Plutus PowerGen PLC Reduction of Capital approved by the Court (3873G)
24 Noviembre 2020 - 11:42AM
UK Regulatory
TIDMPPG
RNS Number : 3873G
Plutus PowerGen PLC
24 November 2020
24 November 2020
PLUTUS POWERGEN PLC
("Plutus", the "Group" or the "Company")
Reduction of Capital approved by the Court
Plutus today announces that the Reduction of Capital required to
effect the demerger of Plutus Energy Limited was sanctioned by the
Court on 24 November 2020.
The Company expects to file the Court Order with Companies House
once it has received the stamped version of the Court Order. The
Reduction of Capital will become effective following Companies
House completing the registration of the documentation relating to
the Reduction Capital and this is expected to occur within
approximately two weeks as Companies House is not offering a same
day service due to the COVID-19 pandemic. The Reduction of Capital
is expected to become effective between 25 November 2020 and 9
December 2020.
Completion of the Proposals remains subject only to the Demerger
becoming effective and admission of the Placing Shares and Debt
Capitalisation to trading on AIM.
Pursuant to the previously announced Proposals, the Company has
conditionally raised GBP600,000 (before expenses) through a placing
of 3,000,000,000 new Ordinary Shares at a price of 0.02p per
Ordinary Share and has undertaken a debt capitalisation which will
result in the issue of 1,390,470,000 new Ordinary shares at a
conversion price of 0.02p per new Ordinary Shares.
Application will be made to the London Stock Exchange for the
4,390,470,000 new Ordinary Shares pursuant to the Placing and Debt
Capitalisation to be admitted to trading on AIM. The Company will
be in a position to make the application to the London Stock
Exchange once the Reduction of Capital has become effective.
Further announcements will be made at the appropriate time on the
timetable for Admission.
Effect of Proposals
Conditional on the Reduction of Capital becoming effective and
the demerger of Plutus Energy Limited, the Company will become an
AIM Rule 15 Cash Shell and, in accordance with Rule 15 of the AIM
Rules, the Company will be required to make an acquisition, or
acquisitions, which constitutes a reverse takeover under AIM Rule
14 (including seeking re-admission under the AIM Rules for
Companies) within six months from becoming an AIM Rule 15 Cash
Shell. Alternatively, within such time period, the Company can seek
to become an investing company pursuant to AIM Rule 8, which
requires, inter alia, the raising of at least GBP6 million and
publication of an admission document. In the event that the Company
does not complete a reverse takeover under AIM Rule 14 within such
six month period or seek re-admission to trading on AIM as an
investing company pursuant to AIM Rule 8 (either being, a
"Re-admission Transaction"), the Company's ordinary shares would be
suspended from trading pursuant to AIM Rule 40. Thereafter, if a
Re-admission Transaction has not been completed within a further
six month period, admission to trading on AIM of the Company's
ordinary shares would be cancelled.
An updated timetable of events is set out below:
Existing Ordinary Shares marked "ex" entitlement
for Demerger 25 November 2020
Reduction of Capital becomes effective* Between 25 November
and 9 December
2020
Expected date of the completion of the Demerger* Between 27 November
and 11 December
2020
Admission of the Placing Shares and Debt Capitalisation
Shares to trading on AIM* 8.00 a.m. on
between and 1
December and
11 December 2020
CREST stock accounts to be credited for the Placing
Shares in uncertificated form* Between 1 December
and 11 December
2020
Dispatch of share certificates in certificated
form by no later than 18 December 2020
Shareholders are reminded that unless the counterparties
specifically agree otherwise, a buyer of the Company's Ordinary
Shares ahead of the Ex-Dividend date will assume the benefit to the
Plutus Energy Limited shares subject to the Demerger and a seller,
ahead of the Ex-Dividend date, would need to pass the benefit to
the buyer, even if the seller is the recorded owner at the Demerger
Record Date.
Further announcements will be made in due course.
Definitions in this announcement are consistent with those set
out in the circular issued to Shareholders of the Company on 9
October 2020, a copy of which is available on the investor section
of the Company's current website
(http://www.plutuspowergenplc.com).
For further information, please contact:
Plutus PowerGen PLC Tel: +44 (0) 20 8720
Charles Tatnall, Executive Chairman 6562
James Longley, Interim CEO and Finance
Director
Allenby Capital ( Nominated Adviser and Tel: +44 (0)20 3328 5656
Joint Broker)
Nick Athanas
Nick Naylor
James Hornigold
Turner Pope Investments (TPI) Limited Tel: +44 ( 0) 20 3657
(Joint Broker) 0050
Andy Thacker
St Brides Partners Limited (Financial Tel: +44 (0)20 7236 1177
PR)
Cosima Akerman
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END
MSCUSSBRRRUAUAA
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November 24, 2020 12:42 ET (17:42 GMT)
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