PowerHouse Energy plc
(“PowerHouse”, or the
“Company”)
Issue of Equity
and General Update
Further to the Company’s announcement on 15 February 2017, Powerhouse announces that it
has received payment of £500,000 from Yady Worldwide, S.A. (“Yady”)
in respect of its participation in the recent placing of ordinary
shares in the Company (“Placing”). The 62,500,000 shares to be
issued to Yady will be locked in for a period of 12 months from the
date of admission.
Application for admission to trading on AIM of the 62,500,000
shares will be made in due course and it is anticipated that this
will occur on or around 20 March
2017. These shares will rank pari passu in all
respects with the Company's existing issued Shares.
Subsequent to the issuance of the Second Tranche shares, the
Company will have 956,148,821 ordinary shares in issue.
PowerHouse has no shares in Treasury, therefore this figure may
be used by Shareholders, from Admission, as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change in their interest in, the
share capital of the Company under the FCA's Disclosure and
Transparency Rules.
The 280,430,920 shares to be issued to Hill Grove Investments
Pty Ltd (“Hillgrove”) pursuant to the previously announced loan
note conversion are expected to be issued and admitted to trading
on AIM in due course. Once these shares are issued to Hillgrove the
debenture on the Company’s assets will be released. The shares to
be issued to Hillgrove will be locked in for a period of 12 months
following admission.
A further update on the status of the transport of the G3-UHt to
the UK indicates that the ship is approximately one week from
docking at the Port of Liverpool. Upon landing and completing
customs inspection, the G3 is expected to be delivered to a local
engineering facility whereupon the PowerHouse team will begin the
recommissioning process. It is expected that the G3 will be
delivered to the University of Chester, Thornton Science Park, for
active demonstrations to begin shortly after the completion of
recommissioning and UK certification.
For more information, contact:
PowerHouse Energy Group
plc
Keith Allaun, Executive Chairman |
Tel: +44 (0) 203 368 6399 |
WH Ireland Limited (Nominated
Adviser)
James Joyce / James Bavister |
Tel: +44 (0) 207 220 1666 |
Turner Pope
Investments Ltd
Ben Turner / James Pope |
Tel: +44 (0) 203 621 4120 |
Vicarage Capital Limited
(Broker)
Jeremy Woodgate |
Tel: +44 (0) 203 651 2910 |
IFC Advisory (Financial PR &
IR)
Tim Metcalfe / Graham Herring / Heather Armstrong / Miles
Nolan |
Tel: +44 (0) 203 053 8671 |