Business
PowerHouse in Negotiations to Acquire W2T Limited
PowerHouse in Negotiations to Acquire W2T Limited.
About this update from Powerhouse Energy Group Plc
[{"type":"text","content":"\n \nPowerHouse Energy Group plc\n\n(\"PowerHouse\" or the \"Company\")\n\n23rd December 2019\n\nPowerHouse in Negotiations to Acquire Waste2Tricity Limited\n\nPowerHouse Energy Group plc (AIM: PHE), the UK technology company pioneering hydrogen production from waste plastic, is pleased to announce that it is in advanced negotiations to aquire its development partner Waste2Tricity Limited (“W2Tâ€).\n\nThe Company has entered into a heads of terms with a view to finalising a formal sale and purchase agreement in Q1 2020. The acquisition would be in the form of a non-cash transaction using PowerHouse shares to acquire the whole of the issued share capital of W2T, at a ratio of 60% PowerHouse to 40% W2T, with 87.5% of the Powerhouse shares issued in exchange for W2T shares being locked into a no-sale agreement for a minimum of a year, and orderly market arrangements for a further year. The agreement will be subject to shareholder and regulatory approval.\n\nThe directors of PowerHouse believe that the post-acquisition enlarged company will be better understood by its customers and investors, with rights to markets and developments in-house, and will be able to present a clear and unambiguous message about its innovative British technology which provides a solution to the increasing problem of unrecyclable waste plastic.\n\nThese negotiations are progressing well and are now subject to final documentation. A further announcement will be made in due course as appropriate.\n\nFor more information, contact:\n\n\n\nPowerHouse Energy Group plc\nTel: +44 (0) 203 368 6399\n\n\n\nDr. Cameron Davies, Chairman \n\n\n\n\n\n\n\n\n\nWH Ireland Limited (Nominated Adviser)\nTel: +44 (0) 207 220 1666\n\n\n\nJames Joyce / Chris Savidge\n\n\n\n\n\n\n\n\n\nTurner Pope Investments Ltd (Joint Broker)\nTel: +44 (0) 203 621 4120\n\n\n\nBen Turner / James Pope\n\n\n\n\n\n\n\n\n\nIkon Associates (Media enquiries)\nTel: +44 (0) 1483 271291\n\n\n\nAdrian Shaw\nMob: +44 (0) 7979 900733\n\n\n\nAbout PowerHouse Energy Group plc\n\nPowerHouse has developed a proprietary process technology - DMG® - which can utilise waste plastic, end-of-life-tyres, and other waste streams to efficiently and economically convert them into syngas from which valuable products such as chemical precursors, hydrogen, electricity and other industrial pro...