Appointment of administrators

AMTE Power PLC

19 January 2024

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE UK VERSION OF REGULATION (EU) NO 596/2014 WHICH FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED.  UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

19 January 2024

For immediate release

AMTE Power Plc

Appointment of administrators

Further to its announcement of its intention to appoint administrators on 8 January 2024 (the "Previous Announcement"), AMTE Power Plc (AIM: AMTE) (the "Company"), a leading developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist markets, regrets to announce that it has resolved to file a notice to appoint administrators of the Company. Further to this, the Company has now appointed Richard Bloomfield, Ian Corfield and Michelle Marie Elliot of FRP Advisory Trading Limited as joint administrators of the Company.

WH Ireland Limited has therefore resigned as nominated adviser to the Company upon the appointment of the administrator. If the Company fails to appoint a replacement nominated adviser within one month, the admission of the Company's ordinary shares (the "Ordinary Shares") to trading on AIM will be cancelled.

Notwithstanding the appointment of administrators, the Company is in advanced negotiations with a third party regarding the potential sale of the Company's business and assets. However, there is no guarantee that such negotiations will successfully conclude.

The Ordinary Shares remain suspended from trading on AIM.

Capitalised terms not defined in this announcement shall have the meaning given to them in the Previous Announcement, unless the context otherwise demands.

The Company's shareholders can contact the administrator team on [e-mail].

Further announcements will be made in due course.

The person responsible for arranging the release of this announcement on behalf of the Company is Anita Breslin, Chief Financial Officer of the Company.

Enquiries

AMTE Power plc	[phone]
Alan Hollis (Chief Executive Officer) Anita Breslin (Chief Financial Officer)
FRP Advisory Trading Limited	[e-mail]
Richard Bloomfield
Ian Corfield Michelle Marie Elliot

 

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