AMTE Power PLC Update on intention to appoint administrators (9609Y)

TIDMAMTE

RNS Number : 9609Y

AMTE Power PLC

08 January 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE UK VERSION OF REGULATION (EU) NO 596/2014 WHICH FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

8 January 2024

For immediate release

AMTE Power Plc

Update on intention to appoint administrators

Further to its announcement on 19 December 2023 of its intention to appoint administrators and the suspension of trading of its shares on AIM (the "Previous Announcement"), AMTE Power Plc (AIM: AMTE), (the "Company") announces that the accelerated sale process, referred to in the Previous Announcement, has elicited interest in the business and assets of the Company.

Accordingly, the Board has today filed a second notice of intention to appoint an administrator with the Court, which the Court has sealed. Accordingly, the Company will be protected from creditor action for a further 10 business day period (until and including 19 January 2024) and intends to use such period to continue to explore the interest elicited by the accelerated sale process and conclude a transaction.

The Company's Ordinary Shares remain suspended from trading on AIM.

WH Ireland Limited ("WH Ireland") will resign as nominated adviser to the Company should these negotiations not succeed and an administrator be appointed. If the Company fails to appoint a replacement nominated adviser within one month of the date that WH Ireland resigns, the admission of the Ordinary Shares to trading on AIM will be cancelled.

Capitalised terms not defined in this announcement shall have the meaning given to them in the Previous Announcement, unless the context otherwise demands.

A further announcement will be made in due course.

The person responsible for arranging the release of this announcement on behalf of the Company is Anita Breslin, Chief Financial Officer of the Company.

Enquiries

 
 AMTE Power plc                                 [phone] 
 Alan Hollis (Chief Executive Officer) 
  Anita Breslin (Chief Financial Officer) 
 
 WH Ireland Limited (NOMAD and Joint 
  Broker)                                       [phone] 
 Chris Fielding / Isaac Hooper (Corporate 
  Finance) 
 Fraser Marshall (Corporate Broking) 
 
  FRP Advisory (Administrator and AMA) 
  Richard Bloomfield (Proposed Administrator 
  and AMA) 
  Email: [e-mail]       [phone] 
 
                                                [phone] 
 Camarco (Financial PR)                          / 4981 
 Ginny Pulbrook / Rosie Driscoll 
 

Important notice

This announcement is for information purposes only and does not constitute or form part of any offer to issue or sell, or the solicitation of an offer to acquire, purchase or subscribe for, any securities in any jurisdiction and should not be relied upon in connection with any decision to subscribe for or acquire ordinary shares in the capital of the Company. In particular, this announcement does not constitute or form part of any offer to issue or sell, or the solicitation of an offer to acquire, purchase or subscribe for, any securities in the United States.

This announcement has been issued by, and is the sole responsibility of, the Company. No person has been authorised to give any information or to make any representations other than those contained in this announcement and, if given or made, such information or representations must not be relied on as having been authorised by the Company.

No statement in this announcement is intended to be a profit forecast or profit estimate and no statement in this announcement should be interpreted to mean that earnings per share of the Company for the current or future financial years would necessarily match or exceed the historical published earnings per share of the Company.

This announcement may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will", "would" or "should" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include matters that are not historical facts. They appear in a number of places throughout this announcement and include statements regarding the directors of the current Company's intentions, beliefs or expectations concerning, among other things, the Company's results of operations, financial condition, liquidity, prospects, growth, strategies, and the Company's markets. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual results and developments could differ materially from those expressed or implied by the forward-looking statements. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements in this announcement are based on certain factors and assumptions, including the directors of the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company's operations, results of operations, growth strategy and liquidity. Whilst the directors of the Company consider these assumptions to be reasonable based upon information currently available, they may prove to be incorrect. Save as required by applicable law, the AIM Rules or the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Company undertakes no obligation to release publicly the results of any revisions to any forward-looking statements in this announcement that may occur due to any change in the directors of the Company's expectations or to reflect events or circumstances after the date of this announcement.

Neither the content of the Company's website nor any website accessible by hyperlinks to the Company's website is incorporated in, or forms part of, this announcement.

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January 08, 2024 06:19 ET (11:19 GMT)