Powerhouse Energy
Group plc
("Powerhouse" or
the "Company")
19 March
2021
Placing of shares
with institutional investors and Deed of Variation
Powerhouse Energy Group plc (AIM: PHE), the UK technology
company commercialising hydrogen production from waste
plastic, is pleased to announce that its broker, Turner Pope
Investments (TPI) Limited (“TPI”) has placed
141,888,183 existingordinary shares of 0.5p each in the
Company at a placing price of 4.8p (the “Placing”) with a number of
institutional investors and high net worth clients of TPI. The
Placing comprised shares issued by the Company to the vendors of
Waste2Tricity Limited (“W2T”) and represent more than half of the
W2T consideration shares held outside the Powerhouse Board and the
White family concert party.
The Board of Powerhouse believes that the Placing has removed a
potential share sale overhang and will strengthen the Company’s
institutional and long-term shareholder base, a key part of the
Company’s investor relations strategy. Over 75% of the shares
comprised in the Placing have been acquired by 1798 Volantis
Fund Ltd.
To facilitate the Placing, a deed of variation was entered into
on 18 March 2021 by the Company, TPI
and the parties to a lock-in agreement entered into in connection
with the acquisition of W2T (the “Deed of Variation”). The Deed of
Variation permits the locked-in parties listed below to dispose of
the shares held by them comprising the Placing prior to the expiry
of the lock-in period. Details of the original W2T lock-in
agreement were set out in the Company’s circular to
shareholders dated 26 June 2020.
The details of the selling locked in parties and the number of
Powerhouse ordinary shares sold by them are as follows:
Locked-In Party |
Number of Locked-In Shares
placed |
John Hall |
114,046,647 |
Peter Jones OBE |
26,187,583 |
Paul Heagren |
1,653,953 |
Following the Placing, Tim Yeo,
executive chairman of the Company, said
“I am delighted that TPI have been able to place these
Powerhouse shares with a significant institutional shareholder and
a small number of other investors. This materially advances the
Board’s strategy of strengthening our long-term investor
base.
It also pre-empts a potential share sale overhang when the hard
lock-in period expires in July. All locked-in shareholders were
offered the chance to sell and the substantial majority chose not
to do so, thereby demonstrating their confidence in the Company’s
future prospects.”
-ENDS-
For more information,
contact:
Powerhouse Energy Group
plc |
Tel: +44 (0) 203 368 6399 |
Tim Yeo, Executive
Chairman |
|
|
|
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 |
|
|
|
SisterSmith PR
(media enquiries)
Becca Smith |
Mob: +44 (0) 7766522305 |
Notes for editors:
About Powerhouse Energy Group
plc
Powerhouse, the sustainable hydrogen company, has developed a
proprietary process technology - DMG® - which can utilise waste
plastic, end-of-life-tyres, and other waste streams to efficiently
and economically convert them into syngas from which valuable
products such as chemical precursors, hydrogen, electricity and
other industrial products may be derived. Powerhouse's technology
is one of the world's first proven, distributed, modular, hydrogen
from waste (HfW) process.
The Powerhouse DMG® process can generate up to 2 tonnes of
road-fuel quality hydrogen and more than 58MWh of exportable
electricity per day.
Powerhouse's process produces low levels of safe residues and
requires a small operating footprint, making it suitable for
deployment at enterprise and community level. As announced on
11th February 2020 under its
Supplemental Agreement with Peel Environmental, Powerhouse will
receive an annual license fee of GBP500,000 in respect of each project which is
commissioned.
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