REG - Active Energy Group - Board Changes

Active EnergyAnnouncement

27/01/2025 07:00

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RNS Number : 6984U  Active Energy Group PLC  27 January 2025

27 January 2025

Active Energy Group plc

 

("Active Energy" or the "Company")

 

Board Changes

 

Active Energy (AIM: AEG, OTCQB: ATGVF), the biomass-based renewable energy
Company, is pleased to announce the appointment of Mr. Paul Elliott as
Director, effective immediately. Additionally, Mr. Pankaj Rajani has joined
the Board as a Non-Executive Director, also effective immediately. James Leahy
remains as Non-Executive Chairman of the Company but has announced his
intention to resign as a director of the Company at the conclusion of the
forthcoming Annual General Meeting ("AGM") . Michael Rowan will temporarily
continue to serve on the Board as a Non-Executive Director after the
conclusion of the forthcoming AGM to facilitate a smooth transition.

Paul is a property developer and entrepreneur with over 30 years of experience
in the real estate industry. Starting his career at NatWest Bank, he
transitioned to property management, co-founding his own agency. Paul's keen
eye for potential and strategic investments led to the development, rental,
and sale of numerous properties, including commercial buildings and Victorian
conversions. His portfolio boasts successful turnarounds of distressed assets.

Pankaj qualified as a Chartered Accountant with KPMG in 1987 and has since
established an accountancy firm that delivers exceptional success for its
clients. As a founding partner of Macilvin Moore in 1990, Pankaj has played a
pivotal role in the firm's organic growth and the recent merger that led to
the formation of today's Macalvins. Pankaj excels in Corporate Finance
transactions, international trade, joint ventures, and investor relations.

AIM disclosures:

 

Paul Robert Elliott

 

The following information is disclosed relating to Mr. Paul Elliott pursuant
to rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies.

 

Paul Robert Elliott, aged 54 years, is or has been a director of the following
companies during the five years preceding the date of this announcement:

 

 Current directorships / partnerships         Past directorships / partnerships within the last five years
 22A, B & C Derby Road Management Co Ltd      Blue Dog Property 2 Ltd
 Aldpic Limited                               G4 Group Limited
 Astute Estates Ltd                           Hilton House Mgt Co Ltd
 St Elphin's (Darley Dale) Limited            Lex Dominus Ltd
 Wilmslow Road Developments Limited           Tipmain Limited
 Zen Ventures Ltd

On 1 November 2024, the Company announced it had received an injection of
£125,000 (the "Zen Loan") from Zen Ventures Limited ("Zen") on 15 October
2024 and a further £75,000 on 31 October 2024. 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"). Paul is a director and the ultimate
beneficial owner of Zen.

 

Paul Elliott was declared bankrupt in May 2008 and again in September 2014. On
both occasions, all creditors were fully repaid, and he was subsequently
discharged from each bankruptcy.

Paul was appointed as a director of Compare52 Ltd on 6 October 2015. The
company entered into a creditors' voluntary liquidation on 5 January 2017.
There were no secured or preferential creditors. Unsecured creditor claims
totalled approximately £125,000; no distribution was made to creditors. The
company was dissolved on 3 December 2019.

Paul was appointed as a director of Elliotts Vehicle Services Ltd on 26 August
2005. The company entered into a compulsory liquidation on 3 September 2008
and commenced winding up on 19 January 2009.

Paul was appointed as a director of St Elphin's (Darley Dale) Limited on 9
June 2004. The company entered into a creditors' voluntary liquidation on 29
April 2005. The insolvency case is ongoing at the time of this announcement.

Paul was appointed as a director of St Elphin's School Limited on 17 August
2004. The company entered administration on 17 April 2003 which was discharged
on 23 July 2009. The company also entered into a corporate voluntary
arrangement on 17 August 2004 which completed on 31 October 2005. Creditors
were due approximately £249,000 and a dividend was paid to all class of
creditors of 100 pence in the pound. The company was dissolved via compulsory
strike-off on 13 July 2010.

 

Pankaj Rajani

 

The following information is disclosed relating to Mr. Pankaj Rajani pursuant
to rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies.

 

Mr Pankaj Keshavlal Rajani, aged 63 years, does not hold any interest in
Active Energy Group plc and is or has been a director of the following
companies during the five years preceding the date of this announcement:

 

 Current directorships / partnerships                  Past directorships / partnerships within the last five years
 Annakut Limited                                       Elysian Fuels 7 LLP
 Boxerdome Limited                                     Bright Visions Group Limited
 Connect Property Limited                              CM Strategic 614 Limited
 Eightways Estates Limited                             CM Strategic 615 Limited
 Finzo Accontants Ltd                                  Coronex Ltd
 Finzo Company Ltd                                     Finzo Fit Ltd
 Finzo Ltd                                             Finzo Group Ltd
 Granite Mountain Limited                              Lomas Kingston Limited
 Hampstead Golf Club Limited                           Mazoe Road Ltd
 Macalvins Group Limited                               Performance Horse Management Ltd
 Macalvins Limited                                     Plutus (Ipswich) Limited
 Macilvin Moore Reveres Limited Liability Partnership  Tekkpro Limited
 Oceanie-Le-Ciel                                       Uniqum Services London Limited
 Plutus (Rye) Limited
 Plutus Estates (Braintree) Limited
 Plutus Estates Limited
 PSH Grosvenor Consultants LLP
 Staffa Rock plc
 Valtrust Capital (UK) Ltd
 Vuug Ltd

 

Pankaj was appointed as an LLP member of Elysian Fuels 7 LLP on 16 March 2012.
The company entered compulsory liquidation with winding-up proceedings
commencing on 7 March 2016. Elysian Fuels 7 LLP was among 33 LLPs placed into
administration. Consequently, HMRC, the sole creditor, agreed with the joint
liquidators to consolidate the LLPs into a single account, rather than
managing 33 separate accounts. Therefore, an individual joint liquidator
report for Elysian Fuels 7 LLP is not available. HMRC, as an unsecured
creditor, submitted claims across all LLPs totalling approximately £5.2
million. There were insufficient funds to distribute to creditors and the
company was dissolved on 16 July 2024.

The Board of Active Energy Group plc has approved this announcement and
authorised its release.

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

Enquiries:

 Active Energy Group Plc        Michael Rowan (Chief Executive Officer)                                        info@aegplc.com

                                James Leahy (Non-Executive Chairman)
 Zeus                           Antonio Bossi, Alexandra Campbell-Harris, Darshan Patel (Investment Banking)   Tel: +44 (0) 203 829 5000

 Nominated Adviser and Broker

 

 Website                                  LinkedIn                                                 'X'
 www.aegplc.com (http://www.aegplc.com/)  www.linkedin.com/in/active-energy-group-plc/            Active Energy Group (@aegplc) / X (https://x.com/aegplc)
                                          (http://www.linkedin.com/in/active-energy-group-plc/)

                                                                                                  @aegplc

 

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