REG - Active Energy Group - Result of General Meeting

Active EnergyAnnouncement

29/12/2021 10:35

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RNS Number : 9477W  Active Energy Group PLC  29 December 2021

Active Energy Group Plc / EPIC: AEG / Sector: Alternative Energy

 

29 December 2021

 

Active Energy Group Plc

('Active Energy', or the 'Company')

 

Result of General Meeting, changes to director and substantial shareholder
shareholdings and Total Voting Rights

 

Active Energy, the London AIM-quoted renewable energy business focused on the
production of next generation energy pellets, announces that at the General
Meeting held earlier today, all resolutions were duly passed, and therefore
the Conditional Fundraising and Subscription, announced on 9 December 2021,
have been approved by Shareholders.

 

Michael Rowan, CEO of Active Energy, said:

"We would like to thank shareholders for their ongoing support of AEG as we
deliver on the commercial viability and scalability of CoalSwitch™
technology. Operations are continuing at pace, with the permit application
process in Ashland, Maine well underway. We look forward to the New Year with
optimism as we deliver on our strategy of producing next generation energy
pellets."

The proxy voting results for the resolutions are copied below:

 

  Resolution                                                                  Votes For      % of votes cast    Votes Against  % of votes cast  Votes Withheld*  Total votes cast*
 1. Conditional on the passing of Resolution 2, to authorise the              1,389,332,786  98.77%             17,306,107     1.23%            3,671,247        1,406,638,893
 Directors to issue or grant rights in respect of New Ordinary Shares up to

 1,078,158,001.
 2. Conditional on the passing of Resolution 1, to authorise the              1,387,845,264  98.66%             18,793,629     1.34%            3,671,247        1,406,638,893
 Directors to issue or grant rights in respect of the New Ordinary

 Shares on a non-pre-emptive basis
 3. Conditional on the passing of Resolution 4, to authorise the              1,209,668,486  86.00%             196,970,407    14.00%           3,671,247        1,406,638,893
 Directors to issue or grant rights in respect of new ordinary shares

 up to 1,869,519,216

 4. Conditional on the passing of Resolution 3, to authorise the              1,206,516,140  85.77%             200,122,753    14.23%           3,671,247        1,406,638,893
 Directors to issue or grant rights in respect of the new ordinary

 shares on a non-pre-emptive basis

 

Resolutions 1 and 3 were proposed as ordinary resolutions and resolutions 2
and 4 were proposed as special resolutions.

 

*Votes "Withheld" are not votes in law and do not count in the number of votes
counted for or against a resolution.

 

Pursuant to the Conditional Fundraising and Subscription, application has been
made for the admission of 1,078,158,001 New Ordinary Shares to trading on AIM.
In addition, the Company has become aware that the number ordinary shares of
0.01p each in the Company (the "Ordinary Shares") that are currently in issue
exceeds the number of Ordinary Shares for which applications have been made
for admission to trading on AIM by one Ordinary Share.  As a result, the
Company has applied for the additional Ordinary Share to be admitted to
trading on AIM at the same time as the admission of the 1,078,158,001 New
Ordinary Shares to trading on AIM (together "Admission").

 

It is expected that Admission will take place at 8.00 a.m. on or around 30
December 2021, subject to the Placing Agreement becoming fully unconditional
save only for the condition as to Admission.

 

Changes to director and substantial shareholder shareholdings

Certain directors of the Company subscribed for an aggregate of 30,500,000 New
Ordinary Shares pursuant to the Fundraising. Their shareholdings as they will
be on Admission are set out below:

 

 Director                                  Ordinary Shares held on Admission  Percentage of issued share capital held on Admission
 Michael Rowan, Chief Executive Officer    27,486,250                         0.49%
 James Leahy, Non-Executive Chairman       20,000,000                         0.35%
 Jason Zimmermann, Non-Executive Director  4,461,500                          0.08%
 Andrew Diamond, Finance Director          3,000,000                          0.05%
 Max Aitken, Non-Executive Director        4,000,000                          0.07%

 

On Admission, Gravendonck Private Foundation ("Gravendonck"), a substantial
shareholder in the Company, will have an interest in 716,942,300 Ordinary
Shares, representing 12.66% of the Company's issued share capital.

 

Total Voting Rights

 

On Admission, the Company will have 5,665,209,745 Ordinary Shares in issue,
each with one voting right.  There are no shares held in treasury. Therefore,
the Company's total number of Ordinary Shares and voting rights is
5,665,209,745.

 

The above figure of 5,665,209,745 Ordinary Shares may be used by shareholders
from Admission as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a change to
their interest in, the Company under the FCA's Disclosure Guidance and
Transparency Rules.

 

Defined terms used in this announcement shall have the same meaning as in the
announcement of 9 December 2021 unless otherwise defined herein.

 

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) 596/2014.

 

Enquiries:

 

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

                                      Andrew Diamond (Chief Financial Officer)

 Allenby Capital Limited              Nick Naylor / James Reeve (Corporate Finance)                              +44 (0)20 3328 5656

 Nominated Adviser and Joint Broker

                                      Amrit Nahal (Sales and Corporate Broking)

 Panmure Gordon & Co                  John Prior / James Sinclair-Ford / Harriette Johnson (Corporate Finance)   +44 (0)20 7886 2500

 Joint Broker

                                      Hugh Rich (Corporate Broking)

 Camarco                              Gordon Poole / Tom Huddart / Emily Hall                                    aeg@camarco.co.uk

 Financial PR Adviser                                                                                            +44 (0)20 3757 4980

 

About Active Energy Group

 

Active Energy Group plc is a London listed (AIM: AEG) renewable energy company
that has developed a proprietary technology which transforms low-cost biomass
material into high-value green fuels. Its patented product CoalSwitch™ is
the world's only drop-in biomass fuel that can be mixed at any ratio with coal
or completely replace coal in existing coal-fired power stations without
requiring significant plant modification. Active Energy Group's immediate
strategic focus is the production and commercialisation of CoalSwitch™.

 

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