The placing was conducted by Powerhouse’s broker, Turner Pope, and broadens the company’s institutional investor base
() said 141.9mln of its shares issued to the vendors of Waste2Tricity (W2T) have been placed at 4.8p each.
The shares placed represent more than half of the W2T consideration shares held outside the Powerhouse board and the White family concert party.
The sale of the shares remove a potential share sale overhang and will strengthen the company’s institutional and long-term shareholder base.
Powerhouse revealed that more than 75% of the shares placed this week were acquired by 1798 Volantis Fund.
The shares were up 7.1% at 6.75p in early deals.
Read More: Powerhouse Energy Group PLC shares rise as potential stock overhang is removed