Business
Disclosure of dealings
Disclosure of dealings.
About this update from Powerhouse Energy Group Plc
[{"type":"text","content":"\n \nRNS Number : 5876M Powerhouse Energy Group PLC 18 August 2011 \n \n\n18 August 2011\n \nPowerHouse Energy Group plc\n \n(the \"Company\")\n \nDisclosure of dealings\n \nIn the Admission document published by the Company on 31 March 2011, it was stated that following Admission EnviroEnergy Resources Limited (\"ERL\"), the Company's major shareholder, intended to distribute its entire holding in the Company to its shareholders.\n \nIn addition, ERL undertook to the Company and Merchant Securities Limited (\"Merchant Securities\"), the Company's nominated adviser and broker, that for a period of 12 months after Admission it would not dispose of any ordinary shares in the Company without the consent of Merchant Securities, such consent not to be unreasonably withheld or delayed (\"the Undertaking\").\n \nThe Company has been advised that ERL is currently conducting the process of distributing its shareholding in PowerHouse to its shareholders but before any transfers are completed ERL's shareholders must sign a Deed of Adherence to comply with ERL's Undertaking and ERL must obtain the approval of Merchant Securities for such transfers.\n \nThe Company has now been advised that it has transferred 27,742,628 Ordinary Shares to certain of its shareholders and that following such transfers ERL now holds 113,557,412 Ordinary Shares, representing 39.95 per cent. of the issued share capital of the Company.\n \nAs a result of these transfers, Credit First Holding Limited and Credit First Asset Management Limited now hold 18,061,099 and 9,681,529 Ordinary Shares, respectively, which represents 6.35 and 3.41 per cent. of the issued share capital of the Company, respectively.\n\n \nFor additional information please contact:\n \nPowerHouse Energy Group plc\nRoss Lyndon-James\n+44 (0) 20 7887 1362\n\n \nMerchant Securities Limited (NOMAD and Broker)\nDavid Worlidge/Simon Clements\n+44 (0) 20 7628 2200\n \nPelham Bell Pottinger\nNick Lambert / Jenny Renton\n+44 (0) 20 7861 3232\n \nNotes to Editors:\n \n· PowerHouse Energy Group plc is a leading provider of economically proven, on-site, clean energy \nsystems that use traditional and renewable forms of fuel to generate electric and thermal energy in an environmentally responsible way\n&nb...