TIDMAMTE
RNS Number : 6084V
AMTE Power PLC
04 December 2023
4 December 2023
AMTE Power Plc
("AMTE Power" or the "Company")
Posting of subscription general meeting circular
AMTE Power plc (AIM: AMTE), a leading UK developer and
manufacturer of battery cells for specialist markets, announces
that, further to the announcement made earlier today regarding the
proposed Placing and Convertible Loan Facility (the "Previous
Announcement"), the circular convening the general meeting to
approve, inter alia, the Subscription is being posted to
Shareholders and will be available to be viewed on the Company's
website at www.amtepower.com later today.
The Circular outlines the timetable for the Subscription.
Extracts from the timetable are included below:
2023
Latest time and date for receipt of Form 10.00 a.m. on 18 December
of Proxy
General Meeting 10.00 a.m. on 20 December
Admission and commencement of dealings 8.00 a.m. on 21 December
in the Subscription Shares on AIM
Notes:
1. Each of the times and dates above are indicative only and are
subject to change. If any of the above times and/or dates change,
the revised times and/or dates will be notified by the Company to
the Shareholders by announcement through a regulatory information
service.
2. All of the above times refer to London time unless otherwise stated.
3. The admission and commencement of dealings in the
Subscription Shares on AIM are conditional on, inter alia, the
passing of the Resolutions at the General Meeting.
In addition to matters set out in the Previous Announcement, the
circular contains further information concerning Pinnacle and the
Subscription and also also states that:
-- in order to give effect to certain provisions of the
Subscription Agreement as well as removing the limit of the number
of Directors which can be appointed, the Company is required to
adopt a new set of articles of association. A Resolution has
therefore been proposed at the Subscription General Meeting that
the Company adopts New Articles; and
-- each of the Directors who holds, or whose connected persons
holds, Ordinary Shares has entered into an irrevocable undertaking
in favour of the Company dated 4 December 2023 to vote in favour of
the Resolutions in respect of all of the Existing Ordinary Shares
held (legally or beneficially) by him or her, amounting in
aggregate to 2,310,429 Ordinary Shares, representing 1.39 per cent.
of the Existing Ordinary Shares.
The Resolutions must be passed by Shareholders at the
Subscription General Meeting in order for the Subscription to
proceed. If the Resolutions are not passed, AMTE Power would need
to consider the options available to it in terms of alternative
sources of funding. It may be that such sources would not be on
terms as favourable to Shareholders as the Subscription. Further,
there is no guarantee that alternative sources could be found. If
such an alternative source of funding cannot be found, AMTE Power
expects that it would only have sufficient cash to fund its
activities until late-December 2023. In such circumstances,
Shareholders may lose the entire value of their current
shareholdings.
The Subscription Agreement remains conditional, inter alia,
upon:
-- Pinnacle being satisfied with the conclusion of its
continuing due diligence enquiries; and
-- the resolutions to be proposed at the general meeting to
approve the Subscription (which shall include the Rule 9 Waiver)
being passed.
The Placing Agreement now remains conditional only upon:
-- admission to trading on AIM of the Placing Shares becoming effective; and
-- the Placing Agreement between the Company and the Joint
Bookrunners not being terminated in accordance with its terms.
It is anticipated that admission of the Placing Shares will take
place at 8.00 a.m. on Tuesday 5 December 2023.
The Convertible Loan Facility remains conditional upon the
Subscription Agreement not being terminated.
Capitalised terms used but not otherwise defined in this
announcement shall have the meanings ascribed to such terms in the
Previous Announcement, unless the context requires otherwise.
Enquiries
AMTE Power plc +44 (0)1847 867 200
Alan Hollis (Chief Executive Officer)
Anita Breslin (Chief Financial Officer)
WH Ireland (NOMAD and Joint Broker) +44 (0)207 220 1666
Chris Fielding / James Bavister (Corporate
Finance)
Fraser Marshall (Corporate Broking)
+44 (0)203 757 4992
Camarco (Financial PR) / 4981
Ginny Pulbrook / Rosie Driscoll
About AMTE Power
AMTE Power was founded in 2013 and is a leading UK developer and
manufacturer of lithium-ion and sodium-ion battery cells for
specialist markets. In March 2021, the Company was admitted to
trading on the AIM market of the London Stock Exchange. The Company
is focused on launching a series of next generation battery cells
based on new chemistries and cell structures that are designed to
solve key problems in power delivery, energy performance, and
safety. These new products are targeted at a range of specialist
markets including the electric vehicle industry and energy storage
sector.
AMTE Power's purpose-built cell manufacturing facility in
Thurso, Scotland has the second largest cell manufacturing capacity
in the UK and the Company also has a product development team based
in Oxford. AMTE's proposed gigafactory in Dundee, Scotland is
expected to be capable of producing over 8 million battery cells
per annum enabling the Company to rapidly scale up cell
production.
For further information visit the Company's website:
www.amtepower.com
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END
MSCNKQBBPBDDFBK
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December 04, 2023 10:38 ET (15:38 GMT)
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