TIDMPHE
RNS Number : 4967D
Powerhouse Energy Group PLC
22 June 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN, OR SOUTH AFRICA OR ANY OTHER JURISDICTION
WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.
22 June 2023
Powerhouse Energy Group Plc
(the "Company" or "PHE")
Acquisition by PHE of the entire shareholding of Engsolve
Ltd
Powerhouse Energy Group Plc (AIM: PHE), a company pioneering
integrated technology that converts non-recyclable waste into low
carbon energy, is pleased to announce that it has completed the
acquisition of the entire outstanding shareholding of the
engineering consultancy company, Engsolve Ltd ("Engsolve") for a
cash consideration of GBP572,000.
Reason for the acquisition
On 12 August 2021, PHE announced that it had acquired a 48%
stake in Engsolve, a private company based in Bridgend that has
worked closely with PHE on the Protos Plastics to Hydrogen project
and more recent prospective projects. Engsolve has significant
experience in engineering design and support, cost estimating and
control, project management and safety risk assessments across a
range of industries including energy from waste, renewables and
green energy, and will complement PHE's capabilities in the
development of its technology and project implementation. The
inhouse engineering capability will also permit PHE to develop
revenue streams into the Company that previously were not available
to it. For the year ended 31 March 2022 Engsolve recorded a profit
for the year of GBP195,155.
Related party transaction
Engsolve was owned 48% by PHE and 52% by its two directors, Paul
Emmitt and Richard Riddell. Mr Emmitt is the Chief Operating
Officer of PHE. Mr Emmitt has sold his entire holding in Engsolve
and is a related party under the AIM Rules for Companies. The
transaction with him is therefore a related party transaction under
these regulations.
The independent Directors of the Company (being the full board
except for Paul Emmitt and Keith Riley who are deemed to be not
independent due to their roles as directors of Engsolve), having
consulted with WH Ireland, PHE's Nominated Adviser, consider the
terms of the related party transaction to be fair and reasonable
insofar as shareholders of the Company are concerned.
Tony Garner-Hillman, Non-Executive Chairman of PHE
commented:
"We are delighted to have acquired the remaining share capital
of Engsolve. This Acquisition consolidates Engsolve's position
within PHE and will provide the Company with a secure engineering
resource that will enhance the Company's capabilities and business
for the future."
Paul Emmitt, Managing Director and Founder of Engsolve
commented:
"I welcome PHE completing the acquisition of Engsolve and look
forward to growing the PHE business in the acceleration of the
clean energy transition that is so urgently needed. The acquisition
is testament to the expertise of the Engsolve team, and of their
efforts since Incorporation, I believe this will lead to growth and
provide much needed resource for PHE."
Keith Riley, Acting CEO of PHE commented:
"I have been working closely with Paul and the Engsolve team
since I joined PHE. They are a very capable and motivated group of
people. Having them totally committed to the PHE business will be a
real boon for the Company. I also see the integration of Engsolve
into PHE as being critical for the Company as it will give us a
base on which to grow the engineering services arm of the company
as well as strengthening the engineering support of our
capital-intensive projects. This is the start of a new era for
PHE."
For more information, contact:
Powerhouse Energy Group plc powerhouse@tavistock.co.uk
Keith Riley
WH Ireland Limited (Nominated Adviser)
James Joyce
James Bavister
Enzo Aliaj +44 (0) 207 220 1666
Turner Pope Investments (TPI) Ltd
(Joint Broker)
Andrew Thacker
James Pope +44 (0) 203 657 0050
Tavistock (Financial PR) powerhouse@tavistock.co.uk
Simon Hudson
Nick Elwes
Heather Armstrong
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
About Powerhouse Energy Group plc
PHE has developed a process technology which can utilise waste
plastic, end-of-life-tyres, and other waste streams to convert them
efficiently and economically into syngas from which valuable
products such as chemical precursors, hydrogen, electricity, heat
and other industrial products may be derived.
PHE's process produces low levels of safe residues and requires
a small operating footprint, making it suitable for deployment at
enterprise and community level.
PHEs quoted on the London Stock Exchange's AIM Market under the
ticker: PHE and is incorporated in England and Wales.
For more information see www.powerhouseenergy.co.uk
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACQFBMATMTATBIJ
(END) Dow Jones Newswires
June 22, 2023 02:00 ET (06:00 GMT)
PowerHouse Energy (AQSE:PHE.GB)
Historical Stock Chart
From Dec 2024 to Jan 2025
PowerHouse Energy (AQSE:PHE.GB)
Historical Stock Chart
From Jan 2024 to Jan 2025
