Schedule 1 update - Bidtimes plc (6361G)
May 16 2011 - 3:42AM
UK Regulatory
TIDMZZZZ TIDMBDT
RNS Number : 6361G
AIM
16 May 2011
ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION
IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM
RULES")
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COMPANY NAME:
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Bidtimes plc, to be renamed PowerHouse Energy Group plc
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COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY
TRADING ADDRESS (INCLUDING POSTCODES) :
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REGISTERED OFFICE: Meriden House, 6 Great Cornbow, Halesowen,
West Midlands B63 3AB
TRADING OFFICE: 2nd Floor, Berkeley Square House, Berkeley
Square, London W1J 6BD
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COUNTRY OF INCORPORATION:
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UK
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COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED
BY AIM RULE 26:
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Currently: www.bidtimes.com
From admission: www.powerhouseenergy.net
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COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR,
IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING
POLICY). IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE
TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED:
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The acquisition of PowerHouse Energy, Inc. by Bidtimes plc
will result in a reverse takeover under the AIM Rules. On completion
and prior to readmission of the Enlarged Group, the Company
will change its name to PowerHouse Energy Group plc.
The Enlarged Group will provide fully integrated waste to energy
solutions to its pipeline of new business opportunities, using
technology recently licensed by PowerHouse from Pyromex Holding
AG ("Pyromex"). PowerHouse has secured four sales contracts
and the Company is focusing on executing these near term system
sales in order to generate its first revenues from its new
waste to energy business. A key focus will be the sale of units
to Linc Energy, a key customer and strategic shareholder in
PowerHouse, and PowerHouse Energy Australia, PowerHouse's exclusive
distributor in Australia, as these initial sales have the potential
to unlock more business in the attractive markets in which
these companies operate. In addition, the Company will continue
to focus on securing new sales contracts to build its growing
sales pipeline.
The Company is also working closely with Pyromex to complete
the commissioning of Pyromex's first commercial system in Munich,
Germany, which is due to commence operation following commissioning
in Q2 of 2011. The successful launch of this unit is expected
to unlock a healthy pipeline of sales as it will be the first
commercial demonstration of the capability of the technology.
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DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS
AS TO TRANSFER OF THE SECURITIES (i.e. where known, number
and type of shares, nominal value and issue price to which
it seeks admission and the number and type to be held as treasury
shares):
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283,670,473 new ordinary shares of a nominal value of 1 pence
per share. No restrictions on the transfer of securities.
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CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE) AND ANTICIPATED
MARKET CAPITALISATION ON ADMISSION:
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No capital to be raised on admission. Market capitalisation
on admission GBP51 million
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PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:
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90.01 per cent*.
*falling to 55.27 per cent. following distribution in specie
by EnviroEnergy Resources Limited of its shareholding in PowerHouse
Energy Group plc soon after Admission.
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DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH
THE AIM COMPANY HAS APPLIED OR AGREED TO HAVE ANY OF ITS SECURITIES
(INCLUDING ITS AIM SECURITIES) ADMITTED OR TRADED:
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No other exchange trading platform
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FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS
(underlining the first name by which each is known or including
any other name by which each is known):
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DIRECTORS:
Anthony (Tony) Thomas Brennan - Executive Chairman and Proposed
Deputy Chairman
(Nigel) Brent Fitzpatrick - Non-executive Director
Julian Peter Moore - Non-executive Director and Proposed Interim
Finance Director
PROPOSED DIRECTORS:
David Mason Moard - Proposed Executive Director
Ross Mitchell Lyndon-James - Proposed Executive Chairman
James Greenstreet - Proposed Non-executive Director
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FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED
AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER
ADMISSION (underlining the first name by which each is known
or including any other name by which each is known):
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Before Admission On Admission
Percentage
Percentage of
Number of of Issued Number Enlarged
Issued Ordinary of New Issued
Ordinary Share Ordinary Share
Shares Capital Shares Capital
Lynchwood
Nominees
Limited 26,658,731 27.38 - -
Pershing
Nominees
Limited 17,000,000 17.46 - -
Fitel
Nominees
Limited 8,500,000 8.73 - -
Carl Coward 5,000,000 5.13 - -
Wall Street
Nominees Pty
Limited 5,000,000 5.13 - -
Paul Jack
Arundel 4,000,000 4.11 - -
Rexan
Holdings Pty
Limited 4,000,000 4.11 - -
Richard James
Griffiths 2,935,698 3.01 - -
EnviroEnergy
Resources
Limited - - 141,300,043 49.81
David Mason
Moard - - 58,031,989 20.46
Linc Energy
Limited - - 28,350,000 10.00
Thomas
McMahon - - 26,340,017 9.29
Credal Trust
Management
Limited - - 10,000,000 3.53
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NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE
2, PARAGRAPH (H) OF THE AIM RULES:
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None
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(i) ANTICIPATED ACCOUNTING REFERENCE DATE (ii) DATE TO WHICH THE
MAIN FINANCIAL INFORMATION IN THE ADMISSION DOCUMENT HAS BEEN
PREPARED (this may be represented by unaudited interim financial
information) (iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE
REPORTS PURSUANT TO AIM RULES 18 AND 19:
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(i) 31 December
(ii) Bidtimes plc: 30 June 2010
PowerHouse Energy, Inc.: 30 June 2010
(iii) 30 June 2011; 30 September 2011; and 30 June 2012
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EXPECTED ADMISSION DATE:
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By end of June 2011
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NAME AND ADDRESS OF NOMINATED ADVISER:
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Merchant Securities Limited, 51-55 Gresham Street, London EC2V
7HQ
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NAME AND ADDRESS OF BROKER:
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Merchant Securities Limited, 51-55 Gresham Street, London EC2V
7HQ
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OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE
(POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE
AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL
DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES:
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Fladgate LLP, 16 Great Queen Street, London WC2 5DG and www.bidtimes.com
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DATE OF NOTIFICATION:
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16 May 2011
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NEW/ UPDATE:
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UPDATE
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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