1st Feb 2021 20:21
Active Energy Group PLC - London-headquartered biomass-based renewable energy business - Intends to conduct an at least GBP6 million fundraise, allotting a minimum of 600.0 million shares at 1.0 pence each. Placing shares are offered through an accelerated bookbuild with Allenby Capital Ltd as broker. Directors have agreed to buy a total of GBP20,000 worth of shares under the placing. A conditional offer for subscription via PrimaryBid at the same 1.0p per share has been made.
Proceeds will help finalise the installations and commissioning of the up to 5 tonnes per hour CoalSwitch reference plant as well as accelerating development of the up to 50tph CoalSwitch production plant. The money will also go towards general working capital and enhancing existing infrastructure and operations at Lumberton, as well as payment of the convertible loan notes as well as other note restructuring costs.
Also plans to restructure GBP17.7 million of convertible loan notes previously issued, removing the debenture over the assets and undertakings of the company, provided noteholder approval is granted.
Additionally, Non-Executive Director James Leahy is promoted to non-executive chair of Active Energy and chair of its remuneration committee with immediate effect. Chief Operating Officer Antonio Esposito steps down from the board but will keep working with the company, focusing on the first CoalSwitch reference plant and future plants in North America.
Current stock price: 1.10 pence; down 4.8% on Monday
Year-to-date change: down 21%
By Anna Farley; [email protected]
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