TIDMAEG
RNS Number : 7479P
Active Energy Group PLC
19 February 2021
Active Energy Group Plc / EPIC: AEG / Sector: Alternative
Energy
19 February 2021
Active Energy Group Plc
('Active Energy', or the 'Company')
Result of General Meeting and update on CLN conversions
Active Energy, the AIM quoted international biomass based
renewable energy and forestry management business, announces that
at the General Meeting held earlier today, all resolutions were
duly passed, and therefore the CLN Restructuring and Fundraising,
announced on 1 February 2021, have been approved.
Michael Rowan, CEO of Active Energy, said:
"We would like to thank current shareholders, former CLN holders
and new shareholders for their continuing support of Active Energy.
The completion of the corporate restructuring represents a
significant milestone for Active Energy and will allow us to
accelerate our business plans for CoalSwitch(TM) and the Lumberton
site. Construction work is underway to complete the commissioning
of the up to 5tph reference plant and we look forward to completing
the development of Lumberton and exploiting additional commercial
opportunities in North America in the months ahead."
The proxy voting results for the resolutions are copied
below:
Resolution Votes % of votes Votes % of votes Votes Total
For* cast Against cast Withheld** votes
cast**
Ordinary resolutions
1. To authorise
the issue of
the New Ordinary
Shares pursuant
to the Fundraising 473,643,875 99.42% 2,776,240 0.58% 3,334,006 476,420,115
------------ ----------- ---------- ----------- ------------ ------------
2. To authorise
the issue of
New Ordinary
Shares pursuant
to the CLN Conversions 476,065,515 99.42% 2,776,240 0.58% 912,366 478,841,755
------------ ----------- ---------- ----------- ------------ ------------
3. To grant authority
to directors
to allot ordinary
shares 476,266,567 99.40% 2,876,240 0.60% 611,314 479,142,807
------------ ----------- ---------- ----------- ------------ ------------
Special resolutions
4. To disapply
pre-emption rights
in relation to
the allotment
of the New Ordinary
Shares issued
pursuant to the
Fundraising 474,918,755 99.41% 2,804,854 0.59% 2,530,521 477,723,609
------------ ----------- ---------- ----------- ------------ ------------
5. To disapply
pre-emption rights
in relation to
the allotment
of the New Ordinary
Shares issued
pursuant to the
CLN Conversions 476,156,348 99.27% 3,485,656 0.73% 112,117 479,642,004
------------ ----------- ---------- ----------- ------------ ------------
6. To disapply
pre-emption rights
in relation to
the allotment
of ordinary shares 476,112,016 99.27% 3,485,656 0.73% 156,449 479,597,672
------------ ----------- ---------- ----------- ------------ ------------
*Votes "For" include votes giving the Chairman discretion.
**Votes "Withheld" are not votes in law and do not count in the
number of votes counted for or against a resolution.
Further to the Company's announcements on 13 January 2021 and 1
February 2021, the Company has received conversion notices in
respect of GBP16.6 million CLNs from Noteholders, to convert their
CLNs into New Ordinary Shares in the Company. As a result, the
Company will issue up to 1,660,874,000 New Ordinary Shares to the
relevant Noteholders and 700,000,000 New Ordinary Shares pursuant
to the Fundraising. Following Admission of the New Ordinary Shares,
outstanding CLNs of GBP1.4 million will be redeemed and a further
GBP0.4 million of CLNs will be cancelled to fully extinguish the
CLN debt.
Application has been made for the admission of up to
2,360,874,000 New Ordinary Shares to trading on AIM ("Admission"),
as detailed above. It is expected that Admission will take place at
8.00 a.m. on or around 23 February 2021. A further announcement
will be made ahead of Admission detailing the final number of New
Ordinary Shares to be issued.
Defined terms used in this announcement shall have the same
meaning as in the announcement of 1 February 2021 unless otherwise
defined herein.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
Enquiries:
Active Energy Group Michael Rowan
Plc Chief Executive Officer
Andrew Diamond
Chief Financial Officer
Allenby Capital Limited Nick Naylor / James Office: +44 (0)20
Joint Broker and Reeve / Asha Chotai 3328 5656
Financial adviser (Corporate Finance)
in relation to the Amrit Nahal (Sales
CLN Restructuring & Corporate Broking)
SP Angel Corporate David Hignell / Caroline Office: +44 (0)20
Finance LLP Rowe 3470 0470
Nominated Adviser
and Joint Broker
Camarco Gordon Poole / Tom aeg@camarco.co.uk
Financial PR Adviser Huddart / Emily Hall Office: +44 (0)
20 3757 4980
About Active Energy Group
Active Energy Group plc is a London listed (AIM: AEG) renewable
energy company that has developed a proprietary technology which
transforms low-cost biomass material into high-value green fuels.
Its patented product CoalSwitch(TM) is the world's only drop-in
biomass fuel that can be mixed at any ratio with coal or completely
replace coal in existing coal-fired power stations without
requiring plant modification. Active Energy Group's immediate
strategic focus is the production and commercialisation of
CoalSwitch(TM) and a low emission CoalSwitch(TM) blend that
utilises other waste materials.
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