REG - Molecular Energies - Result of Meeting

Molecular EnergiesAnnouncement

15/04/2024 11:45

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RNS Number : 6495K  Molecular Energies PLC  15 April 2024

15 April 2024

 

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET
ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (AS AMENDED) ("MAR"). UPON
THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE,
THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

MOLECULAR ENERGIES PLC

("Molecular" or the "Company")

 

Result of General Meeting and Matched Bargain Settlement Facility

 

Molecular Energies plc (AIM: MEN), the international energy company,
announces that, at the general meeting of the Company held earlier today, the
special resolutions in respect of the proposed cancellation of the admission
of the Company's ordinary shares to trading on AIM (the "Cancellation"), the
re-registration of the Company as a private limited company (the
"Re-registration") and the adoption of new articles of association were duly
passed by shareholders on a show of hands.

As set out in the circular to shareholders of 28 March 2024 (the "Circular"),
the Cancellation will become effective on 29 April 2024 and it is expected
that the Re-registration will occur during the week commencing 29 April
2024. Shareholders are reminded that the last day of dealings in Molecular
ordinary shares on AIM will be 26 April 2024.

Details of the number of proxy votes cast for, against and withheld in respect
of the resolutions are set out below:

 Special Resolution                                                                          Votes For (Including Discretionary)     Votes Against                     Votes Total (excluding Withheld)              Votes Withheld
             No. of shares                                                                   % of shares voted   No. of shares       % of shares voted  No. of shares  % of issued share capital  No. of shares
 1.          To approve the Cancellation                                                     6,095,878           96.16               243,220            3.84           6,339,098                  51.24              3,378
 2.          Subject to Resolution 1 becoming effective, (i) to approve the Re-registration  6,087,996           96.04               250,951            3.96           6,338,947                  51.24              3,529
             and (ii) to approve and adopt the new articles of association

 

Matched Bargain Facility

To facilitate future shareholder transactions in the Company's ordinary
shares, the Company has appointed JP Jenkins to provide a matched bargain
facility, which will be available from Cancellation.

JP Jenkins (www.jpjenkins.com (http://www.jpjenkins.com) ) is a trading name
of InfinitX Limited and Appointed Representative of Prosper Capital LLP
(FRN453007), which is authorised and regulated by the Financial Conduct
Authority. JP Jenkins will operate an electronic off-market dealing facility
for the ordinary shares. Under the Matched Bargain Facility, Shareholders or
persons wishing to acquire or dispose of Ordinary Shares will be able to leave
an indication with JP Jenkins, through their stockbroker (JP Jenkins is unable
to deal directly with members of the public), of the number of Ordinary Shares
that they are prepared to buy or sell at an agreed price. In the event that JP
Jenkins is able to match that order with an opposite sell or buy instruction,
it would contact both parties and then effect the bargain.

Upon Cancellation, full details of the matched bargain facility will be made
available to Shareholders on the Company's
website https://www.molecularenergiesplc.com

Shareholders will continue to be able to hold their shares in uncertificated
form (i.e. in CREST) and should check with their existing stockbroker whether
they are willing or able to trade in unquoted shares.

Shareholders should also be aware that the matched bargain facility could be
withdrawn at a later date. The provision of a matched bargain facility will be
kept under review by the Board and, in determining whether to continue to
offer a matched bargain facility, the Company shall consider expected (and
communicated) shareholder demand for such a facility as well as the
composition of the Company's register of members and the costs to the Company
and shareholders.

Peter Levine, Chairman, commented:

This last substantive RNS announcement for Molecular in the London markets
brings no joy, only sadness at its inevitability and acceptance as to the best
choice in the circumstances.

I am grateful for all those who voted for the resolution - the only practical
solution given what we face.

Thus, some final comments from me. Firstly, a heartfelt apology to those we
lost or who have lost on the way. It would be easy to point fingers but at the
end responsibility falls on my shoulders and mine alone for the way things
have turned out. We all wish it were different and for this I humbly and
deeply apologise.

Secondly, the final curtain of our time on the London market is the start of a
new chapter for the Group as a private entity. We embark upon this part of the
journey with a dedication to honour our commitment to transparency to all
shareholders and to deliver returns to those who have stuck with us. The work
starts now and as I have kept stating in the past Molecular has a potentially
very exciting future and in this, whilst I do not rule out at the appropriate
time Molecular or parts of it returning to regulatory markets in places
outside of the UK we certainly initially intend to expand and mature privately
the various parts of the Group.

Thirdly, I mentioned that delisting in the UK was the only practical solution
for Molecular in the current circumstances. This is true. I am old enough to
remember in my professional life the days of the Unlisted Security Market
("USM"), the forerunner of AIM. I remember how much promise was shown in that
market. Recently Molecular is just one of a noticeable number of companies
that have decided that for them the promise has ceased to be fulfilled and to
delist for similar reasons that we set out in our own Circular. Of course as
usual it is inadvisable to make general assumptions and by way of example we
are fully supportive of our Atome PLC on AIM, a Company with world class
projects and prospects in the right market segment at the right time and whose
value we believe will be increasingly appreciated by the Markets.
Nevertheless, I hope there is positive change in the London market as a whole
as increasingly the comparison with other markets in Europe, America and
beyond is stark.

Finally, I want to express my and the Company's appreciation of Alex
Moody-Stuart who is to step down as a director of the Company. Alex has been a
rock on the Board bringing maturity, common sense and integrity. Whilst he
will be missed as a Board colleague I know we can rely on his wise counsel as
a friend going forward. Thank you sincerely Alex.

We now look ahead. To all of those who have and continue to support us, you
have my respect and commitment and it's not farewell but thank you for joining
us on our next journey.

For more information, please visit www.molecularenergiesplc.com
(http://www.molecularenergiesplc.com) or contact:

  Molecular Energies PLC                  +44 (0)20 7016 7950

 Peter Levine, Chairman                   info@molecularenergiesplc.com (mailto:info@molecularenergiesplc.com)

 Rob Shepherd, Group FD
 Cavendish Capital Markets Limited        +44 (0)20 7220 0500

 (Nominated Adviser & Broker)

 Simon Hicks

 George Dollemore
 Tavistock (Financial PR & IR)            +44 (0)20 7920 3150

 Simon Hudson, Nick Elwes, Saskia Sizen

 

 

For the purposes of MAR, Article 2 of Commission Implementing Regulation (EU)
2016/1055 and the UK version of such implementing regulation (as
amended), the person responsible for arranging for the release of this
Announcement on behalf of the Company is Peter Levine, Chairman.

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