Proposed issue of 1,437,440,277 new Ordinary Shares in connection with the proposed acquisition of Waste2Tricity Limited
Proposed Waiver of obligations under Rule 9 of the Takeover Code
Notice of General Meeting
Further to the announcement by PowerHouse Energy Group plc (AIM: PHE) on 23 December 2019, PowerHouse has entered into a conditional agreement for the acquisition of the entire issued share capital of Waste2Tricity Limited, the consideration for which shall be satisfied through the issue by the Company of 1,437,440,277 ordinary shares in Powerhouse (the “Acquisition”). On 26 June 2020 the Company posted to shareholders a notice of the general meeting of the Company to be held at 10 a.m. on 14 July 2020 at the private residence of the Chairman along with a circular (the “Circular”) and the form of proxy in connection with the Acquisition and the approval of a proposed waiver of obligations under Rule 9 of the Takeover Code. The terms used in this announcement have the meaning given to them in the Circular unless otherwise defined in the body of this announcement.
Extracts from the letter from the Chairman contained in the Circular are set out below, which includes the background to and reasons for the Acquisition. A copy of the Circular will be available for download from the Company’s website shortly, www.powerhouseenergy.net .
About PowerHouse Energy Group plc
PowerHouse has developed a proprietary process technology – DMG® – which can utilise waste plastic, end-of-life-tyres, and other waste streams to efficiently and economically convert them into syngas from which valuable products such as chemical precursors, hydrogen, electricity and other industrial products may be derived. The PowerHouse technology is one of the world’s first proven, modular, hydrogen from waste (HfW) process.
The PowerHouse DMG® process can generate up to 2 tonnes of road-fuel quality H2, and more than 58MW/h of exportable electricity per day.
The PowerHouse process produces low levels of safe residues and requires a small operating footprint, making it suitable for deployment at enterprise and community level.
PowerHouse is quoted on the London Stock Exchange’s AIM Market under the ticker: PHE, and is incorporated in the United Kingdom.
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