Lb-Shell PLC Regulatory News (LBP)

9 June 2016

Intelligent Energy Holdings plc

("Intelligent Energy" or the "Company")

Board Changes, General Meeting and Investor Day

Board Changes 

In anticipation of the successful refinancing of the Company, and the completion of the restructuring of the business, Dr Henri Winand (Chief Executive Officer of Intelligent Energy) and the Board agreed that it was an appropriate time to review the leadership of the Company.

Following that review, Dr Henri Winand is stepping down as Chief Executive Officer with immediate effect and Mr Martin Bloom has been appointed interim Chief Executive Officer. Mr Bloom has been a Non-executive Director of Intelligent Energy since 2012, has significant experience in building high-growth energy technology companies and has strong international connections in the energy sector.

Dr Phil Mitchell, Non-executive Director, will also be standing down from the Board at the end of June, although the Company will retain an ongoing direct and important contribution from Dr Mitchell through planned consultancy activity in support of Mr Bloom.

In recognition of the restructuring activity being undertaken by the Company, the remaining Non-executive Directors will be reducing their fees to the individual levels in place before Intelligent Energy listed in July 2014.

General Meeting

A general meeting of shareholders is being held at 2.00pm today at the Barber-Surgeon's Hall, Monkwell Square, Wood Street, London EC2Y 5BL. This is to vote on certain elements of the £30m gross fundraising, which was structured through the issue of convertible loan notes. The shareholder circular relating to this matter was posted on 23 May 2016 and continues to be available at www.morningstar.co.uk/uk/NSM

The results of today's general meeting will be issued by RNS as soon as possible following conclusion of the meeting.

Analyst and Investor Day 

In light of the previously announced more focused strategy, the restructuring of the business and the appointment of an interim Chief Executive Officer, an Analyst and Investor day will be held in Loughborough before the end of September 2016. Further details will be announced in due course.

Paul Heiden, Chairman of Intelligent Energy, commented:

"The General Meeting of shareholders later today will see shareholders vote on the final elements of the Board endorsed £30m Convertible Loan Note refinancing of Intelligent Energy.

With the associated ongoing restructuring of the business progressing to plan, and the delays experienced since IPO, in both commercial traction by the Company and the development of the fuel cell market itself, it has been an appropriate time to reassess the composition of the Board.

With the announced Board changes I would like to acknowledge Dr Winand's extraordinary commitment and dedication as CEO of the business over the last decade. I am also pleased that the Company will not lose access to Dr Mitchell's knowledge after stepping down as a non-executive.

Finally, I would like to welcome Martin Bloom to his interim role as CEO of Intelligent Energy and wish him every success with leading and implementing the revised focus of the Company's activities to deliver value for shareholders."

Martin Bloom, interim Chief Executive, said:

"I am excited about this opportunity. Intelligent Energy has unique technology that can be applied to nearer term commercial opportunities. There is clearly a great deal of work ahead and I am looking forward to the challenge. There will be an Analyst and Investor day in September when IE will provide further detail on the plans and outlook for the business."