Business
Amendment: Issue of Equity & Director/PDMR ...
Amendment: Issue of Equity & Director/PDMR ....
About this update from Powerhouse Energy Group Plc
[{"type":"text","content":"\n \nGENERAL TEXT AMENDMENT\n\nThe following amendments have been made to the “Issue of Equity and Director/PDMR Shareholding†announcement released on 27 March 2019 at 07:00AM.\n\nThe number of Ordinary Shares issued to Christopher Vanezis should read 3,183,750 representing 0.17% of the Company’s enlarged issued ordinary share capital.\n\nAll other details remain unchanged. The full amended text is shown below.\n\nPowerHouse Energy Group plc\n\n(\"PowerHouse\" or the \"Company\")\n\nIssue of Equity and Director/PDMR Shareholding\n\nPowerHouse Energy Group plc (AIM: PHE), the UK technology company pioneering hydrogen production from waste plastic and used tyres, announces that the Company is issuing 26,145,552 ordinary shares of 0.5p each in the Company (“Ordinary Sharesâ€) to various service providers for the settlement of fees. Of these new Ordinary Shares, 21,838,750 are being issued at 0.5p and 4,306,802 are being issued at 0.5015p in accordance with the terms of the relevant service agreements.\n\nIn addition, the Company is issuing 1,808,333 Ordinary Shares in lieu of fees to its Chief Executive Officer, David Ryan, at a price of 0.6p per share and 3,183,750 Ordinary Shares to Christopher Vanezis, Chief Financial Officer, at 0.5p per share. Following this issue of Ordinary Shares, David Ryan will hold 7,808,333 Ordinary Shares and Christopher Vanezis will hold 3,183,750 Ordinary Shares in the Company, which represents 0.41% and 0.17% respectively of the Company’s enlarged issued ordinary share capital and voting rights.\n\nThe issue of shares to David Ryan constitutes a related party transaction under the AIM Rules. The independent directors of the Company consider, having consulted with its nominated adviser, WH Ireland Limited, that the terms of the transaction are fair and reasonable insofar as shareholders are concerned.\n\nApplication has been made for the admission of 29,138,885 Ordinary Shares to trading on AIM (“Admissionâ€) and it is expected that this will occur on or around 1 April 2019. These shares will rank pari passu in all respects with the Company's existing issued Ordinary Shares.\n\nSubsequent to the issue of Ordinary Shares, the Company will have 1,885,570,506 Ordinary Shares in issue. PowerHouse has no shares in Treasury, therefore this figure may be used by Shareholders, from Admission, ...