Business
Update on CVA,RTO and related party transaction
Electric Guitar PLC's Company Voluntary Arrangement (CVA), approved March 27, 2025, is nearing completion, pending finalization of preferential creditor claims. Upon approval by the CVA Supervisor, 236,782,175 new ordinary shares will be allocated. The proposed reverse takeover (RTO) of Dunbar Energy Inc., announced July 18, 2025, is progressing, with due diligence underway. A related party transaction involves a £10,000 fee plus a potential further £2,000 (conditional on receipt by the company) paid to a former director, John Regan, for assistance with the RTO and other matters. The board, after consulting with the nominated adviser, deems this payment fair and reasonable for shareholders. Disclaimer*
About this update from Electric Guitar Plc
[{"type":"text","content":"\n\n20 August 2025\n \nElectric Guitar PLC\n(\"Electric Guitar\" or the \"Company\")\n \nUpdate on Company Voluntary Arrangement (\"CVA\") and proposed acquisition (\"RTO\") and\nrelated party transaction (\"RPT\")\n \nCVA update\n \nThe Company's CVA - that was approved by its creditors and members on 27 March 2025 - is now close to completion, awaiting only the final determination of claims by its statutory preferential creditors which is expected shortly. Once agreed by the Company's CVA Supervisor, Antony Batty & Co, the pro rata allocation and allotment of the total fixed pool of 236,782,175 new ordinary shares to be issued pursuant to the CVA and announced on 27 March 2025 will be made. A further announcement will be made at that time. \n \nRTO update\n \nThe proposed RTO of the US energy company Dunbar Energy Inc. announced on 18 July 2025 is being actively progressed, with due diligence and other workstreams being undertaken, and further announcements will be made as appropriate. \n \nRelated Party Transaction\n \nThe Company has entered into an agreement with John Regan, a former director who stepped down on 1 April 2025 and is therefore still a related party under AIM Rules for Companies, to assist the Company in administering the processes leading up to the proposed RTO and other matters, for a fee of £10,000, plus up to £2,000 that would be self-financing and payable only if and when received by the Company.\n \nIn particular, Mr Regan was directly involved in establishing the Company's IT, ESG, and other corporate governance arrangements and procedures; its relationships with certain service providers; and other matters that pre-dated the tenure of the any of the Company's current directors. \n \nIn view of Mr Regan's personal knowledge of the Company's affairs, especially those pre-dating that of any of the current directors, and resources needed for administration of various matters, the directors of Electric Guitar consider, having consulted with the Company's nominated adviser, that the terms of the agreement with Mr Regan are fair and reasonable insofar as the Company's shareholders are concerned.\n \nContacts:\n \n\n\n\n\n\n\n\n\nElectric Guitar PLC\nRichard Horwood\n \n\n\[email protected]\n\n\n\n\n...