Plutus PowerGen PLC Demerger, Admission of Shares & AIM Rule 15 status (2181I)

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RNS Number : 2181I

Plutus PowerGen PLC

10 December 2020

10 December 2020

PLUTUS POWERGEN PLC

("Plutus", the "Group" or the "Company")

Completion of Demerger of Plutus Energy Limited

Admission of Placing Shares and Debt Capitalisation Shares

AIM Rule 15 status

The Board of Plutus is pleased to announce that, further to its announcement of 4 December 2020, the demerger of Plutus Energy Limited completed today.

Admission of the 3,000,000,000 Placing Shares and 1,390,470,000 Debt Capitalisation Shares to trading on AIM became effective at 8.00 a.m. this morning.

AIM Rule 15 Cash Shell Status

Pursuant to the successful completion of the Demerger, the Company has become an AIM Rule 15 Cash Shell and, in accordance with Rule 15 of the AIM Rules, the Company will be required to make an acquisition, or acquisitions, which constitutes a reverse takeover under AIM Rule 14 (including seeking re-admission under the AIM Rules for Companies) within six months from today. Alternatively, within such time period, the Company can seek to become an investing company pursuant to AIM Rule 8, which requires, inter alia, the raising of at least GBP6 million and publication of an admission document. In the event that the Company does not complete a reverse takeover under AIM Rule 14 within such six month period or seek re-admission to trading on AIM as an investing company pursuant to AIM Rule 8 (either being, a "Re-admission Transaction"), the Company's ordinary shares would be suspended from trading pursuant to AIM Rule 40. Thereafter, if a Re-admission Transaction has not been completed within a further six month period, admission to trading on AIM of the Company's ordinary shares would be cancelled.

Total Voting Rights

The Company's the issued share capital of the Company now consists of 5,263,004,994 ordinary shares of 0.01p each. The Company does not hold any shares in treasury. Therefore, the total number of voting rights in the Company is 5,263,004,994. This figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.

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: [phone] 
  Charles Tatnall, Executive Chairman 
  James Longley, Interim CEO and Finance 
  Director 
               Allenby Capital ( Nominated Adviser and               Tel: [phone] 
                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: [phone] 
                PR) 
                Cosima Akerman 
 

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December 10, 2020 04:30 ET (09:30 GMT)