REG - AMTE Power PLC - Posting of subscription general meeting circular

Amte PowerAnnouncement

04/12/2023 15:45

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RNS Number : 6084V  AMTE Power PLC  04 December 2023

4 December 2023

 

AMTE Power Plc

("AMTE Power" or the "Company")

Posting of subscription general meeting circular

 

AMTE Power plc (AIM: AMTE), a leading UK developer and manufacturer of battery
cells for specialist markets, announces that, further to the announcement made
earlier today regarding the proposed Placing and Convertible Loan Facility
(the "Previous Announcement"), the circular convening the general meeting to
approve, inter alia, the Subscription is being posted to Shareholders and will
be available to be viewed on the Company's website at
(file:///C:/Users/ed.nisbet/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/ZB6FT97V/at)
www.amtepower.com (http://www.amtepower.com) later today.

The Circular outlines the timetable for the Subscription. Extracts from the
timetable are included below:

                                                                           2023
 Latest time and date for receipt of Form of Proxy                         10.00 a.m. on 18 December
 General Meeting                                                           10.00 a.m. on 20 December
 Admission and commencement of dealings in the Subscription Shares on AIM  8.00 a.m. on 21 December

Notes:

1.      Each of the times and dates above are indicative only and are
subject to change. If any of the above times and/or dates change, the revised
times and/or dates will be notified by the Company to the Shareholders by
announcement through a regulatory information service.

2.      All of the above times refer to London time unless otherwise
stated.

3.      The admission and commencement of dealings in the Subscription
Shares on AIM are conditional on, inter alia, the passing of the Resolutions
at the General Meeting.

 

In addition to matters set out in the Previous Announcement, the circular
contains further information concerning Pinnacle and the Subscription and also
also states that:

·    in order to give effect to certain provisions of the Subscription
Agreement as well as removing the limit of the number of Directors which can
be appointed, the Company is required to adopt a new set of articles of
association. A Resolution has therefore been proposed at the Subscription
General Meeting that the Company adopts New Articles; and

·    each of the Directors who holds, or whose connected persons holds,
Ordinary Shares has entered into an irrevocable undertaking in favour of the
Company dated 4 December 2023 to vote in favour of the Resolutions in respect
of all of the Existing Ordinary Shares held (legally or beneficially) by him
or her, amounting in aggregate to 2,310,429 Ordinary Shares, representing
1.39  per cent. of the Existing Ordinary Shares.

The Resolutions must be passed by Shareholders at the Subscription General
Meeting in order for the Subscription to proceed. If the Resolutions are not
passed, AMTE Power would need to consider the options available to it in terms
of alternative sources of funding. It may be that such sources would not be on
terms as favourable to Shareholders as the Subscription. Further, there is no
guarantee that alternative sources could be found. If such an alternative
source of funding cannot be found, AMTE Power expects that it would only have
sufficient cash to fund its activities until late-December 2023. In such
circumstances, Shareholders may lose the entire value of their current
shareholdings.

The Subscription Agreement remains conditional, inter alia, upon:

•           Pinnacle being satisfied with the conclusion of its
continuing due diligence enquiries; and

•           the resolutions to be proposed at the general meeting
to approve the Subscription (which shall include the Rule 9 Waiver) being
passed.

The Placing Agreement now remains conditional only upon:

•           admission to trading on AIM of the Placing Shares
becoming effective; and

•           the Placing Agreement between the Company and the
Joint Bookrunners not being terminated in accordance with its terms.

It is anticipated that admission of the Placing Shares will take place at 8.00
a.m. on Tuesday 5 December 2023.

The Convertible Loan Facility remains conditional  upon the Subscription
Agreement not being terminated.

 

Capitalised terms used but not otherwise defined in this announcement shall
have the meanings ascribed to such terms in the Previous Announcement, unless
the context requires otherwise.

 

Enquiries

 AMTE Power plc                                       +44 (0)1847 867 200
 Alan Hollis (Chief Executive Officer)

 Anita Breslin (Chief Financial Officer)

 WH Ireland (NOMAD and Joint Broker)                  +44 (0)207 220 1666
 Chris Fielding / James Bavister (Corporate Finance)
 Fraser Marshall (Corporate Broking)

 Camarco (Financial PR)                               +44 (0)203 757 4992 / 4981
 Ginny Pulbrook / Rosie Driscoll

 

About AMTE Power

AMTE Power was founded in 2013 and is a leading UK developer and manufacturer
of lithium-ion and sodium-ion battery cells for specialist markets. In March
2021, the Company was admitted to trading on the AIM market of the London
Stock Exchange. The Company is focused on launching a series of next
generation battery cells based on new chemistries and cell structures that are
designed to solve key problems in power delivery, energy performance, and
safety. These new products are targeted at a range of specialist markets
including the electric vehicle industry and energy storage sector.

AMTE Power's purpose-built cell manufacturing facility in Thurso, Scotland has
the second largest cell manufacturing capacity in the UK and the Company also
has a product development team based in Oxford. AMTE's proposed gigafactory in
Dundee, Scotland is expected to be capable of producing over 8 million battery
cells per annum enabling the Company to rapidly scale up cell production.

For further information visit the Company's website:  www.amtepower.com
(http://www.amtepower.com)

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