RedT Energy PLC Result of EGM (4662I)

TIDMRED

RNS Number : 4662I

RedT Energy PLC

01 April 2020

THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 596/2014

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT IS RESTRICTED AND IT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR AUSTRALIA OR ANY OTHER STATE OR JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL

1 April 2020

redT energy plc

("redT" or "the Company")

Result of EGM

redT energy plc (AIM:RED), to be renamed Invinity Energy Systems plc (AIM:IES), is pleased to announce that at the Extraordinary General Meeting which took place at 11.00 a.m. today, all Resolutions were duly passed.

Upon Admission, the Merger between the Company and Avalon Battery Corporation will complete to form Invinity Energy Systems plc ("Invinity"), heralding the start of an exciting new chapter for the combined company.

Also, as a result of the Resolutions passed today, the Company's Ordinary Shares will be consolidated to form Consolidated Ordinary Shares at a rate of 1 Consolidated Ordinary Share for every 50 Ordinary Shares. On the Share Consolidation, all Shareholders will be rounded down to the nearest 50 Ordinary Shares, in contrast to the fractional entitlements previously stated.

The Company also wishes to provide an update to its announcement on 16 March 2020. Due to recent fluctuations in foreign exchange rates, the number of Conversion Shares that will be issued to Bushveld has been revised to 302,978,063 Ordinary Shares (pre-Share Consolidation). The additional shares will be allotted using the Directors' general authority to allot, pursuant to Resolution 4 passed today. These Conversion Shares will not be subject to lock-in arrangements, which is a correction to the information included in the Company's announcement on 16 March 2020.

Application has been made for a total of 69,567,788 Consolidated Ordinary Shares (comprising the Existing Ordinary Shares and the New Ordinary Shares on a post-consolidation basis) to be admitted to trading on AIM. It is expected that Admission of these Consolidated Ordinary Shares will become effective at 8.00 a.m. on 2 April 2020.

Capitalised terms used in this announcement shall have the same meanings given to them in the Admission Document sent to Shareholders on 13 March 2020.

Neil O'Brien, Chairman of the Company commented:

"I am delighted today that shareholders have approved this merger. redT and Avalon coming together to form Invinity is the result of a lot of hard work by both companies and it is now that we will see the opportunities begin to open up for Invinity's vanadium flow technology in a world that is going to need increasing amounts of energy storage as we move towards a renewable energy future. In uncertain times, we are very grateful for the support of shareholders in getting us to this point."

Result of the Resolutions:

The table below sets out the results of the poll from the Extraordinary General Meeting held today.

 
                  VOTES        %       VOTES        %        VOTES        VOTES 
                   FOR                 AGAINST               TOTAL       WITHHELD 
 Resolution 
  1            390,753,200   96.60   13,771,622    3.40   404,524,822     310,000 
              ------------  ------  -----------  ------  ------------  ---------- 
 Resolution 
  2            353,962,375   87.87   48,844,809   12.13   402,807,184   2,027,638 
              ------------  ------  -----------  ------  ------------  ---------- 
 Resolution 
  3            388,664,922   96.58   13,752,778    3.42   402,417,700   2,417,122 
              ------------  ------  -----------  ------  ------------  ---------- 
 Resolution 
  4            389,497,562   96.59   13,771,622    3.41   403,269,184   1,565,638 
              ------------  ------  -----------  ------  ------------  ---------- 
 Resolution 
  5            404,206,506   99.92      306,316    0.08   404,512,822     322,000 
              ------------  ------  -----------  ------  ------------  ---------- 
 Resolution 
  6            403,102,868   99.87      506,316    0.13   403,609,184   1,225,638 
              ------------  ------  -----------  ------  ------------  ---------- 
 Resolution 
  7            390,388,562   96.59   13,771,622    3.41   404,160,184     674,638 
              ------------  ------  -----------  ------  ------------  ---------- 
 Resolution 
  8            389,085,935   96.49   14,149,622    3.51   403,235,557   1,599,265 
              ------------  ------  -----------  ------  ------------  ---------- 
 

Enquiries :

 
 redT energy plc                                 [phone] 
 Larry Zulch, Chief Executive Officer 
  (with effect from Admission) 
  Neil O'Brien, Non-executive Chairman 
  (with effect from Admission) 
 Fraser Welham, Chief Financial Officer 
  Joe Worthington, Investor & Media Relations 
 
 Investec Bank plc (Nominated Adviser 
  and Broker)                                    [phone] 
 Jeremy Ellis / Chris Sim / Cassie Herlihy 
 VSA Capital Limited (Financial Adviser) 
  Andrew Raca / Simon Barton                     [phone] 
 
 VSA Capital Limited (Joint Broker) 
  Andrew Monk / David Scriven                    [phone] 
 
 Hudson Sandler (Financial PR) 
  Nick Lyon / Toby Andrews                       [phone] 
 

Notes to Editors

About redT energy plc

redT energy plc are experts in energy storage, specialising in the design, manufacture, installation and operation of energy storage infrastructure which creates revenue alongside reliable, low-cost renewable generation for businesses, industry and electricity distribution networks. Using patented vanadium redox flow technology to store energy in liquid, redT's own energy storage machines can be run continually with no degradation: charging and discharging for over 25 years, matching the lifespan of renewable assets in on-grid, off-grid and weak-grid settings.

redT's energy storage solutions, developed over the past 15 years, address today's changing energy market by providing a flexible platform for time shifting surplus renewable power, securing electricity supplies and earning revenue through grid services. The company has customers in the UK, Europe, sub-Saharan Africa, Australia and Asia Pacific. For more information, visit www.redTenergy.com

For sales, press or investor enquiries, please contact the redT team on [phone].

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.

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April 01, 2020 10:45 ET (14:45 GMT)