Business
Deed of Settlement & Issue of Shares
Deed of Settlement & Issue of Shares.
About this update from Powerhouse Energy Group Plc
[{"type":"text","content":"\n \n 2 April 2014\n\n PowerHouse Energy Group plc \n\n (\"PowerHouse\" or the \"Company\") \n\n Deed of Settlement with Aspermont Ltd, Dilato Holdings Pty Ltd and Tesla \n Nominees Pty Ltd and further issues of shares to satisfy amounts due to \n creditors of the Group \n\nThe Company has a loan outstanding to Aspermont Ltd, Dilato Holdings Pty Ltd\nand Tesla Nominees Pty Ltd 2011 (\"the Lenders\") which at 31 March 2014 amounted\nto approximately £405,000. In addition, in 2012, PowerHouse Energy Australia\nPty Ltd (\"PHEA\"), which is owned by third parties, paid a deposit of $100,000\nfor the purchase of a 5 tpd Ultra-High Temperature gasification system which\nhas not been completed.\n\nOn 2 April 2014, the Company entered into a Deed of Settlement under which the\nCompany has agreed to issue 11,500,000 new Ordinary Shares (\"the Settlement\nShares\") in full and final settlement of all amounts due to the Lenders and\nPHEA. The Lenders have agreed to procure that none of the Settlement Shares are\nsold until after 26 June 2014.\n\nIn addition, the Company has agreed to issue an aggregate of 7,956,678 new\nOrdinary Shares to certain creditors of Pyromex AG, a wholly owned subsidiary\nof the Company, who are due, in aggregate, £263,120.\n\nFurthermore, the Company has issued a further 400,000 new Ordinary Shares in\nsettlement of a legal dispute in the USA.\n\nApplication will be made for 19,856,678 new Ordinary Shares to be admitted to\ntrading on AIM and dealings are expected to commence on 8 April 2014.\n\nKeith Allaun, the Executive Chairman of PowerHouse, stated \"I'm pleased that we\nhave resolved these matters that have faced the Company since we began its\nrestructuring in June 2012. This positions us to complete the integration of\nPyromex and PowerHouse without distraction and allows us to focus on the\nfuture, not on the challenges of the past.\"\n\nFor additional information please contact:\n\nPowerHouse Energy Group plc\nKeith Allaun - Executive Chairman\nPhone: +44 (0)20 7079 4407\nEmail: [email protected]\n\nSanlam Securities UK Limited (NOMAD and Broker)\nDavid Worlidge/Simon Clements\n+44 (0) 20 7628 2200\n\nAbout PowerHouse Energy Group plc\n\nPowerHouse Energy Group plc is an alternative energy company specialising in\nthe sale of waste to energy systems. PowerHouse's key advantages centre on i...