PowerHouse’s Board has confirmed it has entered into a conditional agreement for the acquisition (the ‘Acquisition) of Waste2Tricity Limited (‘W2T’).
This will be effected through issue of 1,437,440,277 new Powerhouse ordinary shares (representing a 41% of the Company’s enlarged capital), which remains subject to a general meeting scheduled for 14 July 2020. A full description is contained in a Circular that covers the complete corporate action along with its connected proposal for shareholders to waive Rule 9 of the Takeover Code.
Completion of the Acquisition is expected to be transformational for Powerhouse, in that it secures UK exclusivity for DMG® Technology together with direct control of its UK sales, marketing and assignment which, given the size of the addressable market, TPI considers could enable it to start generating returns for shareholders within the next two years, during which it will also commence an international licensing roll-out to selected, well-financed partners based on similarly negotiated exclusivity terms it already has in place for the UK.
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