Further to the Powerhouse Energy Group announcement on 15 February 2017, Powerhouse announces that it has received payment of GBP500,000 from Yady Worldwide, S.A. ("Yady") in respect of its participation in the recent placing of ordinary shares in the Company. The 62,500,000 shares to be issued to Yady will be locked in for a period of 12 months from the date of admission. Application for admission to trading on AIM of the 62,500,000 shares will be made in due course and it is anticipated that this will occur on or around 20 March 2017. These shares will rank pari passu in all respects with the Company's existing issued Shares. Subsequent to the issuance of the Second Tranche shares, the Company will have 956,148,821 ordinary shares in issue. PowerHouse has no shares in Treasury, therefore this figure may be used by Shareholders, from Admission, as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules. The 280,430,920 shares to be issued to Hill Grove Investments Pty Ltd ("Hillgrove") pursuant to the previously announced loan note conversion are expected to be issued and admitted to trading on AIM in due course. Once these shares are issued to Hillgrove the debenture on the Company's assets will be released. The shares to be issued to Hillgrove will be locked in for a period of 12 months following admission. A further update on the status of the transport of the G3-UHt to the UK indicates that the ship is approximately one week from docking at the Port of Liverpool. Upon landing and completing customs inspection, the G3 is expected to be delivered to a local engineering facility whereupon the PowerHouse team will begin the recommissioning process. It is expected that the G3 will be delivered to the University of Chester, Thornton Science Park, for active demonstrations to begin shortly after the completion of recommissioning and UK certification.
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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.