Plutus PowerGen PLC Further re Capital Reorganisation (5274E)

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: [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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November 06, 2020 13:41 ET (18:41 GMT)