TIDMPHE 
 
6 April 2016 
 
                          PowerHouse Energy Group plc 
 
                        ("PowerHouse" or the "Company") 
 
                       Update on RenewMe and Suspension 
 
In a regulatory announcement released on 1 April 2016 by the Company, but 
drafted by its outgoing nominated adviser Allenby Capital Limited ("Allenby"), 
it was stated that the Company had received "a claim" from RenewMe Limited 
("RenewMe").  That statement, made by Allenby, was factually incorrect. 
 
As announced on 3 March 2014, PowerHouse and RenewMe entered into a settlement 
agreement.  That agreement was not completed because the sum of EUR211,000 
remains payable under that agreement.  The liability and the reasons for it 
were specifically noted in note 9 of the Company's audited accounts for the 
year ended 31 December 2014 (as announced on 30 June 2015).  The Company has 
had a number of amicable conversations with RenewMe about settling this 
liability.  In February 2016 the Company and RenewMe had further, confidential 
discussions at which an, in principle, agreement was reached to settle the 
liability in new shares in the Company, at a no-cash cost to the Company.  It 
is these negotiations that Allenby deemed fit to characterize as a claim, 
notwithstanding that (a) the liability had been disclosed in the Company's 
audited accounts (as announced) (b) the confidential negotiations were ongoing, 
amicable, and not finalized and (c) no formal claim has been made and no legal 
proceedings having been issued. 
 
The Directors are aware that the announcement made on 1 April 2016 has caused 
significant disquiet among shareholders.  The Directors remain committed to 
finalising terms with RenewMe without the Company incurring a cash cost and to 
the appointment of a new Nominated Adviser, which they are actively pursuing. 
Shareholders should note that if within one month of the Company's suspension 
it has failed to appoint a replacement Nominated Adviser, the admission of the 
Company's securities will be cancelled from AIM. 
 
The Company additionally announces that final testing has resumed on the G3-UHt 
System in Brisbane, Australia and a further announcement regarding the results 
will be forthcoming in the coming weeks. 
 
For additional information please contact 
 
PowerHouse Energy Group plc 
 
Keith Allaun                             +1 352 226 8644/ +1 352 359 0911 
 
Vicarage Capital Limited (Joint Broker 
 
Jeremy Woodgate                          +44 (0) 20 3651 2910 
 
 
 
END

(END) Dow Jones Newswires

April 06, 2016 02:00 ET (06:00 GMT)

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