Hot Features
Premium
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
Grant of Warrant to Rockpool Investments LLP
Plutus PowerGen plc, the AIM listed power company focused on the development, construction and operation of flexible stand-by electricity generation in the UK, has announced that it has granted a warrant to Rockpool Investments LLP, in return for introducing the Company to major customers which have awarded contracts to the Company for the construction and operation of flexible stand-by electricity plants for which it receives a management fee. PPG is alsoentitled to an equity stake of 45% in the capital of each major customer introduced.
The warrant entitles Rockpool to subscribe for 30,075,207 new ordinary shares of 0.1p each in the Company at a price of 1.15p per share for the period from 27 May 2018 to 27 May 2021. The warrant exercise price represents a premium of approximately 48 per cent to the closing mid-market price of the Company’s ordinary shares of 0.775p on 26 May 2015.
In the event that a takeover bid made for the entire issued and to be issued share capital of the Company is declared unconditional in all respects prior to the Final Subscription Date, the warrant will become exercisable immediately.
Rockpool and the Company have also entered into an orderly market arrangement whereby Rockpool will only transfer or dispose of ordinary shares of the Company issued to it pursuant to a warrant exercise through the Company’s broker for a period of one year following the issue of such shares.
PPG Chairman Charles Tatnall said, “Rockpool’s acceptance of this warrant in PPG is a strong testament to its confidence in our business and, importantly, it solidifies our already strong relationship with Rockpool”.
Andrew Green, Head of Investment at Rockpool said, ‘”We are pleased to bring our investee companies in the flexible stand-by power industry together with Plutus PowerGen PLC, a leading operator in the sector “.
