Acta S.p.A. Suspension of Trading on AIM (5811Z)

TIDMACTA

RNS Number : 5811Z

Acta S.p.A.

12 December 2014

12 December 2014

Acta S.p.A. ("Acta" or "the Company")

Suspension of Trading on AIM

Update regarding Legal Action

Following the announcement made on 20 October 2014 regarding the arbitration award of EUR1.35 million obtained against the Company by a subsidiary minority shareholder, the Board is disappointed to report that despite the Board's best efforts to negotiate a mutually acceptable settlement, it has now become clear that there is no reasonable prospect of an agreement which will allow the Company to continue to trade. The Board has therefore requested the suspension of the Company's shares on AIM and will be making a request to enter into Concordato in continuità aziendale ex art. 160 e seguenti R.D. 16 Marzo 1942 n. 267 ("Concordato"), on 12 December 2014 in order to protect the assets and intellectual property of the business going forwards.

Concordato is an Italian legal process similar to a US Chapter 11 which enables the Board under the protection of the court to continue the ordinary operating activities. It also allows the Board a number of months during which it can attempt to maximise the value of the intellectual property and other assets. This may happen in a number of ways which if ultimately not successful could include administration or liquidation of the business.

The Board is confident that Acta holds some distinctive and valuable patents and know-how. This has recently been confirmed by world-leading patent and technology specialists.

Whilst in Concordato the Board is able to protect the assets and intellectual property of the Company from any further legal action from a subsidiary minority shareholder. This dispute was notified to shareholders in an announcement on 20 October 2014.

There have been a number of parties showing interest in developing further commercial relationships with Acta because of the distinctive capabilities of its alkaline membrane electrolyser. The board is determined to ensure that maximum value is obtained for shareholders and other parties going forwards.

For further information please contact:

 
 Acta S.p.A.                      Tel: [phone] 
 Robert Drummond, Chairman        www.actaspa.com 
  Paul Barritt, Chief Financial 
  Officer 
 
 
 Altium Capital (Nominated   Tel: [phone] 
  Advisor) 
 Adrian Reed / Dom Orsini 
  Cantor Fitzgerald Europe    Tel: [phone] 
   (Broker) 
 Mark Percy / David Banks 
  / Paul Jewell 
 

Media enquiries:

 
 Walbrook PR                  Tel: [phone] 
 Paul Cornelius / Nick Rome   [e-mail] 
 

About Acta S.p.A.

Acta S.p.A. is a developer and manufacturer of a range of clean energy products. Based on its world-leading expertise in alkaline membrane technology, the Company has developed a unique range of low-cost, compact hydrogen generators (electrolysers) which produce pure, dry compressed hydrogen at high efficiency from renewable or grid power.

In April 2013 Acta launched the Acta Power, an integrated electrolyser and fuel cell system for use in back-up power and renewable energy storage applications. Best understood as a "Hydrogen Battery", the system converts energy from renewable or grid power when it is available and stores it in the form of hydrogen, and then converts the hydrogen back to electrical power when needed due to grid black-out or lack of solar / wind power.

This system has extensive application as a back-up power unit for telecommunications base stations, where it competes on cost against traditional battery and diesel solutions, while offering a cleaner solution and better service. In particular, the use of rainwater and the generation of hydrogen on-site removes the cost and logistical barriers of fuel delivery, while also avoiding the theft risk associated with diesel, methanol and battery systems.

The supply of fuel cell back-up power systems for telecommunications base stations represents a large and fast-growing market, especially in extensively bad-grid and off-grid locations such as in Asia and Africa. Battery sales to the Chinese telecoms industry are currently valued at $4.7 bn to $7.8 bn per annum (Fuel Cell Today, China).

Acta holds a portfolio of patents and patent applications on its key technologies, manufactures its products through a combination of production, component subcontracting, and final product assembly and quality control, and has established distribution channels through partnerships in China, India, SE Asia, Australia, Africa, Middle East, Germany, UK, USA and South America.

Acta S.p.A. is based near Pisa, Italy, and was admitted to trading on AIM in October 2005.

www.actaspa.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCEADAFFSPLFAF