ALR Alternative E.

RNS Number:4388T
Alternative Energy Limited
30 April 2008


For immediate release                                              30 April 2008


                   ALTERNATIVE ENERGY LIMITED ("the Company")


                      Proposed Share Buy-Back Mandate and
                          Proposed Share Issue Mandate


The Company has today sent a Circular to Shareholders to explain the reasons
for, and to provide information about, the proposed share buy-back mandate and
the proposed share issue mandate, and to seek Shareholders' approval for such
proposals at the EGM. The Directors are convening the EGM to be held on 16 May
2008.


THE PROPOSED SHARE BUY-BACK MANDATE


On 3 March 2008, the Company announced that the Company proposed to seek
Shareholders' approval for a Share Buy-Back Mandate to give Directors the
flexibility to purchase or acquire its Shares when circumstances permit, with
the objective of increasing Shareholders' value and to improve, inter alia, the
return of equity of the Group.


Maximum number of Shares


The total number of Shares which can be purchased pursuant to the proposed Share
Buy- Back Mandate is such number of Shares which represents up to a maximum of
10% of the issued ordinary share capital of the Company as at the date of the
EGM on which the resolution authorising the same is passed.


Duration of authority


Purchases or acquisitions of Shares may be made, at any time and from time to
time, on and from the date of the EGM, at which the grant of the proposed Share
Buy-Back Mandate is approved, up to the earlier of:-


(i) the date of the next annual general meeting of the Company; or


(ii) the date by which the next annual general meeting of the Company is
required by law to be held; or


(iii) the time when such mandate is revoked or varied by the Shareholders of the
Company in general meeting.


Manner of purchases or acquisitions of Shares


Purchases of Shares can be effected by the Company in either one of the
following two ways or both:


(i) market purchases on AIM ("Market Purchase"); and/or


(ii) an off-market acquisition on an equal access scheme as defined in section
     76C of the Act
     ("Off-Market Purchase").


THE PROPOSED SHARE ISSUE MANDATE


The Company is also seeking Shareholders' approval at the EGM for a mandate (the
"Share Issue Mandate") to be given to the Directors to issue shares, make or
grant offers, agreements or options convertible into shares ("Instruments"), and
to issue shares pursuant to the Instruments.


Price Restrictions


The purchase price (excluding brokerage, commissions, stamp duties, applicable
goods and services tax and other related expenses) to be paid for a Share will
be determined by the Directors. The purchase price to be paid for a Share as
determined by the Directors must not exceed:-


(i) in the case of a Market Purchase, 105% of the average closing market price.
For this purpose, the average closing market price is:-


(aa) the average of the closing market prices of the Shares over the last five
Market Days (on which transactions in the Shares were recorded) immediately
before the date of the Market Purchase by the Company; and


(bb) deemed to be adjusted for any corporate action that occurs after the
relevant five Market Days period.


(ii) in the case of an Off-Market Purchase, 120% of the highest price at which a
Share is transacted on AIM on the Market Day (when transactions in the Shares
are recorded) immediately preceding the date on which the Company announces an
Off-Market Purchase Offer stating the purchase price and the relevant terms of
the equal access scheme.


The Circular and Notice of EGM is available on the Company's website:
www.alternativeenergy.com.sg


IMPORTANT DATES AND TIMES:


Last date and time for lodgment of       :  14 May 2008 at 2.00 p.m.
Proxy Form

Date and time of Extraordinary General   :  16 May 2008 at 2.00 p.m.
Meeting

Place of Extraordinary General Meeting   :  80 Raffles Place
                                            # 31-20 UOB Plaza 2
                                            Singapore 048624


Contacts:


Christopher Nightingale, Chairman                       Tel: +65 6532-2122


Richard Lascelles, Director                             Tel: +44 207 408 1067


Roland Cornish, Beaumont Cornish Limited                Tel: +44 207 628 3396



                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
MSCURRARWKRSOAR

Alternative Energy (LSE:ALR)
Historical Stock Chart
From Jun 2024 to Jul 2024

Alternative Energy (LSE:ALR)
Historical Stock Chart
From Jul 2023 to Jul 2024