Plutus PowerGen PLC Further re Capital Reorganisation (5274E)
November 06 2020 - 1:41PM
UK Regulatory
TIDMPPG
RNS Number : 5274E
Plutus PowerGen PLC
06 November 2020
6 November 2020
PLUTUS POWERGEN PLC
("Plutus", the "Group" or the "Company")
Further re Capital Reorganisation
Further to the announcements released by the Company on 9
October 2020 and 3 November 2020, the Company provides an update on
the timetable and process of the Capital Reorganisation. As part of
the previously announced Proposals the Company is sub-dividing
every Existing Ordinary Share into one New Ordinary Share and nine
Deferred Shares.
At the general meeting of the Company held on 3 November 2020,
shareholders approved, inter alia, the Capital Reorganisation.
Following the passing of the Resolutions the Company's 872,534,994
Existing Ordinary Shares will be sub-divided into one New Ordinary
Share of 0.01 pence each and nine Deferred Shares of 0.01 pence
each. As announced on 3 November 2020, the Record Date for the
Capital Reorganisation is 6.00 p.m. on 6 November 2020.
Application has been made for admission of the 872,534,994 New
Ordinary Shares in issue immediately following the Capital
Reorganisation to trading on AIM ("Admission"). It is expected that
Admission will take place and that trading in the New Ordinary
Shares will commence at 8.00 a.m. on 9 November 2020.
Following the Capital Reorganisation and Admission the number of
existing ordinary shares in issue, and held by each Shareholder,
will not change. It is simply the nominal value of the existing
ordinary shares which will change.
The Deferred Shares will have no rights and the Company will not
issue any certificates or credit CREST accounts in respect of them.
The Deferred Shares will not be admitted to trading on AIM.
As previously announced the Proposals remain conditional on
confirmation of the Reduction of Capital by the Court. The Hearing
Date to confirm the Reduction of Capital is expected to take place
on 24 November 2020 and the Reduction of Capital is expected to
become effective between 25 November and 9 December 2020. In
particular, the Placing and Debt Capitalisation remain conditional
on the Reduction of Capital being confirmed by the Court, the
Demerger becoming effective and admission of the Placing Shares and
Debt Capitalisation Shares.
A timetable of principal events with regards to the Proposals
was set out in the announcement released by the Company on 3
November 2020.
Further announcements will be made in due course.
Definitions in this announcement are consistent with those set
out in the circular issued to Shareholders of the Company on 9
October 2020, a copy of which is available on the investor section
of the Company's current website
(http://www.plutuspowergenplc.com).
For further information, please contact:
Plutus PowerGen PLC Tel: +44 (0) 20 8720 6562
Charles Tatnall, Executive Chairman
James Longley, Interim CEO and Finance
Director
Allenby Capital ( Nominated Adviser and Tel: +44 (0)20 3328 5656
Joint Broker)
Nick Athanas
Nick Naylor
James Hornigold
Turner Pope Investments (TPI) Limited Tel: +44 ( 0) 20 3657
(Joint Broker) 0050
Andy Thacker
St Brides Partners Limited (Financial Tel: +44 (0)20 7236 1177
PR)
Cosima Akerman
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END
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