REG - Powerhouse Enrgy Grp - Variation to Subscription and Warrant Agreement

Powerhouse EnergyAnnouncement

12/09/2022 07:01

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RNS Number : 9967Y  Powerhouse Energy Group PLC  12 September 2022

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 12 September 2022

Powerhouse Energy Group Plc

 (the "Company", "Powerhouse" or "PHE")

 

Variation to Subscription and Warrant Agreement with Peel

 

Powerhouse Energy Group PLC (AIM: PHE), the pioneering integrated technology
company which converts non-recyclable waste into low carbon energy, announced
on 15 August 2022 that the Company was taking a 50% shareholding in Protos
Plastics to Hydrogen No 1 Ltd. Further to the announcement of 5 September 2022
in which the Company announced variations to existing agreements with Peel NRE
Ltd, Powerhouse is pleased to announce a variation to the Subscription and
Warrant Agreement as follows:

 

The Subscription and Warrant Agreement dated 9 September 2020 was made between
(1) Peel Holdings (IOM) Limited ("Peel") and (2) Powerhouse Energy Group Plc
(the "Agreement"). This was originally announced as part of a wider
fundraising in which ordinary shares in PHE were issued for cash at 2.5p per
share ("Issue Price").

 

Under the terms of the Agreement, Powerhouse agreed to grant to Peel a warrant
to subscribe for 371,510,069 new Ordinary Shares ("Peel Warrant"). The Peel
Warrant is exercisable (in whole or in part) within 6 months of financial
close of Protos and was subject to a long-stop date of 2 years from the date
of the grant. Further to the variation, this date has been extended until 31
March 2023. The exercise price of the Peel Warrant is 2.75p per share. The
Peel Warrant provides Peel with a conditional right to subscribe up to
approximately £10.2 million for up to 10% of the Company at a 10% premium to
the Issue Price.

 

 Peel will be prohibited from trading shares issued upon exercise of the Peel
Warrant for a period of 12 months from the date of Admission (subject to
customary carve-outs).

 

All other terms and conditions remain unchanged.

 

Keith Riley, Interim Chairman and Acting CEO of PHE commented:

 

"This is the next step forward in establishing PHE's position as a 50%
shareholder in the Plastics to Hydrogen project to be built on the Protos
Plastic Park. We are in the process of finalising new Articles for the project
development company and a Subscription and Shareholders Agreement, which will
appoint PHE directors to that company's board. Further announcements will be
made as matters progress."

 

 

For more information, contact:

 

 Powerhouse Energy Group plc                       powerhouse@tavistock.co.uk (mailto:powerhouse@tavistock.co.uk)

 Keith Riley

 WH Ireland Limited (Nominated Adviser)            +44 (0) 207 220 1666

 James Joyce

 Megan Liddell

 Turner Pope Investments (TPI) Ltd (Joint Broker)  +44 (0) 203 657 0050

 Andrew Thacker

 James Pope

 Tavistock (Financial PR)                          powerhouse@tavistock.co.uk (mailto:powerhouse@tavistock.co.uk)

 Simon Hudson

 Nick Elwes

 Heather Armstrong

 

About Powerhouse Energy Group plc

 

Powerhouse Energy has developed a process technology which can utilise waste
plastic, end-of-life-tyres, and other waste streams to convert them
efficiently and economically into syngas from which valuable products such as
chemical precursors, hydrogen, electricity, heat and other industrial products
may be derived.

 

Powerhouse Energy's process produces low levels of safe residues and requires
a small operating footprint, making it suitable for deployment at enterprise
and community level.

 

Powerhouse Energy is quoted on the London Stock Exchange's AIM Market under
the ticker: PHE and is incorporated in the United Kingdom.

 

For more information see www.powerhouseenergy.co.uk
(http://www.powerhouseenergy.co.uk)

 

 

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