1 November 2024
Active Energy Group
plc
("Active Energy" or the "Company")
Financing update, board
changes
and
appointment of joint
broker
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 a financing update, board changes and the appointment of
a joint broker.
Financing update
On 15 October 2024 the Company
announced that it had received an injection of £125,000 (the
"Zen Loan") from Zen
Ventures Limited ("Zen").
The proceeds of the Zen Loan are being used, inter alia, 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 continues to progress on the audit of the
FY 2023 results and the preparation of the HY 2024 interim results,
and the Board remain confident both will be completed and announced
in December 2024.
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 pursuant to AIM Rule 18 until
the Company has published its 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.
On 31 October 2024 the Company and
Zen agreed that Zen will advance a further £75,000 to the
Company. Following this advance the funds advanced by
Zen to the Company total £200,000. Zen and the Company have agreed
that this amount will be used by Zen to subscribe for £200,000 of
new loan notes issued by the Company (the "Loan Notes"). £27,616.02 of the
Loan Notes will be convertible into 29.9 per cent of the Company's
issued share capital, as enlarged by such conversion, at a price of
£0.0004 per new ordinary share (the "Convertible"). The balance of the
Loan Notes (being £172,383.98) will not be convertible into new
shares in the Company at this time.
The Loan Notes, which are subject to
the terms of the loan note instrument dated 31 October 2024,
have a duration to 31 December 2024, are secured on the
assets of the Company and do not carry a coupon (but will incur
default interest of 8%). The Convertible shall, subject to
appropriate shareholder approvals, mandatorily convert into new
ordinary shares in the Company 31 December 2024.
The Company intends, in due course,
to send shareholders a circular seeking approval, inter alia, to obtain shareholder
approval to issue new ordinary shares pursuant to the conversion of
the Convertible.
Board changes
Max Aitken and Jason Zimmerman (both
non-executive directors of the Company) have agreed to step down
from the Board of Active Energy with immediate effect. Pursuant to
the terms of the loan note instrument Zen has the ability to
appoint two representatives to the Board following completion of
satisfactory due diligence by the Company's nominated adviser.
Further announcements on board appointments will be made as
appropriate.
Appointment of Zeus Capital Limited
as joint broker to the Company
The Company announces the
appointment of Zeus Capital Limited as the Company's joint broker
with immediate effect.
Enquiries:
|
Active Energy Group Plc
|
Michael Rowan (Chief
Executive Officer)
James
Leahy (Non-Executive
Chairman)
|
info@aegplc.com
|
|
Allenby Capital Limited
Nominated Adviser and Joint Broker
|
Nick
Naylor/James Reeve/Daniel
Dearden-Williams (Corporate
Finance)
Amrit Nahal (Sales/Corporate Broking)
|
Tel: +44 (0) 203 328 5656
|
|
Zeus
Joint Broker
|
Antonio Bossi, Alexandra Campbell-Harris
(Investment Banking)
|
Tel: +44 (0) 203 829 5000
|