REG - Electric Guitar PLC - Update on CVA,RTO and related party transaction

Electric GuitarAnnouncement

20/08/2025 15:30

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RNS Number : 1390W  Electric Guitar PLC  20 August 2025

20 August 2025

 

Electric Guitar PLC

("Electric Guitar" or the "Company")

 

Update on Company Voluntary Arrangement ("CVA") and proposed acquisition
("RTO") and

related party transaction ("RPT")

 

CVA update

 

The Company's CVA - that was approved by its creditors and members on 27 March
2025 - is now close to completion, awaiting only the final determination of
claims by its statutory preferential creditors which is expected shortly.
 Once agreed by the Company's CVA Supervisor, Antony Batty & Co, the pro
rata allocation and allotment of the total fixed pool of 236,782,175 new
ordinary shares to be issued pursuant to the CVA and announced on 27 March
2025 will be made.  A further announcement will be made at that time.

 

RTO update

 

The proposed RTO of the US energy company Dunbar Energy Inc. announced on 18
July 2025 is being actively progressed, with due diligence and other
workstreams being undertaken, and further announcements will be made as
appropriate.

 

Related Party Transaction

 

The Company has entered into an agreement with John Regan, a former director
who stepped down on 1 April 2025 and is therefore still a related party under
AIM Rules for Companies, to assist the Company in administering the processes
leading up to the proposed RTO and other matters, for a fee of £10,000, plus
up to £2,000 that would be self-financing and payable only if and when
received by the Company.

 

In particular, Mr Regan was directly involved in establishing the Company's
IT, ESG, and other corporate governance arrangements and procedures; its
relationships with certain service providers; and other matters that pre-dated
the tenure of the any of the Company's current directors.

 

In view of Mr Regan's personal knowledge of the Company's affairs, especially
those pre-dating that of any of the current directors, and resources needed
for administration of various matters, the directors of Electric Guitar
consider, having consulted with the Company's nominated adviser, that the
terms of the agreement with Mr Regan are fair and reasonable insofar as the
Company's  shareholders are concerned.

 

Contacts:

 

 Electric Guitar PLC                                                         info@electricguitarplc.com

 Richard Horwood

 Allenby Capital (Nominated Adviser and Joint Broker)                        020 3328 5656

 Jeremy Porter / Piers Shimwell / Dan Dearden-Williams (Corporate Finance)

 Amrit Nahal / Kelly Gardiner (Equity Sales & Corporate Broking)

 Novum Securities (Joint Broker)                                             020 7399 9425

 Jon Bellis / Colin Rowbury

 

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