Acta S.p.A. Notice of EGM (7801Y)
04 Dezembro 2014 - 5:01AM
UK Regulatory
TIDMACTA
RNS Number : 7801Y
Acta S.p.A.
04 December 2014
4 December 2014
Acta S.p.A. ("Acta" or "the Company")
Notice of Extraordinary General Meeting
Acta S.p.A. (AIM: ACTA), the hydrogen energy company, announces
that it will hold an Extraordinary General Meeting ("EGM") to put
in place the authorities needed to allow the Board to determine and
approve the issue of up to EUR8,000,000 in nominal share capital,
denominated in shares of 0.6 euro cents each, during the thirty six
months following the shareholders meeting. These authorities, if
approved, will allow the Board the flexibility that it needs to
raise additional equity in accordance with the current and future
needs of the Company.
The EGM has been convened for 19, 20 and 22 December 2014. The
meeting is expected to be held at the third calling, on 22 December
2014, unless the meeting quorum is reached at the first or second
calling.
The meeting will allow the Board to fulfil its formal
requirements under Italian law to notify the shareholders that the
net equity of the Company has fallen below the notification
threshold of two thirds of the issued share capital.
Having made a review of the financial resources available to the
Company the Board has determined that the capital currently
available will not be sufficient to finance the Company's short to
medium term funding requirements, and has decided to seek
additional funds, which will be required in the New Year, to
finance the Company's working capital.
The Board expects that the majority of any fundraising is likely
to come from a non-preemptive equity fundraising via a private
placing with financial institutions. It is important that the
resolution is passed as without the flexibility to place equity on
a non-preemptive basis, it may be difficult for the Company to
raise sufficient funding within an appropriate timescale to satisfy
its funding needs.
The Board continues to seek settlement of the outstanding legal
dispute announced with a subsidiary minority shareholder and,
subject to the settlement of the dispute, may use part of the
authorisation granted at the EGM to issue shares in part-payment of
the settlement.
Copies of the EGM Notice, shareholder circular and voting forms
will be published on the Company's website at www.actagroup.it and
sent to shareholders shortly.
For further information please contact:
Acta S.p.A. Tel: +39 050 644281
Robert Drummond, Chairman www.actaspa.com
Paul Barritt, Chief Financial Officer
Altium Capital (Nominated Advisor) Tel: +44 (0)845 505 4343
Adrian Reed / Dom Orsini
Cantor Fitzgerald Europe (Broker) Tel: +44 (0)20 7894 7000
Mark Percy / David Banks / Paul
Jewell
Media enquiries:
Walbrook PR Tel: +44 (0)20 7933 8780
Paul Cornelius / Nick Rome acta@walbrookpr.com
About Acta S.p.A.
Acta S.p.A. is a developer and manufacturer of a range of clean
energy products. Based on its world-leading expertise in alkaline
membrane technology, the Company has developed a unique range of
low-cost, compact hydrogen generators (electrolysers) which produce
pure, dry compressed hydrogen at high efficiency from renewable or
grid power.
In April 2013 Acta launched the Acta Power, an integrated
electrolyser and fuel cell system for use in back-up power and
renewable energy storage applications. Best understood as a
"Hydrogen Battery", the system converts energy from renewable or
grid power when it is available and stores it in the form of
hydrogen, and then converts the hydrogen back to electrical power
when needed due to grid black-out or lack of solar / wind
power.
This system has extensive application as a back-up power unit
for telecommunications base stations, where it competes on cost
against traditional battery and diesel solutions, while offering a
cleaner solution and better service. In particular, the use of
rainwater and the generation of hydrogen on-site removes the cost
and logistical barriers of fuel delivery, while also avoiding the
theft risk associated with diesel, methanol and battery
systems.
The supply of fuel cell back-up power systems for
telecommunications base stations represents a large and
fast-growing market, especially in extensively bad-grid and
off-grid locations such as in Asia and Africa. Battery sales to the
Chinese telecoms industry are currently valued at $4.7 bn to $7.8
bn per annum (Fuel Cell Today, China).
Acta holds a portfolio of patents and patent applications on its
key technologies, manufactures its products through a combination
of production, component subcontracting, and final product assembly
and quality control, and has established distribution channels
through partnerships in China, India, SE Asia, Australia, Africa,
Middle East, Germany, UK, USA and South America.
Acta S.p.A. is based near Pisa, Italy, and was admitted to
trading on AIM in October 2005.
www.actaspa.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
NOELLFERFELVIIS
Acta (LSE:ACTA)
Gráfico Histórico do Ativo
De Jan 2025 até Fev 2025
Acta (LSE:ACTA)
Gráfico Histórico do Ativo
De Fev 2024 até Fev 2025
