Acta S.p.A. Suspension of Trading on AIM (5811Z)
12 December 2014 - 6:30PM
UK Regulatory
TIDMACTA
RNS Number : 5811Z
Acta S.p.A.
12 December 2014
12 December 2014
Acta S.p.A. ("Acta" or "the Company")
Suspension of Trading on AIM
Update regarding Legal Action
Following the announcement made on 20 October 2014 regarding the
arbitration award of EUR1.35 million obtained against the Company
by a subsidiary minority shareholder, the Board is disappointed to
report that despite the Board's best efforts to negotiate a
mutually acceptable settlement, it has now become clear that there
is no reasonable prospect of an agreement which will allow the
Company to continue to trade. The Board has therefore requested the
suspension of the Company's shares on AIM and will be making a
request to enter into Concordato in continuità aziendale ex art.
160 e seguenti R.D. 16 Marzo 1942 n. 267 ("Concordato"), on 12
December 2014 in order to protect the assets and intellectual
property of the business going forwards.
Concordato is an Italian legal process similar to a US Chapter
11 which enables the Board under the protection of the court to
continue the ordinary operating activities. It also allows the
Board a number of months during which it can attempt to maximise
the value of the intellectual property and other assets. This may
happen in a number of ways which if ultimately not successful could
include administration or liquidation of the business.
The Board is confident that Acta holds some distinctive and
valuable patents and know-how. This has recently been confirmed by
world-leading patent and technology specialists.
Whilst in Concordato the Board is able to protect the assets and
intellectual property of the Company from any further legal action
from a subsidiary minority shareholder. This dispute was notified
to shareholders in an announcement on 20 October 2014.
There have been a number of parties showing interest in
developing further commercial relationships with Acta because of
the distinctive capabilities of its alkaline membrane electrolyser.
The board is determined to ensure that maximum value is obtained
for shareholders and other parties going forwards.
For further information please contact:
Acta S.p.A. Tel: +39 050 644281
Robert Drummond, Chairman www.actaspa.com
Paul Barritt, Chief Financial
Officer
Altium Capital (Nominated Tel: +44 (0)845 505 4343
Advisor)
Adrian Reed / Dom Orsini
Cantor Fitzgerald Europe Tel: +44 (0)20 7894 7000
(Broker)
Mark Percy / David Banks
/ Paul Jewell
Media enquiries:
Walbrook PR Tel: +44 (0)20 7933 8780
Paul Cornelius / Nick Rome acta@walbrookpr.com
About Acta S.p.A.
Acta S.p.A. is a developer and manufacturer of a range of clean
energy products. Based on its world-leading expertise in alkaline
membrane technology, the Company has developed a unique range of
low-cost, compact hydrogen generators (electrolysers) which produce
pure, dry compressed hydrogen at high efficiency from renewable or
grid power.
In April 2013 Acta launched the Acta Power, an integrated
electrolyser and fuel cell system for use in back-up power and
renewable energy storage applications. Best understood as a
"Hydrogen Battery", the system converts energy from renewable or
grid power when it is available and stores it in the form of
hydrogen, and then converts the hydrogen back to electrical power
when needed due to grid black-out or lack of solar / wind
power.
This system has extensive application as a back-up power unit
for telecommunications base stations, where it competes on cost
against traditional battery and diesel solutions, while offering a
cleaner solution and better service. In particular, the use of
rainwater and the generation of hydrogen on-site removes the cost
and logistical barriers of fuel delivery, while also avoiding the
theft risk associated with diesel, methanol and battery
systems.
The supply of fuel cell back-up power systems for
telecommunications base stations represents a large and
fast-growing market, especially in extensively bad-grid and
off-grid locations such as in Asia and Africa. Battery sales to the
Chinese telecoms industry are currently valued at $4.7 bn to $7.8
bn per annum (Fuel Cell Today, China).
Acta holds a portfolio of patents and patent applications on its
key technologies, manufactures its products through a combination
of production, component subcontracting, and final product assembly
and quality control, and has established distribution channels
through partnerships in China, India, SE Asia, Australia, Africa,
Middle East, Germany, UK, USA and South America.
Acta S.p.A. is based near Pisa, Italy, and was admitted to
trading on AIM in October 2005.
www.actaspa.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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