginny Pulbrook / Rosie Driscoll
Important notice
This announcement is for information purposes only and does not
constitute or form part of any offer to issue or sell, or the
solicitation of an offer to acquire, purchase or subscribe for, any
securities in any jurisdiction and should not be relied upon in
connection with any decision to subscribe for or acquire ordinary
shares in the capital of the Company. In particular, this
announcement does not constitute or form part of any offer to issue
or sell, or the solicitation of an offer to acquire, purchase or
subscribe for, any securities in the United States.
This announcement has been issued by, and is the sole
responsibility of, the Company. No person has been authorised to
give any information or to make any representations other than
those contained in this announcement and, if given or made, such
information or representations must not be relied on as having been
authorised by the Company.
No statement in this announcement is intended to be a profit
forecast or profit estimate and no statement in this announcement
should be interpreted to mean that earnings per share of the
Company for the current or future financial years would necessarily
match or exceed the historical published earnings per share of the
Company.
This announcement may include statements that are, or may be
deemed to be, "forward-looking statements". These forward-looking
statements can be identified by the use of forward-looking
terminology, including the terms "believes", "estimates", "plans",
"projects", "anticipates", "expects", "intends", "may", "will",
"would" or "should" or, in each case, their negative or other
variations or comparable terminology. These forward-looking
statements include matters that are not historical facts. They
appear in a number of places throughout this announcement and
include statements regarding the directors of the current Company's
intentions, beliefs or expectations concerning, among other things,
the Company's results of operations, financial condition,
liquidity, prospects, growth, strategies, and the Company's
markets. By their nature, forward-looking statements involve risk
and uncertainty because they relate to future events and
circumstances. Actual results and developments could differ
materially from those expressed or implied by the forward-looking
statements. Forward-looking statements may and often do differ
materially from actual results. Any forward-looking statements in
this announcement are based on certain factors and assumptions,
including the directors of the Company's current view with respect
to future events and are subject to risks relating to future events
and other risks, uncertainties and assumptions relating to the
Company's operations, results of operations, growth strategy and
liquidity. Whilst the directors of the Company consider these
assumptions to be reasonable based upon information currently
available, they may prove to be incorrect. Save as required by
applicable law, the AIM Rules or the Disclosure Guidance and
Transparency Rules of the Financial Conduct Authority, the Company
undertakes no obligation to release publicly the results of any
revisions to any forward-looking statements in this announcement
that may occur due to any change in the directors of the Company's
expectations or to reflect events or circumstances after the date
of this announcement.
Neither the content of the Company's website nor any website
accessible by hyperlinks to the Company's website is incorporated
in, or forms part of, this announcement.
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END
MSCEALANFSNDFFA
(END) Dow Jones Newswires
December 19, 2023 10:03 ET (15:03 GMT)
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