Powerhouse Enrgy Grp Issue of Equity and General Update
March 15 2017 - 3:00AM
UK Regulatory
TIDMPHE
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 GBP500,000 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 Tel: +44 (0) 203 368 6399
Keith Allaun, Executive Chairman
WH Ireland Limited (Nominated Adviser) Tel: +44 (0) 207 220 1666
James Joyce / James Bavister
Turner Pope Investments Ltd Tel: +44 (0) 203 621 4120
Ben Turner / James Pope
Vicarage Capital Limited (Broker) Tel: +44 (0) 203 651 2910
Jeremy Woodgate
IFC Advisory (Financial PR & IR) Tel: +44 (0) 203 053 8671
Tim Metcalfe / Graham Herring / Heather
Armstrong / Miles Nolan
END
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