Active Energy Group PLC Update on CLN conversions & Total Voting Rights (9421P)

TIDMAEG

RNS Number : 9421P

Active Energy Group PLC

22 February 2021

Active Energy Group Plc / EPIC: AEG / Sector: Alternative Energy

22 February 2021

Active Energy Group Plc

('Active Energy', or the 'Company')

Update on CLN conversions

Total Voting Rights

Active Energy, the AIM quoted international biomass based renewable energy and forestry management business, announces that further to the Company's announcement of 19 February 2021, the Company has received conversion notices in respect of GBP16.6 million CLNs from Noteholders, to convert their CLNs into 1,660,873,700 New Ordinary Shares in the Company. As a result, the Company will issue 1,660,873,700 New Ordinary Shares to the relevant Noteholders and 700,000,000 New Ordinary Shares pursuant to the Fundraising. Following Admission of the New Ordinary Shares, outstanding CLNs of GBP1.4 million will be redeemed and a further GBP0.4 million of CLNs will be cancelled to fully extinguish the CLN debt.

Application has been made for the admission of 2,360,873,700 New Ordinary Shares to trading on AIM ("Admission"), as detailed above. It is expected that Admission will take place at 8.00 a.m. on or around 23 February 2021.

Changes to Director Shareholdings and Substantial Shareholders

Certain directors of the Company subscribed for an aggregate of 2,000,000 New Ordinary Shares pursuant to the Fundraising. Their shareholdings on Admission are set out below:

 
 Director                             Ordinary Shares   Percentage of issued 
                                    held on Admission     share capital held 
                                                                on Admission 
 Michael Rowan, Chief Executive 
  Officer                                   9,986,250                  0.26% 
 Andrew Diamond, Finance 
  Director                                    500,000                  0.01% 
 

On Admission, Gravendonck Private Foundation ("Gravendonck"), a substantial shareholder in the Company, and Linarus FZE, who have the same beneficial owner, will have a combined interest in 953,987,189 Ordinary Shares, representing 24.4% of the Company's issued share capital.

Total Voting Rights

Following Admission, the Company will have 3,902,051,743 ordinary shares of 0.01p each in issue, each with one voting right. There are no shares held in treasury. Therefore, the Company's total number of Ordinary Shares and voting rights is 3,902,051,743.

The above figure of 3,902,051,743 Ordinary Shares may be used by shareholders from Admission as the denominator for the calculations by which they will 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.

Defined terms used in this announcement shall have the same meaning as in the announcement of 1 February 2021 unless otherwise defined herein.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

Enquiries:

 
 Active Energy Group       Michael Rowan 
  Plc                       Chief Executive Officer 
                            Andrew Diamond 
                            Chief Financial Officer 
 Allenby Capital Limited   Nick Naylor / James        Office: +44 (0)20 
  Joint Broker and          Reeve / Asha Chotai        3328 5656 
  Financial adviser         (Corporate Finance) 
  in relation to the        Amrit Nahal (Sales 
  CLN Restructuring         & Corporate Broking) 
 SP Angel Corporate        David Hignell / Caroline   Office: +44 (0)20 
  Finance LLP               Rowe                       3470 0470 
  Nominated Adviser 
  and Joint Broker 
 Camarco                   Gordon Poole / Tom         [e-mail] 
  Financial PR Adviser      Huddart / Emily Hall       Office: +44 (0) 
                                                       20 3757 4980 
 

About Active Energy Group

Active Energy Group plc is a London listed (AIM: AEG) renewable energy company that has developed a proprietary technology which transforms low-cost biomass material into high-value green fuels. Its patented product CoalSwitch(TM) is the world's only drop-in biomass fuel that can be mixed at any ratio with coal or completely replace coal in existing coal-fired power stations without requiring plant modification. Active Energy Group's immediate strategic focus is the production and commercialisation of CoalSwitch(TM) and a low emission CoalSwitch(TM) blend that utilises other waste materials.

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February 22, 2021 10:53 ET (15:53 GMT)