Active Energy Group PLC Company update
15 Octubre 2024 - 1:00AM
RNS Regulatory News
RNS Number : 1408I
Active Energy Group PLC
15 October 2024
15 October 2024
Active Energy Group
plc
("Active Energy" or the "Company")
Company update
Active Energy (AIM: AEG, OTCQB: ATGVF), the
biomass-based renewable energy company focused on the production
and development of next generation biomass products, today
announces an update following the Company's general meeting held on
22 July 2024. At that general meeting, the resolutions
proposed to, inter alia, cancel trading in the Company's ordinary
shares on AIM and place the Company into a members' voluntary
liquidation were not approved by the Company's
shareholders.
Since the general meeting, the
Company's board (the "Board") has reflected on the result of
the general meeting and engaged with a number of the Company's
shareholders. The Company continues to explore ways to
commercialise its proprietary CoalSwitch®
technology. CoalSwitch® fuel
is a leading drop-in biomass renewable fuel that
can be blended and co-fired with coal at any ratio without
requiring significant plant modification or wholly replacing
existing biomass fuels.
The Company has recently received an
injection of funds by way of an interest free unsecured loan (the
"Zen Loan") of £125,000
from Zen Ventures Limited ("Zen"). The Zen Loan will be used
primarily to fund the completion of the Company's audit for
the year ended 31 December 2023 ("FY 2023") and completion of the
unaudited interim results for the six months ended 30 June 2024
("HY 2024"). Work is
progressing on the audit of the FY 2023 results and the preparation
of the HY 2024 interim results, and the Board are confident both
will completed and announced in December 2024.
It is
intended by both parties that the Zen Loan will become convertible
into new ordinary shares in the Company (on terms to be agreed) but
if such terms are not agreed by 31 October 2024, or such other date
as agreed by the Company and Zen, then £50,000 of the outstanding
Zen Loan will be treated as a non-refundable deposit paid by Zen to
the Company. Further announcements will be made in due
course. Any conversion of the Zen Loan into new ordinary shares in
the Company will be conditional, inter alia, on shareholder approval
for the issue of such shares and a Rule 9 waiver pursuant to the
Takeover Code. Further announcements will be made in due
course.
The
Company's ordinary shares, which were suspended from trading on AIM
on 1 July 2024, will remain suspended from trading on AIM
pursuant to AIM Rule 19, until the Company
has published and posted its FY 2023 annual report and accounts and
HY 2024 interim results, at which point the Board hope that trading
in the Company's ordinary shares on AIM will be restored. In
the event that the FY 2023 annual report and accounts and the H1
2024 interim results have not been published within six months of
the date of suspension, then trading in the Company's ordinary
shares on AIM will be cancelled.
Enquiries:
Active Energy Group Plc
|
Michael Rowan (Chief
Executive Officer)
James
Leahy (Non-Executive
Chairman)
|
info@aegplc.com
|
Allenby Capital Limited
Nominated Adviser and Broker
|
Nick
Naylor/James Reeve/Daniel
Dearden-Williams (Corporate
Finance)
Amrit Nahal (Sales/Corporate Broking)
|
Office: +44 (0)20 3328
5656
|
Camarco
Financial PR Adviser
|
Tom
Huddart / Emily Hall / Lily Pettifar
|
aeg@camarco.co.uk
Office: +44 (0)20 3757
4980
|
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END
UPDFFSFALELSELS
Active Energy (LSE:AEG)
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Active Energy (LSE:AEG)
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