HYDG Hydrogen Group Plc

TIDMHYDG

RNS Number : 1654A

Hydrogen Group PLC

25 September 2020

FOR IMMEDIATE RELEASE

25 September 2020

Hydrogen Group plc

("Popular", the "Group" or "Company")

Result of General Meeting

The board of directors of the Company is pleased to announce that the two special resolutions proposed at the general meeting of the Company held this morning were duly passed. Voting on the resolutions, which was by way of a poll, was as follows:

 
 Resolution                                         For                  Against          Total        Total    No. of 
                                                                                           votes       votes    votes 
                                                                                           validly     cast     witheld 
                                                                                           cast        as % 
                                                                                                       of 
                                                                                                       shares 
                                                                                                       in 
                                                                                                       issue 
                                                    No.          % of    No.     % of 
                                                     of votes    votes   of       votes 
                                                                 cast    votes    cast 
                                                   -----------  ------  ------  ------- 
                             1. 2006 (the "Act") 
                              to make one or more 
                              market purchases 
                              (within the meaning 
                              of section 693(4) 
                              of the Act) of 
                              ordinary 
                              shares of GBP0.01 
                              each (the "Ordinary 
                              Shares") in the 
                              capital of the 
                              Company, 
                              in connection with 
                              the Tender Offer 
                              and Repurchase, 
                              provided that: 
                              (a) the maximum 
                              number of Ordinary 
                              Shares that may 
                              be purchased under 
                              this authority is 
                              19,105,406; 
                              (b) the minimum 
                              price which may 
                              be paid for any 
                              Ordinary Share is 
                              the nominal amount 
                              of that Ordinary 
                              Share and the 
                              maximum 
                              price which may 
                              be paid for any 
                              Ordinary Share is 
                              the Tender Offer 
                              Price; and 
                              (c) this authority 
                              will expire at the 
                              close of business 
                              on 25 September 
                              2021.                 17,352,525   99.96   7,169     0.04   17,359,694    50.56         0 
                                                   -----------  ------  ------  -------  -----------  -------  -------- 
 2. THAT, subject 
  to and conditional 
  upon Resolution 
  1 being approved 
  by Shareholders 
  at the Meeting and 
  upon completion 
  of the purchase 
  by the Company of 
  Ordinary Shares 
  pursuant to the 
  Repurchase Agreement 
  (as defined in the 
  Circular), the cancellation 
  of the admission 
  of the Ordinary 
  Shares to trading 
  on AIM, the market 
  of that name operated 
  by London Stock 
  Exchange plc, be 
  and is hereby approved.                           17,351,975   99.96   7,719     0.04   17,359,694    50.56         0 
                                                   -----------  ------  ------  -------  -----------  -------  -------- 
 

As at 6:30pm on 23 September 2020, being the record date for the General Meeting, the Company's issued share capital consisted of 34,334,927 Ordinary Shares, carrying one vote each. 545,521 Ordinary Shares are held in treasury and 807,051 Ordinary Shares are held in the Company's EBT . Therefore, the total voting rights of the Company were 32,982,355.

The result of the General Meeting will also be made available on the Company's website: https://www.hydrogengroup.com/investor-relations/ .

The resolutions were proposed at the meeting in contemplation of the Board's proposal to return capital to Shareholders by way of a Tender Offer to repurchase Ordinary Shares set out in the Board's circular to Shareholders published on 8 September 2020 (the "Circular").

The Board urges Shareholders to carefully read the Circular, which provides information about the background to, and reasons for, the Board's proposals, and explains why the Board considers those proposals to be in the best interests of the Company and Shareholders as a whole. The Circular can also be found on the Company's website.

The Tender Offer remains open until 1.00 p.m. on 30 September 2020, unless otherwise extended in accordance with the terms and conditions set out in the Circular. The Tender Offer will remain open for acceptances for a further 14 calendar days from the Closing Date to enable Shareholders who have not yet tendered their Ordinary Shares in the Tender Offer to do so if they wish. In order to do so, Shareholders must lodge their completed Tender Forms with the Company's receiving agent, Link, or submit their instructions via CREST, prior to 1.00 p.m. on 14 October 2020.

Enquiries:

 
 Hydrogen Group plc                          Tel. +44 (0) 20 7090 7702 
  Stephen Puckett, Non-Executive Chairman 
 Shore Capital (Financial Adviser,           Tel. +44 (0) 20 7408 4090 
  Nominated Adviser and Broker to Hydrogen 
  Group plc) 
  Edward Mansfield / James Thomas / 
  Michael McGloin 
 

Important Notices

Shore Capital and Corporate Limited ("SCC"), which is authorised and regulated by the FCA, is acting as nominated adviser to the Company for the purposes of the AIM Rules. Shore Capital Stockbrokers Limited ("SCS"), which is a member of the London Stock Exchange and is authorised and regulated by the FCA, is acting as broker to the Company in the United Kingdom for the purposes of the AIM Rules. SCC and SCS are acting exclusively for the Company and no one else and will not be responsible to anyone, other than the Company, for providing the protections afforded to customers of SCC and SCS or for advising any other person on the transactions and arrangements described in this announcement. Shore Capital makes no representation or warranty, express or implied, as to the contents of this announcement and Shore Capital does not accept any liability whatsoever for the accuracy of or opinions contained (or for the omission of any material information) in this announcement and shall not be responsible for the contents of this announcement. Nothing in this paragraph shall serve to exclude or limit any responsibilities which Shore Capital may have under FSMA or the regulatory regime established thereunder.

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities or the solicitation of any vote or approval in any jurisdiction. Any offer (if made) will be made solely by certain documentation which will contain the full terms and conditions of any offer (if made), including details of how such offer may be accepted. This announcement has been prepared in accordance with English law and the Code and information disclosed may not be the same as that which would have been prepared in accordance with laws outside the United Kingdom. The release, distribution or publication of this announcement in jurisdictions outside the United Kingdom may be restricted by the laws of the relevant jurisdictions and therefore persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities laws of any such jurisdiction.

Forward-looking statements

This announcement includes statements that are, or may be deemed to be, forward-looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "anticipates", "believes", "could", "estimates", "expects", "intends", "may", "plans", "projects", "should" or "will", or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Forward-looking statements may, and often do, differ materially from actual results. Any forward-looking statements in this announcement reflect the Directors' current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Group and its operations and results of operations. Other than in accordance with its legal or regulatory obligations (including under the AIM Rules, the Disclosure Guidance and Transparency Rules, the Market Abuse Regulation and the rules of the London Stock Exchange), the Company is not under any obligation and the Company expressly disclaims any

intention or obligation (to the maximum extent permitted by law) to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Notice for US shareholders

The Tender Offer relates to securities in a non-US company which is registered in the UK and is subject to the disclosure requirements, rules and practices applicable to companies listed in the UK, which differ from those of the United States in certain material respects. This announcement and the Circular have been prepared in accordance with UK style and practice for the purpose of complying with English law and the AIM Rules, and US Shareholders should read this entire announcement and the Circular, including Part II (Terms and Conditions of the Tender Offer) of the Circular. The financial information relating to the Company incorporated by reference in the Circular, which is available for review on the Company's website, has not been prepared in accordance with generally accepted accounting principles in the United States and thus may not be comparable to financial information relating to US companies.

The Tender Offer is not subject to the disclosure and other procedural requirements of Regulation 14D under the US Exchange Act. The Tender Offer will be extended into the United States in accordance with the requirements of Regulation 14E under the US Exchange Act to the extent applicable. Certain provisions of Regulation 14E under the US Exchange Act are not applicable to the Tender Offer by virtue of Rule 14d-1(d) under the US Exchange Act. US Shareholders should note that the Ordinary Shares are not listed on a US securities exchange and the Company is not subject to the periodic reporting requirements of the US Exchange Act and is not required to, and does not, file any reports with the US Securities and Exchange Commission thereunder.

It may be difficult for US Shareholders to enforce certain rights and claims arising in connection with the Tender Offer under US federal securities laws since the Company is located outside the United States and all of its officers and directors reside outside the US. It may not be possible to sue a non-US company or its officers or directors in a non-US court for violations of US securities laws. It also may not be possible to compel a non-US company or its affiliates to subject themselves to a US court's judgment.

The receipt of cash pursuant to the Tender Offer by a Shareholder who is a US person may be a taxable transaction for US federal income tax purposes and under applicable US state and local, as well as foreign and other, tax laws. Each Shareholder is urged to consult his, her or its independent professional adviser immediately regarding the tax consequences of tendering any Ordinary Shares in the Tender Offer.

To the extent permitted by applicable law and in accordance with normal UK practice, the Company, Shore Capital or any of their respective affiliates, may make certain purchases of, or arrangements to purchase, Ordinary Shares outside the United States during the period in which the Tender Offer remains open for participation, including sales and purchases of Ordinary Shares effected by Shore Capital acting as market maker in the Ordinary Shares. These purchases, or other arrangements, may occur either in the open market at prevailing prices or in private transactions at negotiated prices. In order to be excepted from the requirements of Rule 14e-5 under the US Exchange Act by virtue of Rule 14e-5(b)(10) thereunder, such purchases, or arrangements to purchase, must comply with applicable English law and regulation, including the AIM Rules, and the relevant provisions of the US Exchange Act. Any information about such purchases will be disclosed as required in the UK and the United States and, if required, will be reported via a Regulatory Information Service and will be available on the London Stock Exchange website at www.londonstockexchange.com.

While the Tender Offer is being made available to Shareholders in the United States, the right to tender Ordinary Shares is not being made available in any jurisdiction in the United States in which the making of the Tender Offer or the right to tender such Ordinary Shares would not be in compliance with the laws of such jurisdiction.

Neither this announcement nor the Circular has been approved, disapproved or otherwise recommended by the US Securities and Exchange Commission or any US state securities commission and such authorities have not confirmed the accuracy or determined the adequacy of this announcement or the Circular. Any representation to the contrary is a criminal offence in the United States.

Rounding

Certain figures included in this announcement have been subjected to rounding adjustments. Accordingly, figures shown for the same category presented in different tables or forms may vary slightly and figures shown as totals in certain tables or forms may not be an arithmetic aggregation of the figures that precede them.

No forecasts or estimates

No statement in this announcement is intended as a profit forecast, estimate or quantified financial benefits statement for any period and no statement in this announcement should be interpreted to mean that cash flow from operations, free cash flow, earnings or earnings per share for the Company for the current or future financial years would necessarily match or exceed the historical published cash flow from operations, free cash flow, earnings or earnings per share for the Company.

Disclosure requirements of the Takeover Code (the "Code")

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.

Publication on website

A copy of this announcement will, subject to certain restrictions relating to persons resident in restricted jurisdictions, be available on the Company's website at https://www.hydrogengroup.com/investor-relations/ by no later than 12 noon on the Business Day following the date of this announcement. For the avoidance of doubt, the content of the website referred to above is not incorporated into and does not form part of this announcement.

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ROMSEUFSIESSEDU

(END) Dow Jones Newswires

September 25, 2020 06:41 ET (10:41 GMT)