2 July 2024
DG Innovate plc
("DG Innovate" or the "Company")
Result of AGM
Corporate Update
DG Innovate (LSE: DGI), the advanced research and development company pioneering sustainable and environmentally considerate improvements to electric mobility and energy storage, announces the results of voting on the Resolutions put to its Annual General Meeting ("AGM") held earlier today. All Resolutions put to Shareholders at the meeting were duly passed on a show of hands.
Corporate Update
The Company is pleased to provide an update on recent progress across its technical and commercial workstreams:
· The Company's CEO Peter Bardenfleth-Hansen and CTO Pierre Pellerey recently visited its proposed joint venture partner, EVage Motors, in Punjab, India. Significant progress has been made on technical specifications for the first Pareta® motors and the parties expect to sign the joint venture agreement during the summer with a view to establishing production during 2025.
· The Company is in the process of assembling and testing a prototype 450kW Pareta® motor for delivery to its collaboration partner Cummins-Meritor, for use in heavy commercial vehicles.
· Initial prototypes for the previously announced joint development agreement for Pareta® drives for novel heavy goods vehicle applications are also being completed for testing and delivery to the Company's development partner.
· The Company continues to consider targeted acquisition opportunities within the wider e-mobility space, which would allow it to further accelerate its commercialisation strategy.
In addition, a new shareholder presentation will shortly be uploaded to the Company's website: https://www.dgiplc.com
Proxy Votes
The proxy votes received in respect of the resolutions at the AGM were as follows:
|
RESOLUTIONS | For | % | Against | % | Withheld |
| Ordinary Resolutions | | | | | |
| 1. To receive the Company's annual accounts for the year ended 31 December 2023 | 728,845,277 | 99.99 | 22,103 | 0.01 | 463,301 |
| 2. To approve the reappointment of PKF Littlejohn LLP as auditors and the Directors to fix their remuneration | 728,906,578 | 99.94 | 424,103 | 0.06 | 0 |
| 3. To re-elect Peter Bardenfleth- Hansen as a director | 728,465,414 | 99.99 | 1,966 | 0.01 | 863,301 |
| 4. To re-elect Christian Eidem as a director | 728,465,414 | 99.99 | 1,966 | 0.01 | 863,301 |
| 5. To re-elect Jochen Rudat as a director | 728,465,414 | 99.99 | 1,966 | 0.01 | 863,301 |
| 6. That the Directors be authorised to allot shares and grant rights to subscribe for, or convert any security into, shares up to an aggregate nominal amount of £4,000,000 | 720,293,922 | 98.78 | 8,908,512 | 1.22 | 128,247 |
| Special Resolutions | | | | | |
| 7. That the Directors be authorised to allot equity securities as if section 561 of the Companies Act 2006 did not apply in connection with: (i) an offer of equity securities to the holders of ordinary shares in proportion to their respective holdings; and (ii) the allotment of equity securities up to an aggregate nominal amount of £2,000,000 | 717,230,808 | 98.36 | 11,971,626 | 1.64 | 128,247 |
| 8. That the Directors be authorised to allot equity securities as if section 561 of the Companies Act 2006 did not apply provided that such authority shall be limited to the allotment of equity securities up to an aggregate nominal amount of £2,000,000 for the purpose of Fnancing an acquisition or other capital investment | 719,630,808 | 98.69 | 9,571,626 | 1.31 | 128,247 |
Capitalised terms not otherwise defined in this announcement have the same meaning as ascribed to them in the circular to Shareholders dated 7 June 2024 and available on the Company's website at https://www.dgiplc.com/agm.
For further information please contact:
| DG Innovate plc | C/O IFC |
| Peter Bardenfleth- Hansen (CEO) Jack Allardyce (CFO) | |
| | |
| IFC Advisory (Investor Relations) | 020 3934 6630 |
| Tim Metcalfe Zach Cohen | |
| | |
| FGS Global (Public Relations) | 020 7251 3801 |
| Rollo Head Gordon Simpson Alessandro M Rubin | |
| | |
| Grant Thornton UK LLP (Financial Adviser) | 020 7383 5100 |
| Samantha Harrison Jamie Barklem Ciara Donnelly |
|
| | |
| Cavendish Capital Markets Limited (Corporate Broker) | 020 7220 0500 |
| Adrian Hadden / George Lawson (Corporate Finance) | |
About DG Innovate
DG Innovate is an advanced research and development company pioneering sustainable and environmentally considerate improvements to electric mobility and storage, using abundant materials and the best engineering and scientific practices. DG Innovate is currently developing its products alongside a number of major manufacturers across the transportation and energy sectors, research institutions and the UK Government, and has filed numerous patents worldwide. DG Innovate's current research and development activities are broadly split into two areas, focusing on novel electric motor technologies and energy storage solutions. Its two main products are:
- Enhanced Drive Technology (EDT) - High efficiency, cost-effective electric motors + power electronics; and
- Enhanced Battery Technology (EBT) - Sodium-ion batteries offering a sustainable energy storage solution at similar/greater energy density to incumbent technologies at a lower cost, increased safety with lower environmental footprint.
Further information may be found at: https://www.dgiplc.com
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