TIDMPPG

RNS Number : 1252L

Plutus PowerGen PLC

08 January 2021

8 January 2021

Plutus PowerGen plc

('Plutus' or 'the Company')

Statement re share price movement

Plutus notes today's share price increase and can confirm that it is not aware of any reason for the increase.

The Company was reclassified as an AIM Rule 15 Cash Shell on 10 December 2020. Following its reclassification as an AIM Rule 15 cash shell, the Company is required to make an acquisition which constitutes a reverse takeover under the AIM Rules by 10 June 2021, failing which the Company's ordinary shares would be suspended from trading on AIM pursuant to AIM Rule 40. The Company's admission to trading on AIM would then be cancelled six months from the date of suspension, should the reason for the suspension not have been rectified.

The Company's Directors are focused on sourcing an appropriate reverse takeover candidate for Plutus. At present, no assurances can be provided that the effort will be successful to source and/or complete a reverse takeover transaction.

At the current time the Company has adequate cash resources and working capital for 12 months . However, the Company is considering short term funding options to assist in covering the additional costs of any potential future reverse takeover transaction.

The Company's Directors will provide shareholders with further updates as appropriate.

 
 Plutus PowerGen PLC                                                     Tel: +44 (0) 20 8720 6562 
  Charles Tatnall, Executive Chairman 
  James Longley, Interim CEO and Finance 
  Director 
               Allenby Capital Limited ( Nominated Adviser               Tel: +44 (0)20 3328 5656 
                and Joint Broker) 
                Nick Athanas 
                Nick Naylor 
                James Hornigold 
 Turner Pope Investments (TPI) Limited                                      Tel: +44 ( 0) 20 3657 
  (Joint Broker)                                                             0050 
  Andy Thacker 
 
  Pello Capital Limited (Joint Broker)                                       Tel: +44 (0) 20 3700 2492 
  Callum Hill 
 
                 St Brides Partners Limited (Financial                 Tel: +44 (0)20 7236 1177 
                 PR) 
                 Cosima Akerman

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END

SPMDKFBPQBKDPDK

(END) Dow Jones Newswires

January 08, 2021 09:58 ET (14:58 GMT)

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