Posting of subscription general meeting circular

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 of Proxy	10.00 a.m. on 18 December
General Meeting	10.00 a.m. on 20 December
Admission and commencement of dealings in the Subscription Shares on AIM	8.00 a.m. on 21 December

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	[phone]
Alan Hollis (Chief Executive Officer) Anita Breslin (Chief Financial Officer)
WH Ireland (NOMAD and Joint Broker)	[phone]
Chris Fielding / James Bavister (Corporate Finance)
Fraser Marshall (Corporate Broking)
Camarco (Financial PR)	[phone] / 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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