Update on CLN conversions & Total Voting Rights

Active Energy Group Plc / EPIC: AEG / Sector: Alternative Energy

22 February 2021

Active Energy Group Plc

('Active Energy', or the 'Company')

Update on CLN conversions

Total Voting Rights

Active Energy, the AIM quoted international biomass based renewable energy and forestry management business, announces that further to the Company's announcement of 19 February 2021,  the Company has received conversion notices in respect of £16.6 million CLNs from Noteholders, to convert their CLNs into 1,660,873,700 New Ordinary Shares in the Company. As a result, the Company will issue 1,660,873,700 New Ordinary Shares to the relevant Noteholders and 700,000,000 New Ordinary Shares pursuant to the Fundraising. Following Admission of the New Ordinary Shares, outstanding CLNs of £1.4 million will be redeemed and a further £0.4 million of CLNs will be cancelled to fully extinguish the CLN debt.

Application has been made for the admission of 2,360,873,700 New Ordinary Shares to trading on AIM ("Admission"), as detailed above. It is expected that Admission will take place at 8.00 a.m. on or around 23 February 2021.

Changes to Director Shareholdings and Substantial Shareholders

Certain directors of the Company subscribed for an aggregate of 2,000,000 New Ordinary Shares pursuant to the Fundraising. Their shareholdings on Admission are set out below:

On Admission, Gravendonck Private Foundation ("Gravendonck"), a substantial shareholder in the Company, and Linarus FZE, who have the same beneficial owner, will have a combined interest in 953,987,189 Ordinary Shares, representing 24.4% of the Company's issued share capital.

Total Voting Rights

Following Admission, the Company will have 3,902,051,743 ordinary shares of 0.01p each in issue, each with one voting right.  There are no shares held in treasury. Therefore, the Company's total number of Ordinary Shares and voting rights is 3,902,051,743.

The above figure of 3,902,051,743 Ordinary Shares may be used by shareholders from Admission as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Defined terms used in this announcement shall have the same meaning as in the announcement of 1 February 2021 unless otherwise defined herein.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

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About Active Energy Group

Active Energy Group plc is a London listed (AIM: AEG) renewable energy company that has developed a proprietary technology which transforms low-cost biomass material into high-value green fuels.  Its patented product CoalSwitch™ is the world's only drop-in biomass fuel that can be mixed at any ratio with coal or completely replace coal in existing coal-fired power stations without requiring plant modification. Active Energy Group's immediate strategic focus is the production and commercialisation of CoalSwitch™ and a low emission CoalSwitch™ blend that utilises other waste materials.