Placing of up to 64,515,000 new Ordinary Shares (7534A)

TIDMOPG

RNS Number : 7534A

OPG Power Ventures plc

07 February 2011

OPG Power Ventures plc ("OPG", the "Company", or the "Group")

Placing by Cenkos Securities plc of up to 64,515,000 new Ordinary Shares of 0.0147p each at a price of 93 pence per share

Further to its announcement of 4 February, the Company is pleased to confirm that it has raised, subject to certain conditions, up to GBP60 million (before expenses) through the placing of up to 64,515,000 new ordinary shares by Cenkos Securities plc (the "Placing"), which will be used by the Group to fund capacity expansion and for general corporate purposes. The Group currently has 107 MW in operation and, following the Placing, will have the funding to build out a further 555 MW of capacity which the Directors believe, positions the Group to deliver on its strategy of having 1,250 MW of operational capacity by 2015.

The Placing is conditional, inter alia, upon the passing of a special resolution by shareholders to authorise the Directors to allot the Placing Shares for cash on a non-pre-emptive basis. Accordingly, an Extraordinary General Meeting is being convened on 28 February 2011. A circular containing the details of these proposals was posted on 4 February 2011 and the timetable of principal events is as follows:

 
               EXPECTED TIMETABLE OF PRINCIPAL EVENTS 
 
 This document posted to Shareholders                4 February 2011 
  (by first class post) 
 
 Latest time and date for receipt of         12.00pm. on 26 February 
  Form of Proxy                                                 2011 
 
 Extraordinary General Meeting                12.00pm on 28 February 
                                                                2011 
 
 Admission and dealings in the Placing          8:00 a.m. on 1 March 
  Shares expected to commence on AIM                            2011 
 
 Where applicable, expected date for                    1 March 2011 
  CREST accounts to be credited in respect 
  of the Placing Shares in uncertificated 
  form 
 
 Where applicable, expected date for                 By 8 March 2011 
  posting of share certificates for 
  Placing Shares

For further information, please visit www.opgpower.com or contact:

 
 OPG Power Ventures plc 
 Arvind Gupta (Managing Director)       +91 (0) 44 429 
                                         11 222 
 V. Narayan Swami (Finance Director)    +91 (0) 44 429 
                                         11214 
 Martin Gatto (Senior Non Executive     +44 (0) 7778 749 
  Director)                              223 
 
 Cenkos Securities (Nominated Adviser   +44 (0) 20 7397 
  & Broker)                              8900 
 Stephen Keys/ Camilla Hume 
 
 Tavistock Communications               +44 (0) 20 7920 
                                         3150 
 Simon Hudson / Sonya Williams

This information is provided by RNS

The company news service from the London Stock Exchange

END

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