Powerhouse's shares slide as it repays loan in cash and shares
Shares in Powerhouse Energy have plunged 25% as it repaid a £3.4m loan note balance to Hillgrove via a mix of funds raised in a capital hike and the conversion of debt to new shares.
Equity Investment Instruments
12,139.09
15:55 08/05/24
-0.01%
-1.65
FTSE AIM All-Share
779.68
15:55 08/05/24
n/a
n/a
Powerhouse Energy Group
0.94p
15:54 08/05/24
7.81%
0.07p
It had completed a £2.5m placing of 312.5m new shares at 0.8p each.
Hillgrove has accepted a £2m cash pay-out, and conversion of the remaining £1.4m of the loan balance into new Powerhouse shares at a previously agreed 0.5p-a-share price.
Hillgrove, which had committed to a 12-month lock-in, now held a total of 300.4m shares in Powerhouse's enlarged share capital.
At about 10:32 GMT, shares in AIM-quoted Powerhouse were down 25% to 1.12p each.