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Active Energy Group - Conditional Placing to raise £1.510 million

RNS Number : 6369W
Active Energy Group PLC
20 August 2020
 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 ("MAR").  In addition, market soundings (as defined in MAR) were taken in respect of the Placing with the result that certain persons became aware of inside information (as defined in MAR), as permitted by MAR.  This inside information is set out in this announcement.  Therefore, those persons that received inside information in a market sounding are no longer in possession of such inside information relating to the Company and its securities.

 

 

Active Energy Group Plc / EPIC: AEG / Sector: Alternative Energy

20 August 2020

Active Energy Group Plc

('Active Energy', 'AEG' or the 'Company')

 

Conditional Placing to raise £1.510 million

Notice of General Meeting

Active Energy, the international biomass based renewable energy business, is pleased to announce that it has raised approximately £1.510 million by way of a conditional placing of 251,666,680 new ordinary shares of 0.01p each in the Company, after the proposed share capital reorganisation, (the "New Ordinary Shares") at a price of 0.6 pence per New Ordinary Share (the "Placing Price") (together, the "Placing").

Key Highlights:

·   Conditionally raised approximately £1.510 million (before expenses) by way of a conditional Placing of 251,666,680 New Ordinary Shares to new and existing institutional shareholders.

·  The Placing is conditional, amongst other things, upon shareholder approval of a Share Capital Reorganisation at a General Meeting, to be held as a closed meeting, which will take place at 10.00 a.m. on 7 September 2020.

·    Funds to be applied for the advancement of its Lumberton site which was acquired in March 2019 and has now become the hub for all the Company's activities in the US, and:

·   to progress construction of the 5tph CoalSwitchTM reference plant in accordance with the newly granted Construction and Air Permit;

·    to undertake further research and development including review of new, complementary feedstock; and

·    to provide general working capital to cover operations and other corporate costs.

·   A circular which sets out details of the Placing and also includes a Notice of General Meeting will be sent to shareholders later today (the "Circular").

·    The Board unanimously recommends that Shareholders vote in favour of the Resolutions to be proposed at the General Meeting, as they intend to do or procure, as appropriate, in respect of their direct and beneficial shareholdings which total 13,447,750 Existing Ordinary Shares representing approximately 1 per cent. of the Existing Ordinary Share Capital.

·    The Placing was undertaken by the Company's Joint Brokers SP Angel Corporate Finance LLP and Allenby Capital LimitedAllenby Capital was the lead bookrunner.

Directors' participation in the Placing

Certain Directors have conditionally subscribed for an aggregate of 4,000,000 New Ordinary Shares at the Placing Price pursuant to the Placing in the proportions set out below:

 

 

Director

Interest in Existing Ordinary Shares

No. of Placing Shares subscribed for

Interest in New Ordinary Shares at Admission

Percentage of Enlarged Share Capital

Michael Rowan

7,486,250

                1,000,000

8,486,250

 0.55

James Leahy

3,000,000

                1,000,000

4,000,000

0.26

Jason Zimmermann

961,500

                1,000,000

1,961,500

0.13

Max Aitken

-

1,000,000

1,000,000

0.07

 

Michael Rowan, CEO, comments:

"I am delighted with the support we have received from both existing and new institutional investors in this Placing which now places Active Energy in a strong position to push forwards. It has been a busy and exciting first half of the year for the Company. The completion of the formation of Active Energy Renewable Power and the initial raising of funds through the issuance of CLNs, means activity at the Lumberton Site has already begun to significantly ramp up. The receipt of the Construction and Air Permit was another milestone to begin the final stages of the commercial development on our CoalSwitch™ plant. The proceeds of this successful Placing will be allocated directly towards helping us achieve this, as well as allow us to look into the future and the scaling up of operations at Lumberton."

The Circular, extracts of which are included below, will also be available later today via the Company's website. Unless otherwise indicated, all defined terms in this announcement shall have the same meaning as described in the Circular.

ENDS

 

 

Enquiries:

 

Website

LinkedIn

 

www.aegplc.com

www.linkedin.com/company/activeenergy

 

 

 

Enquiries

Active Energy Group Plc

Michael Rowan

Chief Executive Officer

Antonio Esposito

Chief Operations Officer

 

SP Angel Corporate Finance LLP

Nominated Adviser and Broker

 

David Hignell / Caroline Rowe

Office: +44 (0)20 3470 0470

Allenby Capital Limited

Joint Broker

Amrit Nahal/David Worlidge

Office: +44 (0)20 3328 5656

Camarco

Financial PR Adviser

Gordon Poole / Tom Huddart / Emily Hall

[email protected]

Office: +44 (0) 20 3757 4980

 

About Active Energy Group:

Active Energy Group plc is a London listed (AIM: AEG) renewable energy company that has developed a proprietary technology which transforms low-cost biomass material into high-value green fuels.  Its patented product CoalSwitch™ is the world's only drop-in biomass fuel that can be mixed at any ratio with coal or completely replace coal in existing coal-fired power stations without requiring plant modification. Active Energy Group's immediate strategic focus is the production and commercialisation of CoalSwitch™ and a low emission CoalSwitch™ blend that utilises other waste materials.

 

The information contained below has been extracted, without amendment, from, and should be read in conjunction with, the Circular. Terms defined in the Circular shall have the same meanings where used in this announcement.

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

 

2020

Publication and posting of the Circular and the Form of Proxy

20 August

Latest time and date for return of Form of Proxy or CREST proxy instructions for the General Meeting

10.00 a.m. on 3 September

General Meeting

10.00 a.m. on 7 September

Announcement of the result of the General Meeting

7 September

Record date and time for the Share Capital Reorganisation

5.00 p.m. on 7 September

 

 

Admission to trading on AIM of the Placing Shares and the New Ordinary Shares arising from the Share Capital Reorganisation and enablement in CREST

8.00 a.m. on 8 September

Despatch of definitive share certificates for New Ordinary Shares (following the Share Capital Reorganisation) including the Placing Shares in certificated form (where applicable)

By 22 September

 

1.    Introduction

The Company is an international biomass based renewable energy business focussed on the residual fibre to energy market. Over the last four years, the Company has developed a proprietary technology that can transform low-cost or waste biomass material into renewable biomass fuels. Its patented product CoalSwitch™ is a next generation biomass fuel that provides improved environmental and economic performance and has the ability to be combined with either (1) coal currently used in existing coal-fired power stations without requiring plant modification or (2) other biomass feedstock for use in existing biomass power stations.

Over the last 12 months, Active Energy has established an operating lumber company, initially through a joint venture with a local partner at its Lumberton Site. Active Energy subsequently acquired full control of the operational activities in April 2020. Current operations at Lumberton include saw log operations for the export market and saw mill operations producing rail ties, and other lumber related co-products. This has become a major component of the Company's operations and is also an important component in relation to the prospective commercialisation of CoalSwitch™ and black pellet production.

On 4 August 2020, following a public consultation period, the Company announced it had been granted a construction and air permit (the "Permit") by The Division of Air Quality in North Carolina. Following receipt of the Permit, the Company intends to construct its first commercial CoalSwitch™ plant at Lumberton.

Earlier today, it was announced that the Company had conditionally raised, in aggregate, £1.510 million (before expenses) by way of a placing of 251,666,680 New Ordinary Shares at 0.6 pence per share.

The Placing Price represents a discount of approximately 22.6 per cent. to the closing mid-market price of an Existing Ordinary Share of 0.775  pence on 19 August 2020, the last trading day prior to the release of the Announcement.

The issue of the Placing Shares is subject to the passing of the Share Allotment Resolution, Disapplication of Pre-emption Rights Resolution and the Share Capital Reorganisation Resolutions at the General Meeting.

Further details of the Placing and the Share Capital Reorganisation and the Shareholder approval required in relation to them are set out below.

In the event that the Resolutions are not passed and the Company is unable to complete the Placing, it is likely that this would have adverse consequences for the Company and cause delays to the implementation of the Company's growth strategy and specifically the Company's ability to commercialise CoalSwitchTM or alternate pellet production in the short term.

2.    Background to and reasons for the Placing

Following the receipt of the Permit earlier this month, the Company is focusing on the construction of the CoalSwitchTM plant at Lumberton with production capacity of up to 5 tonnes per hour and the subsequent commercial launch of the Company's CoalSwitchTM and other next generation pellet products.

Active Energy is undertaking the Placing at this time in order to strengthen the Company's balance sheet ahead of this pivotal phase in its development, during which it plans to complete the construction of the first commercial CoalSwitchTM plant at Lumberton while expanding the Company's range of complementary activities from lumber to biomass production.

3.    Use of proceeds

The net proceeds of the Placing, which are estimated to be approximately £1.4 million (equivalent to approximately US$1.8 million), will be used as follows:

·    to progress construction of the 5tph CoalSwitchTM Reference Plant in accordance with the Permit;

·    to undertake further research and development including review of new, complementary feedstock; and

·    to provide general working capital to cover operations and other corporate costs.

 

The Company will require further capital in order to execute its longer-term strategy, which includes constructing a larger CoalSwitchTM production facility at Lumberton and realisation and monetisation of existing asset and other business development opportunities. The Board will therefore continue to explore additional funding options, including strategic partnerships, non-dilutive debt funding and further issues of Ordinary Shares, subject to the Directors being satisfied with the issue price of these shares at the time.

4.    Current Prospects and Outlook

Financial results for the year ended 31 December 2019

The Company announced its audited results for the year ended 31 December 2019 on 1 June 2019. Key statistics are as follows:

·    Revenue was US$1,895,972 (2018: US$195,000; 2017: US$nil) reflecting CoalSwitchTM licence sales in 2019.

·    Losses for the period were US$2,470,222 (2018: US$3,186,479; 2017: US$15,221,072) reflecting the Company's continued focus on reducing costs and optimisation of research and development tax credit opportunities.

·    Total other comprehensive income was US$1,206,134 (2018: loss of US$312,895; 2017: US$469,319) reflecting upward revaluation of the Company's Lumberton site and investment assets.

·    Net assets were US$371,859 (2018: US$497,408; 2017: Negative US$2,534,966) reflecting the Company's turnaround strategy following the losses incurred when discontinuing the Ukrainian wood chip operations.

Current Trading

As announced on 22 June 2020, the Company's operations at Lumberton have been accelerating since the completion of the merger of all lumber operating activities into AERP in early April 2020. AERP is seeing increasing levels of commercial interest for its products from potential industry partners, both in the US and internationally.

Following the fundraising in June 2020, the proceeds have been focused toward the wood processing activities at the Lumberton Site. In the first instance, production levels at the saw mill production have increased and additional supplies of feedstock have been secured. Production focuses on rail ties, lumber, woodchip and waste. The waste products are being stored for future use for CoalSwitchTM product. Planning is being completed for the introduction of a second production shift which is anticipated to commence during Q3 2020.

As important has been the Company's focus on the saw log export activity from the Lumberton Site. Initial customer deliveries commenced in late June 2020 and the Company is now aiming for weekly production and delivery targets. Customers are mainly from South East Asia at this time and AERP is actively working with a number of potential additional customers. Under the terms of the first agreement, AERP is expected to ship up to 8,000 tonnes per month from ports near Lumberton, namely the Port of Wilmington, NC and Intermodal Container Port of Dillon SC. The aim is for these production levels to increase to up to 100 containers per month from the Lumberton Site before the end of 2020.

Longer Term Outlook

Active Energy aims to:

·    construct the CoalSwitchTM Biomass Facility, targeting initial production volumes of CoalSwitchTM biomass black pellets by the end of 2020, subject to any further Covid-19 restrictions;

·    plan for production capacity expansion of this facility through 2021 to meet demand from potential customer contracts;

·    address commercial & licensing enquiries from North America, Asia and Europe in order to establish partnerships and expand the customer base; and

·    accelerate research and development on next generation biomass, utilising existing waste as a major ingredient and provide improved and more "environmentally aware" biomass products.

Active Energy considers these targets as initial goals as it works towards building a business based upon an integrated forest-to-energy supply chain capable of producing and delivering a range of biomass fuels of up to 1 million tonnes per year.

Active Energy is also currently evaluating other complementary opportunities related to the current lumber activities which are aimed at further accelerating AERP's growth via both the expansion of the current operations coupled with new opportunities beyond Lumberton.

5.    Details of the Placing

The Company announces that it is raising, in aggregate, £1.510 million (approximately £1.4 million net of expenses) by way of the Placing pursuant to which Allenby Capital and SP Angel, as agents of and on behalf of the Company, have conditionally placed the Placing Shares with Placees at the Placing Price.

The Placing is conditional, amongst other things, on:

i.  the passing of the Share Allotment Resolution, Disapplication of Pre-emption Rights Resolution and the Share Capital Reorganisation Resolutions at the General Meeting;
ii. the Placing Agreement becoming unconditional in all respects save for Admission by no later than 8.00 a.m. on 8 September 2020 (or such later date, as the Brokers may agree being no later than 8.00 a.m. on 27 September 2020) and not having been terminated in accordance with its terms; and
iii. Admission.

The Placing Agreement contains customary warranties given by the Company to the Brokers in respect of matters relating to the Company and its business and a customary indemnity given by the Company to the Brokers in respect of certain liabilities they may incur in respect of the Placing. The Brokers have the right to terminate the Placing Agreement in certain circumstances prior to Admission, in particular in the event of a material breach of the warranties or a force majeure event.

The Placing Shares will represent approximately 16.4 per cent. of the Enlarged Share Capital and will rank pari passu in all respects with the New Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid after their date of issue.

If the Share Allotment Resolution, Disapplication of Pre-emption Rights Resolution and Share Capital Reorganisation Resolutions are passed at the General Meeting, it is expected that Admission will become effective and dealings in the Placing Shares will commence at 8.00 a.m. on 8 September 2020.

6.    Admission, settlement and dealings

Application has been made for the Placing Shares and the New Ordinary Shares arising from the Share Capital Reorganisation to be admitted to trading on AIM. Subject to shareholder approval at the General Meeting of the Share Allotment Resolution, Disapplication of Pre-emption Rights Resolution and Share Capital Reorganisation Resolutions, it is expected that Admission will become effective and dealings in the Placing Shares and the New Ordinary Shares arising from the Share Capital Reorganisation will commence at 8.00 a.m. on 8 September 2020. These dates and times may change.

The Company will apply for the Placing Shares and the New Ordinary Shares arising from the Share Capital Reorganisation to be admitted to CREST with effect from Admission. Accordingly, settlement of transactions in Placing Shares held in uncertificated form following their issue will take place within the CREST system.

CREST is a voluntary system and holders of Ordinary Shares who wish to receive and retain share certificates will be able to do so.

All Placing Shares will be issued fully paid at the Placing Price. It is intended that, if applicable, definitive share certificates in respect of the Placing Shares will be distributed by 22 September 2020 or as soon as practicable thereafter. No temporary documents of title will be issued.

7.    Directors' participation in the Placing

Certain Directors have conditionally subscribed for an aggregate of 4,000,000 Placing Shares at the Placing Price pursuant to the Placing in the proportions set out below:

Director

Interest in Existing Ordinary Shares

No. of Placing Shares subscribed for

Interest in New Ordinary Shares at Admission

Percentage of Enlarged Share Capital

Michael Rowan

     7,486,250

    1,000,000

        8,486,250

                0.55

James Leahy

     3,000,000

    1,000,000

        4,000,000

                0.26

Jason Zimmermann

         961,500

    1,000,000

        1,961,500

                0.13

Max Aitken

-

    1,000,000

        1,000,000

                0.07

* Mr Rowan's participation in the Placing is conditional on a regulatory consent, which has been applied for, being obtained from the compliance department of an authorised firm as a result of his spouse being an employee of that firm.

8.    Share Capital Reorganisation

The current issued capital of the Company is £12,803,077.63 divided into 1,280,307,763 Existing Ordinary Shares of a nominal value of 1 pence each. No other shares of the Company are in issue.

UK company law prohibits a company from issuing a new share at a price less than its nominal value. In order to enable the Placing to proceed, the Company proposes to implement the Share Capital Reorganisation which is expected to take effect, as long as the Share Capital Reorganisation Resolutions are passed by Shareholders, immediately prior to Admission.

The Share Capital Reorganisation will involve each Existing Ordinary Share held by a Shareholder being subdivided into:

1 New Ordinary Share of 0.01 pence each; and

1 Deferred Share of 0.99 pence each.

The New Ordinary Shares will have the same rights and benefits as the Existing Ordinary Shares (except par value) and the New Ordinary Shares will be admitted to trading on AIM in place of the Existing Ordinary Shares. The percentage of New Ordinary Shares held by each Shareholder immediately after the Share Capital Reorganisation (and prior to the issue of the Placing Shares) will be the same as the percentage of Existing Ordinary Shares held by them immediately before the Share Capital Reorganisation.

The Deferred Shares will not be admitted to trading on AIM, will have only very limited rights on a return of capital and will be effectively valueless and non-transferable. The Directors consider that the Deferred Shares will have no effect on the respective economic interests of the Shareholders. No share certificates will be issued for the Deferred Shares. It is currently intended that, in due course and as set out in the Amended Articles of Association, all the Deferred Shares will be re-purchased by the Company, at its sole discretion, for an aggregate consideration of £1 and be cancelled.

Immediately following the Share Capital Reorganisation becoming effective and prior to the issue of the Placing Shares, the issued share capital of the Company will be:

1,280,307,763 New Ordinary Shares                  aggregate nominal value of £128,030.7763

1,280,307,763 Deferred Shares                           aggregate nominal value of £12,675,046.8537

                                                                                         total nominal value of £12,803,077.63

Application will be made for the New Ordinary Shares to be admitted to trading on AIM. Dealings in the Existing Ordinary Shares will cease at the close of business on the date of the General Meeting and dealings in the New Ordinary Shares are expected to commence on the following day.

The Company will issue new share certificates to those Shareholders holding shares in certificated form to take account of the Share Capital Reorganisation. Following the issue of new share certificates, share certificates in respect of Existing Ordinary Shares will no longer be valid.

The Share Capital Reorganisation will necessitate certain alterations to the Articles of Association of the Company, to include the limited rights proposed for the Deferred Shares. The Amended Articles of Association as proposed, along with a set highlighting the alterations and comparing the amended draft with the existing Articles of Association, are available for inspection by Shareholders until the conclusion of the General Meeting on the Company's website at www.aegplc.com.

The Share Capital Reorganisation shall not necessitate any adjustments to be made to the terms and conditions governing the conversion of the Convertible Loan Notes into ordinary shares in the capital of the Company. 

9.    General Meeting

To enable the Share Capital Reorganisation and the Placing to go ahead, it is necessary for Shareholders to approve the Share Capital Reorganisation and associated amendments to the Articles of Association and to give the Board the necessary authorities to allot the Placing Shares.

The Company is also seeking a general authority to allot equity securities in the Company on a non pre-emptive basis in order to provide the Directors with the flexibility to allot equity securities for cash without first being required to offer such securities to Shareholders. Directors will only exercise such authorities if they consider that it is in the best interests of the Company and its Shareholders as a whole to do so.

Accordingly, you will find in the Notice of General Meeting, the notice convening the General Meeting to be held as a closed meeting, electronically, at 10.00 a.m. on 7 September 2020. Voting at the General Meeting will take place on a poll.

10.  Directors' statement as required by s.571(6) of the Act

As regards the Disapplication of Pre-emption Rights Resolution, the Directors confirm as follows:

 

a.  The Board is recommending that Shareholders vote in favour of the Disapplication of Pre-emption Rights Resolution because, if the resolution is passed, it will enable the Company to raise the funds to be generated by the Placing without incurring the delay and cost of an open offer or a rights issue;
b.  The gross amount to be paid to the Company in respect of the equity securities to be allotted using the authority conferred by the Disapplication of Pre-emption Rights Resolution is £1.51 million; and
c.  The Directors are of the opinion that the amount referred to in (b) above, will strengthen the Company's balance sheet prior to its proposed construction of its CoalSwitchTM plant at Lumberton and will be sufficient for the purposes set out in paragraph 4 of this letter, "Use of proceeds".

11.  Action to be taken

In accordance with recent Government legislation and related restrictions in response to Covid-19, and to minimise public health risks, the General Meeting is to be held as a closed meeting, electronically, and members and their proxies will not be able to attend the meeting in person. As a result, the minimum number of Directors or employees of the Company will attend to ensure that the meeting is quorate. Updates in relation to the General Meeting will be provided on the Company's website and, where appropriate, announced via a Regulatory Information Service.

 

The Company and the Board advise Shareholders to vote by appointing the Chairman of the meeting as their proxy via the Form of Proxy which accompanies this circular or via CREST's online voting system. The deadline for doing this is by 10.00 a.m. on 3 September 2020.

You will find enclosed a Form of Proxy for use by Shareholders at the General Meeting. The Form of Proxy should be completed in accordance with the instructions printed thereon and forwarded to the Company's registrars, Share Registrars, or submitted electronically through CREST, or scanned copies may be sent via email to the following address: [email protected] with 'Active Energy Group Plc - Form of Proxy' in the subject line as soon as possible, and in any event so as to be received by no later than 10.00 a.m. on 3 September 2020.

12.  Recommendation

The Directors consider that the Placing and the Share Capital Reorganisation are in the best interests of the Company and Shareholders as a whole.

Accordingly, the Directors unanimously recommend that you vote in favour of the Resolutions as they intend to do or procure, as appropriate, in respect of their own direct and beneficial shareholdings which total 13,447,750 Existing Ordinary Shares, representing approximately 1 per cent. of the Existing Ordinary Share Capital.

 

1.           

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Michael Rowan

2.           

Reason for the Notification

a)

Position/status

Chief Executive Officer

b)

Initial notification/Amendment

Initial notification

3.   

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Active Energy Group plc

b)

LEI

213800P9PW3HJ5YJRK43

4.   

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the Financial instrument, type of instrument

Ordinary shares of 0.01p each (after the proposed share capital reorganisation) 

Identification code

 

b)

Nature of the transaction

Participation in Placing

(conditional on a regulatory consent, which has been applied for, being obtained from the compliance department of an authorised firm as a result of his spouse being an employee of that firm)

 

c)

Price(s) and volume(s)

Number of Shares

Price per Share

1,000,000

0.6p

 

d)

Aggregated information:

·      Aggregated volume

·      Price

As (c) above

e)

Date of the transaction

20 August 2020

f)

Place of the transaction

Outside a trading venue 

 

1.   

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

James Leahy

2.           

Reason for the Notification

a)

Position/status

Non-executive Director

b)

Initial notification/Amendment

Initial notification

3.   

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Active Energy Group plc

b)

LEI

213800P9PW3HJ5YJRK43

4.   

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the Financial instrument, type of instrument

Ordinary shares of 0.01p each (after the proposed share capital reorganisation) 

Identification code

 

b)

Nature of the transaction

Participation in Placing

c)

Price(s) and volume(s)

Number of Shares

Price per Share

1,000,000

0.6p

 

d)

Aggregated information:

·      Aggregated volume

·      Price

As (c) above

e)

Date of the transaction

20 August 2020

f)

Place of the transaction

Outside a trading venue 

 

5.   

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Jason Zimmermann

6.           

Reason for the Notification

a)

Position/status

Non-executive Director

b)

Initial notification/Amendment

Initial notification

7.   

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Active Energy Group plc

b)

LEI

213800P9PW3HJ5YJRK43

8.   

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the Financial instrument, type of instrument

Ordinary shares of 0.01p each (after the proposed share capital reorganisation) 

Identification code

 

b)

Nature of the transaction

Participation in Placing

c)

Price(s) and volume(s)

Number of Shares

Price per Share

1,000,000

0.6p

 

d)

Aggregated information:

·      Aggregated volume

·      Price

As (c) above

e)

Date of the transaction

20 August 2020

f)

Place of the transaction

Outside a trading venue 

 

9.   

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Max Aitken

10.           

Reason for the Notification

a)

Position/status

Non-executive Director

b)

Initial notification/Amendment

Initial notification

11. 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Active Energy Group plc

b)

LEI

213800P9PW3HJ5YJRK43

12. 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the Financial instrument, type of instrument

Ordinary shares of 0.01p each (after the proposed share capital reorganisation) 

Identification code

 

b)

Nature of the transaction

Participation in Placing

c)

Price(s) and volume(s)

Number of Shares

Price per Share

1,000,000

0.6p

 

d)

Aggregated information:

·      Aggregated volume

·      Price

As (c) above

e)

Date of the transaction

20 August 2020

f)

Place of the transaction

Outside a trading venue 

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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Quick facts: Active Energy Group PLC

Price: 0.475

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Market Cap: £7.32 m
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