Acta S.p.A. EGM Update (5187A)
December 22 2014 - 12:12PM
UK Regulatory
TIDMACTA
RNS Number : 5187A
Acta S.p.A.
22 December 2014
22 December 2014
Acta S.p.A. ("Acta" or "the Company")
Update regarding Extraordinary General Meeting
Acta S.p.A. (AIM: ACTA), the hydrogen energy company, announces
that, following the announcement made on 4 December 2014, an
Extraordinary General Meeting ("EGM") was convened today at the
third call.
The EGM was called to put in place the authorities needed to
allow the Board to determine and approve the issue of up to
EUR8,000,000 in nominal share capital, denominated in shares of 0.6
euro cents each, during the thirty six months following the
shareholders meeting. However, insufficient votes were received to
constitute a quorum for the meeting, and the meeting therefore did
not take place.
Following the announcement made on 12 December 2014 the Board
can confirm that the Company has applied to enter into Concordato
in continuità aziendale ex art. 160 e seguenti R.D. 16 Marzo 1942
n. 267 ("Concordato") in order to protect the assets and
intellectual property of the business 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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