REG - Hydrogen Cap Gwth - Suspension of Listing and Company Update

Hydrogen Capital GrowthAnnouncement

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RNS Number : 8656Z  Hydrogen Capital Growth PLC  18 September 2025

LEI: 213800PMTT98U879SF45

 

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE,
PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN
OR INTO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA,
JAPAN, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA OR ANY JURISDICTION IN
WHICH IT WOULD BE UNLAWFUL TO DO SO.

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

 

18 September 2025

 

 

Hydrogen Capital Growth plc

('HGEN' or the 'Company')

 

Suspension of listing and Company update

 

HGEN, the first London-listed fund investing in clean hydrogen today announces
a temporary suspension to the listing and trading of the Company's ordinary
shares.

 

Background

On 30 July 2025, the Company announced the appointment of RWC Asset Management
LLP ('Redwheel') as Investment Adviser to the Company and Global Fund
Management Services Limited ('GFM'), part of the NSM Group, as AIFM. This was
against the backdrop of the Board's prior stated recognition that the status
quo could not continue and that it was reviewing the Company's options in the
best interests of shareholders.

 

Following the appointment, the team at Redwheel immediately set to work on
meeting the Company's portfolio holdings and obtaining all the information
necessary to properly evaluate the position of each of the Company's
investments. To assist with this, shortly following the change of Investment
Adviser, the Board requested the handover of all key materials relating to
HGEN's portfolio from the previous investment adviser, in accordance with its
obligations under the previous investment advisory agreement.

 

However, delays in the provision of information, as well as material
developments in certain of the Company's portfolio investments, which have
come to light in recent weeks, have significantly hampered the ability of
Redwheel, GFM and the Board to progress the valuation process in conjunction
with the independent valuer, which was appointed shortly after the change of
investment adviser.

 

Delay in valuation process and release of interim financial report

It has become clear that the previously announced timeline for publishing the
Net Asset Value ('NAV') as at 30 June 2025 by the end of September 2025 will
no longer be achievable.

 

Redwheel, GFM and the Board are working together at speed to assess the
information currently available and pursue all information which remains
outstanding. There is, however, a comprehensive assessment to complete with
the independent valuer once all of the required information has been obtained
and the current expectation is that the Company will not be in a position to
publish the NAV as at 30 June 2025 until at least late October 2025.

 

This also means that the Company is not expected be able to meet its
obligation to publish its interim financial report for the period to 30 June
2025 ('Interims') by 30 September 2025 as required by the Financial Conduct
Authority's ('FCA') Disclosure Guidance and Transparency Rules DTR 4.2.2R to
publish its interim financial statements within three months of the period
end.

 

Material uncertainty regarding valuation

It has also become apparent through Redwheel's extensive work so far that
there is material uncertainty as to the trading position of four of the
Company's investee companies which require imminent funding and are in various
stages of negotiations.

 

The Board has determined, following discussions with its advisers, that there
has been a material deterioration from the last published NAV as at 31 March
2025, though it is not able to currently state with certainty what the value
should be.

 

Accordingly, the Board has requested the FCA to suspend the Company's shares
from listing (with corresponding request to the London Stock Exchange for the
suspension of trading) until such time as the Company can, with Redwheel, GFM
and the independent valuer's assistance, properly assess the value of the
Company's investments in order to publish its NAV and Interims.

 

Upon publication of the NAV and Interims, the Company intends to promptly
apply for the restoration of the listing and trading of the Company's ordinary
shares.

 

Managed realisation

As previously announced, given the discount to NAV at which the Company's
shares have been trading, the fact that it is sub-scale and lacks the ability
to make further investments, the Board determined, following a review of
potential options, that a managed realisation strategy should be put forward
to shareholders to approve at a general meeting.

 

The Company expects to publish a circular in the coming weeks to convene a
General Meeting to seek shareholder approval to the change of investment
policy to adopt the managed realisation strategy and certain related actions.

 

The Board, with the assistance of Redwheel, has also been exploring the sale
of one of the Company's investments, alongside the potential procurement of
debt funding for the Company. The Board is focused on achieving liquidity for
the Company, while balancing its need for working capital with the
preservation of shareholder value.

 

As at 31 August 2025, the Company's cash position was £1.2 million. In
addition to the lower on-going advisory fee following the change of Investment
Adviser, which has been helpful to the cash position in the short term, the
Board has also agreed fee reductions with certain other service providers and
terminated non-essential contracts. The Board is continuing to closely monitor
the cash position of the Company.

 

Next steps

The Board will continue to work with Redwheel and the independent valuer to
ensure that the period of suspension will be minimised insofar as possible and
would like to thank Redwheel for its extensive work on the matters discussed
above so far.

 

 

 

Any additional material information of which the Company becomes aware in the
meantime will continue to be announced via RNS.

 

- Ends -

 

Contact:

 

 Redwheel - Investment Adviser   Tel: +44 (0) 20 7227 6000

                                 HGENInvestmentTrust@Redwheel.com (mailto:HGENInvestmentTrust@Redwheel.com)

 Shore Capital - Financial Adviser, Corporate Broker                     Tel:   +44 (0) 20 7601 6128
                                                                         (https://url.avanan.click/v2/r02/___tel:+442076016128___.YXAxZTpzaG9yZWNhcDphOm86M2IwY2YxMTZiMTE0YjlhMTVlNGZjNzUzNTIxOTFiM2E6Nzo3NmE0OjQwYWZmM2I2ODJhY2YyMDRjMDQ1ZjA1NjhlNTFhZWVkYzBiYzkyMmU3YmY4NWZlNDkzZWNkY2M3OWE5M2U5YzY6cDpGOk4)
 Gillian Martin / Anita Ghanekar (Corporate Advisory)

 Fiona Conroy (Corporate Broking)

 Burson Buchanan - Financial PR  Tel: +44 (0) 20 7466 5000

 Henry Harrison-Topham           HGEN@buchanancomms.co.uk (mailto:HGEN@buchanancomms.co.uk)

 Henry Wilson

 Nick Croysdill

 

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014, as it forms part of UK domestic law ("MAR"). Upon
publication of this announcement, the inside information is now considered to
be in the public domain for the purposes of MAR. The person responsible for
arranging the release of this announcement on behalf of the Company is Helen
Coyne of Apex Fund Administration Services (UK) Limited, Company Secretary.

 

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