Plutus Powergen Share Discussion Threads

[gretagarbo] 22/12/2019 08:20

I've been checking on AIM regs and clearly any information released with financial implications on the company should be released on the relevant companies RNS feed. The Rockpool companies coming back in house is such news and should warrant an RNS. Come on Allenby. Plutus balance sheet would return to health if this came to pass.

[gretagarbo] 19/12/2019 12:26

Fantastic RNS from requisition teams which isn't showing on Plutus RNS feed. It should be!!

[2pablo] 19/12/2019 12:13

Excellent letter stating the perilous situation the company is gradually drifting into with the current mgmt.

Vote 'em out, we can do it

[gretagarbo] 19/12/2019 12:02

RNS on Riverfort site re PPG ; Here is the text;

RiverFort Global Opportunities PLC Update re Plutus PowerGen plc requisition

19/12/2019 11:45am
RNS Non-Regulatory

TIDMRGO

RiverFort Global Opportunities PLC

19 December 2019

19 December 2019

Update with respect to the Plutus PowerGen plc requisition

A response from the requisitioning shareholders,

Chelverton Asset Management and RiverFort Global Opportunities plc

To shareholders of Plutus PowerGen plc

Dear Shareholders

You will have seen our letter to you that was circulated along with the notice of General Meeting by Plutus PowerGen plc (the "Company" or "PPG") on Friday 13 December 2019. Our letter clearly sets out why we believe that the Company needs a new board of directors if it is to stand any chance of survival. Unfortunately, we were limited to writing 1,000 words in that letter to set out our case and proposals. We are therefore taking this opportunity to give a more detailed response to the views expressed by the incumbent directors of PPG in the recently published circular and to update shareholders on recent developments.

As we said in our original letter, we have been seeking to work with PPG's board since May of this year, but have made little progress and, given the number of additional worrying events that have taken place since, we have been left with no alternative but to seek to replace the current board in order to save the Company.

We are now writing to clarify certain matters raised in our letter and/or points raised in the Company's circular, and more generally.

Experience of the new team and strategy

The proposed Alternative Directors have significant experience of AIM listed companies and, in particular, of companies that have been in difficult situations, and we have a record of being able to successfully resolve those situations. Furthermore, the Alternative Directors have access to both proprietary capital and funds from other investors - something that the Company will need now or, most likely, very shortly.

If we were appointed, our initial strategy would be to stabilise the Company by reducing and controlling costs and to make sure that the Company has the necessary funds to enable it to continue to trade. We would also seek to rebuild relationships with the Rockpool-owned power companies. Once the Company has been stabilised, we would look to take action to maximise the potential investment return for all shareholders - we firmly believe that there are a number of opportunities that the Company could pursue that would create value for shareholders which we have already started to progress.

The sale of the existing power sites has been mentioned but we believe that this is highly unlikely to happen quickly enough. Also, any price offered at this stage is unlikely to be attractive due to current market conditions and the sense that the Company is a "forced" seller. It would also require the agreement of Rockpool.

In terms of obtaining funding for the construction for new gas sites, to date, it would appear that very little, if any, progress has been made so we do not believe that our actions could have made matters worse than they already are. We believe that with a completely new management team in place the prospects for obtaining the necessary financing will markedly improve as, between us, we have a very considerable network and extensive experience of arranging funding.

Rockpool

As we have mentioned previously, if the current board is changed, we believe that there is a very good chance that we would be able to rebuild the relationship with the Rockpool-owned power companies. This would be very helpful regarding both the building of the Company's first gas site and the possibility of reinstating the management contracts.

PPG has stated in its circular that it does not believe that the management contracts can be reinstated - we would readily agree with them if the existing board were to remain in place.

However, we have recently been in contact with the Rockpool-owned power companies and they have confirmed to us that in the event that the current directors of PPG are removed and replaced with a board acceptable to them, they would be open to discussing the potential reappointment of PPG to manage these companies - this is a very significant development.

The reinstatement of these contracts would be a material event for the Company and greatly improve its financial position. It is difficult to form a view of the Company's short term funding requirements without a better understanding of its actual financial position, although we believe that it is extremely weak.

Listing on AIM

Provided that the Company has the necessary funding in place, we do not believe that there is a risk that the Company will be suspended or delisted as a result of shareholders voting for the resolutions proposed.

In summary, we strongly believe that the only way for the Company to survive and thrive going forward is for shareholders to vote for the resolutions at the forthcoming general meeting of the Company on 10 January 2020 in order to remove the Existing Directors and appoint the Alternative Directors.

We accordingly urge you to support the proposals that we have set out in the requisition. We can only achieve our objectives to turn around this situation with your active support. The Company has been compelled by law to convene a general meeting at which our proposals to remove the existing Board and appoint the Alternative Directors will be put to you as shareholders.

However, these proposals can only be implemented with your active support and if you consider our proposals to be a sensible and an effective way to achieve change for the better please vote to support them. We appreciate that this means you will need to vote your shares and this may mean contacting your broker or fund manager (in whose custody the shares may be held). We urge you to take the time to do this as there is unlikely to be another opportunity to rescue this unhappy situation. If you need further information on how to vote your shares please contact the broker or platform through which you bought them and ask to speak to a contact in their "corporate actions team".

Yours sincerely


David Horner Nigel Burton Nicholas Lee
Managing Director Investment Director
Chelverton Asset Management RiverFort Global Opportunities
plc

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

[1renard] 18/12/2019 17:33

peterinthemarket. 50% is not needed. Just more than current board can get. The attempt will have started with Chelverton and Riverfort but will have mushroomed. Anyones guess how many votes will be needed to oust the current board who seem to have at least 200 million to call on. A lot we don't know.

[gretagarbo] 18/12/2019 16:29

In the words of Boris. Lets get exit of board done so that we can unleash new talent!! Out with the old. In with the new. Can't be worse and could be a real turn around. With a new government not worried by small interest groups the way is set for Britain getting on and sorting out its energy market. Plutus can be at the forefront of this. Let's get Exit done!!

[2pablo] 18/12/2019 15:23

I think it is essential to double check one's votes are cast at the right meeting. This is the General Meeting of the Company to be held on 10 January 2020 at 12.00 noon. This is not called an EGM nor is it the preceeding AGM. It is a GM or General Meeting

[2pablo] 18/12/2019 15:13

We're definitely building up to a big holding voting FOR the requisitioners' resolutions.

Everyone make sure you're instructing to vote FOR all the motions at the GM (not the AGM both on Jan 10th)

[petersinthemarket] 18/12/2019 15:07

I've asked Selftrade to do the biz with my shares, but I'm still curious to know if anyone has any idea if it's possible to get the necessary 50%+ to remove the current BoD. The new guys said they only had 9%.

[petersinthemarket] 17/12/2019 20:28

Has anyone attempted to tot up what the likely percentage vote for removal could amount to?

[ochs] 17/12/2019 19:38

Ryan Bell... son of the boss I wonder?

[gretagarbo] 17/12/2019 16:16

From AJ Bell;

Thank you for your message.

I have now passed the votes over for the 1,260,211 shares held in your Dealing Account to vote FOR the removal of the three directors of
Plutus Powergen PLC. Our Corporate Actions team will log your votes accordingly.

If you have any further queries, please feel free to contact us.

Yours sincerely

Ryan Bell
Dealing Services Team

[bishopawn] 17/12/2019 15:34

Advice for Interactive Investors with shares in nominee company is that the cut-off date for voting your shares is 1st January.
A similar cut-off date may apply with other Stockbrokers as their corporate actions department need sufficient notification and time to relay voting information to the EGM on 10th January.
So don't miss out...every shareholding large and small will be needed to be victorious and put Plutus back on the rosd to recovery.
Vote today.

[1renard] 17/12/2019 12:55

ochs; the share price plunged below the floating price immediately so I expect people were locked in. Voting the board out is the only way to potentially get back their losses .

[1renard] 17/12/2019 12:53

Dear Ms ....

Thank you for your email and please accept my apologies for the delay in getting back to you.

I can confirm we have received and submitted your vote in favour of the removal of the current board.

I hope this has been of assistance to you. If you have any further queries, please view our Help and Support centre or contact us on 0117 900 9000.

Kind regards,

Buster O' Brien
Corporate Actions Assistant
Hargreaves Lansdown
One College Square South | Anchor Road | Bristol | BS1 5HL
Tel: [phone]

[ochs] 17/12/2019 10:49

Presumably most of the Turner Pope clients/investors would have sold into the market asap at near or above the placing price, so wouldn't be especially upset or bothered now? I doubt there was a lock in period.

[bishopawn] 17/12/2019 09:22

Turner Pope's clients/investors, who coughed up that £500,000 in autumn 2018 , will not be happy to learn how their money was squandered. Should be votes in the bag to oust them off the board.