RedT Energy PLC Result of General Meeting (6497V)

TIDMRED

RNS Number : 6497V

RedT Energy PLC

09 April 2019

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

9 April 2019

redT energy plc ("redT" or "the Company")

Result of General Meeting

redT energy plc (AIM:RED), the energy storage solutions company, is pleased to announce that at the extraordinary general meeting of the Company, held earlier today, the resolution proposed (the "Resolution") was duly passed. It is expected that Admission of the New Ordinary Shares to be issued pursuant to the Fundraising will become effective at 8.00 a.m. on Wednesday, 10 April 2019.

In the announcement on 14 March 2019 the Company stated that "a Fundraise of at least GBP1.5m proceeds (before expenses) from the Placing and Open Offer should fund the business for at least the next four to six months, depending on when divestment of the USA business completes". The recent completion of the divestment of its USA business and the GBP3.2m (before expenses) raised today should now fund the business into December 2019 and enable the Strategic Review process to be completed.

Capitalised terms used in this announcement shall have the same meanings given to them in the Circular posted to Shareholders on 19 March 2019.

For further information, please contact:

 
 redT Energy plc 
  Neil O'Brien, Executive Chairman 
  Fraser Welham, Chief Financial Officer 
  Joe Worthington, Investor & Media Relations    [phone] 
 VSA Capital Limited (Financial Adviser) 
  Andrew Raca / Simon Barton                     [phone] 
 VSA Capital Limited (Broker) 
  Andrew Monk                                    [phone] 
 Investec Bank plc (Nominated Adviser 
  and Joint Broker) 
  Jeremy Ellis / Alexander Ruffman               [phone] 
 Celicourt Communications (Financial PR) 
  Mark Antelme / Jimmy Lea / Ollie Mills         [phone] 
 

Notes to Editors

About redT energy

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. redT energy plc is listed on the London Stock Exchange (AIM:RED) and has experts located in the UK, Europe, Australia, Africa, Asia and the USA. For more information, visit www.redTenergy.com

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

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise.

The distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.

MAR

The information contained within this announcement is considered by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No.596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information will be considered to be in the public domain.

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 09, 2019 08:11 ET (12:11 GMT)