Admission to Trading and Dealings Delay
21 December 2022
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.
Hydrogen Utopia International PLC ("HUI" or the "Company")
Hydrogen Utopia International PLC, a company specialising in turning non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels, new materials or distributed renewable heat, regrets to announce that the admission ("Admission") of the Company's entire issued share capital to the Official List of the Financial Conduct Authority by way of a Standard Listing under Chapter 14 of the Listing Rules and to trading on the London Stock Exchange's Main Market for listed securities, which was due to take place today, has been delayed for highly technical reasons arising from the interaction of the rules and regulations relating to the Main Market and AQSE rules. The Company is working with its advisers and the FCA to resolve the issue, explained below, as rapidly as possible and anticipates that it will be able to announce a new Admission date very shortly.
Page 9 of HUI's prospectus dated 15 December stated that "The Company's securities are currently traded on the Access Segment of the Aquis Growth Market ("Aquis")...". As a result of discussions with Aquis and the FCA since the prospectus was published, it has become apparent that HUI cannot retain that Aquis listing once Admission has taken place. HUI has therefore been requested to publish a supplementary prospectus ("SP") making it clear that it cannot retain that Aquis listing and explaining the implications of that in advance of Admission. HUI will, however, retain the Aquis listing until Admission occurs.
The process of preparing the SP is well underway but finalisation of the Admission date will be dependent upon approval of the SP by the FCA before Admission can occur. The Directors of HUI anticipate that the SP approval process should be rapid, but it is of course dependent upon the availability of personnel given the imminent holiday season.
The Directors of HUI strongly regret any inconvenience this delay may cause existing or potential investors, which has arisen due to circumstances beyond their control and is not a reflection of any business or commercial issue in relation to the Company.
The directors of HUI accept responsibility for this announcement.
For further information please contact:
Hydrogen Utopia International PLC
Aleksandra Binkowska/Guy Peters
+44 20 3811 8770
Alfred Henry Corporate Finance Limited (AQSE Corporate Adviser)
Jon Isaacs
+44 20 3772 0021
Novum Securities Limited (Broker)
Jon Belliss/Colin Rowbury
+44 20 7399 9400
About Hydrogen Utopia International PLC
HUI aims to become one of the leading new European companies specialising in turning non-recyclable mixed waste plastic into carbon-free fuels, new materials or distributed renewable heat.
A HUI facility uses non-recyclable mixed waste plastic as feedstock and turns it into syngas from which new products and energy can be produced. HUI anticipates that its revenues will be derived from a variety of sources, dependent upon location and configuration of the HUI facilities, including the sale of syngas, hydrogen and other gases, electricity and heat sales, and the payment to it of fees for a given quantity of non-recyclable mixed waste plastic received at a HUI facility.
HUI will target areas where there is significant private sector interest or potential, financial backing is accessible and or where substantial EU and/or government funded sources of grants and loans are or may be available. The global increase in fossil fuel-based energy prices reinforces the need for alternative, price competitive energy sources, which HUI’s business model can provide.
The pressing need to deal with growing amounts of waste plastic combined with a real momentum in the use of hydrogen from renewable sources may pave the way for a rapid deployment of and investment in HUI facilities.