Powerhouse Energy Group PLC shareholders vote in favour of acquiring Waste2Tricity Limited, enabling Powerhouse to forge ahead on delivering its strategy in both the UK and overseas.
This acquisition of Waste2Tricity is an all paper deal in which Powerhouse has acquired complete ownership of Waste2Tricity in exchange for newly issued Powerhouse Energy Group Plc Ordinary shares which will represent 40% of the fully diluted enlarged share capital of Powerhouse Energy Group Plc.
99% of votes cast by Powerhouse shareholders were in favour of the acquisition, with all resolutions passed at the general meeting held 14th July 2020.
For more information on the acquisition please follow these links:
- Circular – with details and background about the acquisition
- RNS confirming the results of the EGM resolutions
- Video of the Chairman and CEO answering shareholder questions
Powerhouse Chairman Dr Cameron Davies commented:
We are delighted with the result of the General Meeting and most grateful for the support we have received from shareholders in relation to the acquisition of Waste2Tricity. This is a transformational time for Powerhouse as we look forward to the construction of the first commercial DMG plant and the enactment of a UK exclusivity agreement with Peel.
This will open the door to the pipeline of projects arising in the UK and then release overseas markets. The Company’s technology will make a positive difference regenerating waste plastic into energy as a foundation of the hydrogen economy.