We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 : 3064H
Plutus PowerGen PLC
14 November 2018
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Plutus PowerGen Plc / Ticker: PPG / Index: AIM
14 November 2018
PLUTUS POWERGEN PLC
("Plutus", the "Group" or the "Company")
Placing and Appointment of Joint Broker
Plutus PowerGen PLC (AIM: PPG), the AIM listed power company focused on the development and operation of flexible energy generation ("FlexGen") projects and gas powered generation sites ("peakers") in the UK, is pleased to announce that it has raised GBP500,000 gross through the issue of 83,333,333 ordinary shares of 0.1 pence each ("New Ordinary Shares") at an issue price of 0.6 pence per share (the "Issue Price") in a placing conducted by Turner Pope Investments ("TPI") Limited (the "Placing"). The net proceeds of the Placing will be utilised in the development of wholly owned gas peaker sites and for general working capital purposes.
The Company has a strong track record in the power generation arena, having already developed six operating 20MW FlexGen sites to date, and is making a strategic shift to the development of higher margin gas operations, in which it will hold higher equity interests. The Company has a substantial pipeline of over 300MW of gas assets and is also advancing two 20MW gas powered generation sites in-house which, it is estimated, will run on a merchant basis for between 1,250 and 2,500 hours per annum. Whilst these projects are well advanced and shortly due to enter planning, they require further working capital to complete. The Company is also aiming to pursue two further 20MW sites, which the Board estimates will cost between GBP600,000 and GBP1 million if acquired from a third party. Furthermore, the Company is issuing an additional 18,000,000 ordinary shares of 0.1 pence each, at the Issue Price, in lieu of fees.
The Issue Price represents a discount of 11.1 per cent. to the mid-market closing price of 0.0675 pence on 13 November 2018. The Placing is not being underwritten and is conditional only on admission of the New Ordinary Shares to trading on AIM ("Admission"). The Placing is being conducted pursuant to the existing authorities granted to the Directors of the Company at its annual general meeting on 1 November 2018 and therefore no further shareholder approval is required. The New Ordinary Shares represent approximately 12.3 per cent. of the Company's issued share capital as enlarged by the New Ordinary Shares.
Application will be made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM and it is expected that such Admission will occur at 8.00 a.m. on 28 November 2018. The New Ordinary Shares will be issued credited as fully paid and will rank in full for all dividends and other distributions declared, made or paid after Admission, respectively and will otherwise be identical to and rank on Admission pari passu in all respects with the existing ordinary shares of 0.1 pence ("Ordinary Shares"). The New Ordinary Shares are not being made available to the public and are not being offered or sold in or into any jurisdiction where it would be unlawful to do so.
Following Admission, the Company will therefore have 825,262,268 Ordinary Shares in issue, none of which will be held in treasury.
Appointment of Joint Broker
Turner Pope Investments ("TPI") Limited has been appointed as the Company's joint broker with immediate effect.
Plutus acting CEO James Longley said, "The Company will make significant savings developing sites in-house by pursuing this small placing and we will be able to offer greater returns to direct investors in the vehicles used for the 20MW gas sites. Additionally, there is a significant uplift to Plutus via the valuation of these sites once planning and site assembly is completed. We continue to work to secure the appropriate funding for our strong pipeline of sites and build a company that assists in alleviating the UK's current and forecast risk of an energy deficit."
**ENDS**
For further information, please visit www.plutuspowergen.com, or contact:
Charles Tatnall Plutus PowerGen Plc Tel: +44 (0) 20 8720 6562 David Foreman Cantor Fitzgerald Europe Tel: +44 (0) 207 894 7000 ------------------------- --------------------- Richard Salmond Cantor Fitzgerald Europe Tel: +44 (0) 207 894 7000 ------------------------- --------------------- Andy Thacker Turner Pope Tel: +44 (0) 20 3621 4120 ------------------------- --------------------- Isabel de Salis St Brides Partners Tel: +44 (0) 20 7236 Limited 1177 ------------------------- ---------------------
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 rns@lseg.com or visit www.rns.com.
END
MSCGGGBUGUPRURC
(END) Dow Jones Newswires
November 14, 2018 03:11 ET (08:11 GMT)
1 Year Plutus Powergen Chart |
1 Month Plutus Powergen Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions