REG - DG Innovate PLC - Result of AGM and Corporate Update

DG InnovateAnnouncement

02/07/2024 18:30

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RNS Number : 8776U  DG Innovate PLC  02 July 2024

2 July 2024

DG Innovate plc

("DG Innovate" or the "Company")

Result of AGM

 

Corporate Update

 

DG Innovate (LSE: DGI), the advanced research and development company
pioneering sustainable and environmentally considerate improvements to
electric mobility and energy storage, announces the results of voting on the
Resolutions put to its Annual General Meeting ("AGM") held earlier today. All
Resolutions put to Shareholders at the meeting were duly passed on a show of
hands.

Corporate Update

The Company is pleased to provide an update on recent progress across its
technical and commercial workstreams:

·   The Company's CEO Peter Bardenfleth-Hansen and CTO Pierre Pellerey
recently visited its proposed joint venture partner, EVage Motors, in Punjab,
India. Significant progress has been made on technical specifications for the
first Pareta® motors and the parties expect to sign the joint venture
agreement during the summer with a view to establishing production during
2025.

·      The Company is in the process of assembling and testing a
prototype 450kW Pareta® motor for delivery to its collaboration partner
Cummins-Meritor, for use in heavy commercial vehicles.

·      Initial prototypes for the previously announced joint development
agreement for Pareta® drives for novel heavy goods vehicle applications are
also being completed for testing and delivery to the Company's development
partner.

·    The Company continues to consider targeted acquisition opportunities
within the wider e-mobility space, which would allow it to further accelerate
its commercialisation strategy.

In addition, a new shareholder presentation will shortly be uploaded to the
Company's website: https://www.dgiplc.com (https://www.dgiplc.com)

Proxy Votes

The proxy votes received in respect of the resolutions at the AGM were as
follows:

                                                                                  For          %      Against     %     Withheld

 RESOLUTIONS
 Ordinary Resolutions
 1. To receive the Company's annual accounts for the year ended 31 December       728,845,277  99.99  22,103      0.01  463,301
 2023
 2. To approve the reappointment of PKF Littlejohn LLP as auditors and the        728,906,578  99.94  424,103     0.06  0
 Directors to fix their remuneration
 3. To re-elect Peter Bardenfleth- Hansen as a director                           728,465,414  99.99  1,966       0.01  863,301
 4. To re-elect Christian Eidem as a director                                     728,465,414  99.99  1,966       0.01  863,301
 5. To re-elect Jochen Rudat as a director                                        728,465,414  99.99  1,966       0.01  863,301
 6. That the Directors be authorised to allot shares and grant rights to          720,293,922  98.78  8,908,512   1.22  128,247
 subscribe for, or convert any security into, shares up to an aggregate nominal
 amount of £4,000,000
 Special Resolutions
 7. That the Directors be authorised to allot equity securities as if section     717,230,808  98.36  11,971,626  1.64  128,247
 561 of the Companies Act 2006 did not apply in connection with: (i) an offer
 of equity securities to the holders of ordinary shares in proportion to their
 respective holdings; and (ii) the allotment of equity securities up to an
 aggregate nominal amount of £2,000,000
 8. That the Directors be authorised to allot equity securities as if section     719,630,808  98.69  9,571,626   1.31  128,247
 561 of the Companies Act 2006 did not apply provided that such authority shall
 be limited to the allotment of equity securities up to an aggregate nominal
 amount of £2,000,000 for the purpose of Fnancing an acquisition or other
 capital investment

 

Capitalised terms not otherwise defined in this announcement have the same
meaning as ascribed to them in the circular to Shareholders dated 7 June 2024
and available on the Company's website at https://www.dgiplc.com/agm
(https://www.dgiplc.com/agm) .

 

For further information please contact:

 

 DG Innovate plc                                       C/O IFC
 Peter Bardenfleth- Hansen (CEO)

 Jack Allardyce (CFO)

 IFC Advisory (Investor Relations)                     020 3934 6630
 Tim Metcalfe

 Zach Cohen

 FGS Global (Public Relations)                         020 7251 3801
 Rollo Head

 Gordon Simpson

 Alessandro M Rubin

 Grant Thornton UK LLP (Financial Adviser)             020 7383 5100
 Samantha Harrison                                      

 Jamie Barklem

 Ciara Donnelly

 Cavendish Capital Markets Limited (Corporate Broker)  020 7220 0500
 Adrian Hadden / George Lawson (Corporate Finance)

About DG Innovate

 

DG Innovate is an advanced research and development company pioneering
sustainable and environmentally considerate improvements to electric mobility
and storage, using abundant materials and the best engineering and scientific
practices. DG Innovate is currently developing its products alongside a number
of major manufacturers across the transportation and energy sectors, research
institutions and the UK Government, and has filed numerous patents worldwide.
DG Innovate's current research and development activities are broadly split
into two areas, focusing on novel electric motor technologies and energy
storage solutions. Its two main products are:

 

- Enhanced Drive Technology (EDT) - High efficiency, cost-effective electric
motors + power electronics; and

- Enhanced Battery Technology (EBT) - Sodium-ion batteries offering a
sustainable energy storage solution at similar/greater energy density to
incumbent technologies at a lower cost, increased safety with lower
environmental footprint.

 

Further information may be found at: https://www.dgiplc.com
(https://www.dgiplc.com/)

 

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