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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Plutus Powergen Plc | LSE:PPG | London | Ordinary Share | GB00B1GDWB47 | ORD 0.01P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.025 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPPG
RNS Number : 3873G
Plutus PowerGen PLC
24 November 2020
24 November 2020
PLUTUS POWERGEN PLC
("Plutus", the "Group" or the "Company")
Reduction of Capital approved by the Court
Plutus today announces that the Reduction of Capital required to effect the demerger of Plutus Energy Limited was sanctioned by the Court on 24 November 2020.
The Company expects to file the Court Order with Companies House once it has received the stamped version of the Court Order. The Reduction of Capital will become effective following Companies House completing the registration of the documentation relating to the Reduction Capital and this is expected to occur within approximately two weeks as Companies House is not offering a same day service due to the COVID-19 pandemic. The Reduction of Capital is expected to become effective between 25 November 2020 and 9 December 2020.
Completion of the Proposals remains subject only to the Demerger becoming effective and admission of the Placing Shares and Debt Capitalisation to trading on AIM.
Pursuant to the previously announced Proposals, the Company has conditionally raised GBP600,000 (before expenses) through a placing of 3,000,000,000 new Ordinary Shares at a price of 0.02p per Ordinary Share and has undertaken a debt capitalisation which will result in the issue of 1,390,470,000 new Ordinary shares at a conversion price of 0.02p per new Ordinary Shares.
Application will be made to the London Stock Exchange for the 4,390,470,000 new Ordinary Shares pursuant to the Placing and Debt Capitalisation to be admitted to trading on AIM. The Company will be in a position to make the application to the London Stock Exchange once the Reduction of Capital has become effective. Further announcements will be made at the appropriate time on the timetable for Admission.
Effect of Proposals
Conditional on the Reduction of Capital becoming effective and the demerger of Plutus Energy Limited, the Company will become an AIM Rule 15 Cash Shell and, in accordance with Rule 15 of the AIM Rules, the Company will be required to make an acquisition, or acquisitions, which constitutes a reverse takeover under AIM Rule 14 (including seeking re-admission under the AIM Rules for Companies) within six months from becoming an AIM Rule 15 Cash Shell. Alternatively, within such time period, the Company can seek to become an investing company pursuant to AIM Rule 8, which requires, inter alia, the raising of at least GBP6 million and publication of an admission document. In the event that the Company does not complete a reverse takeover under AIM Rule 14 within such six month period or seek re-admission to trading on AIM as an investing company pursuant to AIM Rule 8 (either being, a "Re-admission Transaction"), the Company's ordinary shares would be suspended from trading pursuant to AIM Rule 40. Thereafter, if a Re-admission Transaction has not been completed within a further six month period, admission to trading on AIM of the Company's ordinary shares would be cancelled.
An updated timetable of events is set out below:
Existing Ordinary Shares marked "ex" entitlement for Demerger 25 November 2020 Reduction of Capital becomes effective* Between 25 November and 9 December 2020 Expected date of the completion of the Demerger* Between 27 November and 11 December 2020 Admission of the Placing Shares and Debt Capitalisation Shares to trading on AIM* 8.00 a.m. on between and 1 December and 11 December 2020 CREST stock accounts to be credited for the Placing Shares in uncertificated form* Between 1 December and 11 December 2020 Dispatch of share certificates in certificated form by no later than 18 December 2020
Shareholders are reminded that unless the counterparties specifically agree otherwise, a buyer of the Company's Ordinary Shares ahead of the Ex-Dividend date will assume the benefit to the Plutus Energy Limited shares subject to the Demerger and a seller, ahead of the Ex-Dividend date, would need to pass the benefit to the buyer, even if the seller is the recorded owner at the Demerger Record Date.
Further announcements will be made in due course.
Definitions in this announcement are consistent with those set out in the circular issued to Shareholders of the Company on 9 October 2020, a copy of which is available on the investor section of the Company's current website (http://www.plutuspowergenplc.com).
For further information, please contact:
Plutus PowerGen PLC Tel: +44 (0) 20 8720 Charles Tatnall, Executive Chairman 6562 James Longley, Interim CEO and Finance Director Allenby Capital ( Nominated Adviser and Tel: +44 (0)20 3328 5656 Joint Broker) Nick Athanas Nick Naylor James Hornigold Turner Pope Investments (TPI) Limited Tel: +44 ( 0) 20 3657 (Joint Broker) 0050 Andy Thacker St Brides Partners Limited (Financial Tel: +44 (0)20 7236 1177 PR) Cosima Akerman
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END
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(END) Dow Jones Newswires
November 24, 2020 12:42 ET (17:42 GMT)
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