Business
Placing and issue of equity
Placing and issue of equity.
About this update from Powerhouse Energy Group Plc
[{"type":"text","content":"\n \n Powerhouse Energy Group plc\n Strategic Placing to raise £10 million\n Powerhouse Energy Group plc (AIM: PHE) (\"Powerhouse\" or the \"Company\"), the sustainable hydrogen company pioneering hydrogen production from waste plastic, is pleased to announce it has raised £10 million, before expenses, by way of a Placing at 5.5p per share (\"Issue Price\") (the “Placing” or “Fundraising”). The Placing was arranged by Turner Pope Investments Ltd (TPI) and was oversubscribed.\n The Directors have undertaken the Fundraising to provide funds that they believe will expedite signifcantly financial close of the funding of the first commercial scale DMG installation utilising the Company’s technology, which is targetted to be reached during the first quarter of 2021. The Directors’ view is that completion of this first reference site will be extremely commercially and strategically important to the Company, not least as a springboard for overseas sales and marketing.\n A total of 181,818,182 new Ordinary Shares of 0.5p in the capital of the Company (\"Ordinary Shares\") have been placed at the Issue Price (\"Placing Shares\") with an institutional investor and a small number of Turner Pope’s private clients, as well as the White Family (the Company's largest shareholder), raising £10 million, before expenses.\n Related Party Transaction\n \n \nThe White Family is a long-term supporter of the Company and is investing approximately £2.6 million in the Fundraising. The participation by the White Family is considered a related party transaction under the AIM rules as the White Family (constituting Howard White, Ben White, Josh White and Serena Eden Reyes-White) currently holds 26.05% percent of the share capital. Following the Fundraising, the White Family will hold 1,015,045,935 Ordinary Shares representing 26.05% held by the individual White Family members as follows:\n Josh White – 377,746,610 Ordinary Shares\n Ben White – 247,775,210 Ordinary Shares\n Serena White-Reyes – 211,459,086 Ordinary Shares\n Howard White – 178,065,029 Ordinary Shares\n The Directors of the Company, having consulted with WH Ireland, the Company’s Nominated Adviser, consider the terms of this transaction to be fair and reasonable insofar as shareholders are concerned.\n Use of funds\n The Company will use the net funds from the Fundraising t...