Result of General Meeting and TVR
Powerhouse Energy Group plc has successfully completed a General Meeting where all resolutions were passed, enabling the completion of a placing and retail offer that raised a total of £650,000 in gross proceeds. This capital injection, combined with a capital reorganisation involving the subdivision and reclassification of existing ordinary shares, provides the company with a cash runway extending into the first quarter of 2027. Admission of the new ordinary shares, placing shares, and retail offer shares to AIM is expected on or around May 18, 2026, bringing the total number of ordinary shares in issue to 4,796,654,741.
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Unless otherwise defined, definitions contained in this announcement have the same meanings given to them the Company's announcement of 23 April 2026.
Powerhouse Energy Group plc
("Powerhouse" or the "Company")
Result of General Meeting and TVR
Powerhouse Energy Group plc (AIM: PHE), a UK company pioneering integrated technology that converts non-recyclable waste into low carbon energy, alongside its revenue generating engineering consulting subsidiary ("Engsolve"), announces that all of the Resolutions at the General Meeting earlier today were duly passed by way of a poll. Resolutions 1 and 2 were passed as ordinary resolutions and Resolution 3 was passed as a special resolution. The voting results are set out below.
Completion of the Placing and Retail Offer
As a result of the Resolutions being passed, the Placing of 200,000,000 Placing Shares to raise gross proceeds of £400,000 for the Company (before fees and expenses), has now completed, subject to Admission of the Placing Shares to trading on AIM.
In addition, the Retail Offer of 125,000,000 Retail Offer Shares to raise gross proceeds of £250,000 for the Company (before fees and expenses), has now completed, subject to Admission of the Retail Offer Shares to trading on AIM.
As previously announced, the net funds raised from the Placing and the Retail Offer provides the Company with a cash runway to undertake planned activities well into Q1 2027.
Completion of the Capital Reorganisation
As set out in the Circular and following the passing of the Resolutions, the Capital Reorganisation will take effect to facilitate the issuance and Admission of the New Ordinary Shares to be issued pursuant to the Placing and Retail Offer. Under the Capital Reorganisation, each Existing Ordinary Share of 0.5 pence nominal value will be subdivided and reclassified into one New Ordinary Share of 0.01 pence and one New Deferred Share of 0.49 pence each.
Admission and Total Voting Rights
It is expected that Admission of the 4,471,654,741 New Ordinary Shares, the 200,000,000 Placing Shares and the 125,000,000 Retail Offer Shares will become effective and dealings will commence on AIM at 8.00 a.m. on or around 18 May 2026.
The Placing Shares and Retail Offer Shares will be issued fully paid and will rank pari passu in all respects with the Company's other New Ordinary Shares.
Following Admission, the total number of Ordinary Shares in the capital of the Company in issue will be 4,796,654,741, all with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company's share capital pursuant to the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
Voting Results from the General Meeting
| Resolution* | Votes for | Votes against | Total votes cast | Withheld votes | ||
|---|---|---|---|---|---|---|
| Number | % | Number | % | Number | Number | |
| 1. To authorise the Directors to allot equity securities up to £143,900 nominal if Resolution 2 passes until the 2027 AGM. | 376,361,410 | 95.6% | 17,339,289 | 4.4% | 393,700,699 | 28,912,551 |
| 2. To authorise the sub-division of each Ordinary Share of 0.5 pence into one Ordinary Share of 0.01 pence and one Deferred Share of 0.49 pence. | 376,988,072 | 92.6% | 30,182,965 | 7.4% | 407,171,037 | 15,442,213 |
| 3. That, subject to and conditional on the passing of Resolution 1, the Directors be authorised to allot equity securities for cash, pursuant to the authority conferred by Resolution 1 until the 2027 AGM. | 348,814,557 | 87.1% | 51,480,519 | 12.9% | 400,295,076 | 22,318,174 |
*For the purposes of this announcement the description of each Resolution has been summarised. Full details of the Resolutions can be found in the Circular posted on the Company's website entitled Notice of 14 May 2026 GM.
UK Product Governance Requirements
EU Product Governance Requirements
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