PHE Powerhouse Energy Group Plc

 
TIDMPHE 
 
Powerhouse Energy Group plc 
 
                        ("Powerhouse" or the "Company") 
 
19 March 2021 
 
     Placing of shares with institutional investors and Deed of Variation 
 
Powerhouse Energy Group plc (AIM: PHE), the UK technology 
company commercialising hydrogen production from waste plastic, is pleased to 
announce that its broker, Turner Pope Investments (TPI) Limited ("TPI") has 
placed 141,888,183 existingordinary shares of 0.5p each in the Company at a 
placing price of 4.8p (the "Placing") with a number of institutional investors 
and high net worth clients of TPI. The Placing comprised shares issued by the 
Company to the vendors of Waste2Tricity Limited ("W2T") and represent more than 
half of the W2T consideration shares held outside the Powerhouse Board and the 
White family concert party. 
 
The Board of Powerhouse believes that the Placing has removed a potential share 
sale overhang and will strengthen the Company's institutional and long-term 
shareholder base, a key part of the Company's investor relations strategy. Over 
75% of the shares comprised in the Placing have been acquired by 1798 Volantis 
Fund Ltd. 
 
To facilitate the Placing, a deed of variation was entered into on 18 March 
2021 by the Company, TPI and the parties to a lock-in agreement entered into in 
connection with the acquisition of W2T (the "Deed of Variation"). The Deed of 
Variation permits the locked-in parties listed below to dispose of the shares 
held by them comprising the Placing prior to the expiry of the lock-in period. 
Details of the original W2T lock-in agreement were set out in the Company's 
circular to shareholders dated 26 June 2020. 
 
The details of the selling locked in parties and the number of Powerhouse 
ordinary shares sold by them are as follows: 
 
Locked-In Party            Number of Locked-In Shares 
                           placed 
 
John Hall                  114,046,647 
 
Peter Jones OBE            26,187,583 
 
Paul Heagren               1,653,953 
 
Following the Placing, Tim Yeo, executive chairman of the Company, said 
 
"I am delighted that TPI have been able to place these Powerhouse shares with a 
significant institutional shareholder and a small number of other investors. 
This materially advances the Board's strategy of strengthening our long-term 
investor base. 
 
It also pre-empts a potential share sale overhang when the hard lock-in period 
expires in July. All locked-in shareholders were offered the chance to sell and 
the substantial majority chose not to do so, thereby demonstrating their 
confidence in the Company's future prospects." 
 
                                    -ENDS- 
 
For more information, contact: 
 
Powerhouse Energy Group plc             Tel: +44 (0) 203 368 
                                        6399 
 
Tim Yeo, Executive Chairman 
 
WH Ireland Limited (Nominated Adviser)  Tel: +44 (0) 207 220 
                                        1666 
 
James Joyce/ Lydia Zychowska 
 
Turner Pope Investments Ltd (Joint      Tel: +44 (0) 203 657 
Broker)                                 0050 
 
Andrew Thacker/Zoe Alexander 
 
SisterSmith PR (media enquiries) 
Becca Smith                             Mob: +44 (0) 7766522305 
 
Notes for editors: 
 
About Powerhouse Energy Group plc 
 
Powerhouse, the sustainable hydrogen company, has developed a proprietary 
process technology - DMG® - which can utilise waste plastic, end-of-life-tyres, 
and other waste streams to efficiently and economically convert them into 
syngas from which valuable products such as chemical precursors, hydrogen, 
electricity and other industrial products may be derived. Powerhouse's 
technology is one of the world's first proven, distributed, modular, hydrogen 
from waste (HfW) process. 
 
The Powerhouse DMG® process can generate up to 2 tonnes of road-fuel quality 
hydrogen and more than 58MWh of exportable electricity per day. 
 
Powerhouse's process produces low levels of safe residues and requires a small 
operating footprint, making it suitable for deployment at enterprise and 
community level. As announced on 11th February 2020 under its Supplemental 
Agreement with Peel Environmental, Powerhouse will receive an annual license 
fee of GBP500,000 in respect of each project which is commissioned. 
 
Powerhouse is quoted on the London Stock Exchange's AIM Market under the 
ticker: PHE and is incorporated in the United Kingdom. 
 
For more information see www.powerhouseenergy.net 
 
 
 
END 
 
 

(END) Dow Jones Newswires

March 19, 2021 03:09 ET (07:09 GMT)

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