Clean Air Power Limited Successful Placing to raise £1.6 million (9290S)
November 29 2011 - 2:01AM
UK Regulatory
TIDMCAP
RNS Number : 9290S
Clean Air Power Limited
29 November 2011
For immediate release 29 November 2011
Clean Air Power Ltd
("Clean Air Power" or "the Company")
Successful Placing to raise GBP1.6 million
Introduction
Clean Air Power Limited (AIM:CAP), the developer and provider of
Dual-Fuel(TM) combustion technology for heavy duty diesel engines,
is pleased to announce that it has successfully placed through
Seymour Pierce Limited, acting as the Company's Nominated Adviser
and Broker to the Placing 40,064,099 Common Shares at a placing
price of 4 pence each with institutional and other investors to
raise approximately GBP1.6 million before expenses. The placing was
oversubscribed.
Background to and reasons for the Placing
The net proceeds of the placing will be used to supplement
working capital and to support existing and potential new projects,
including the recently announced start of production with a
European OEM.
Details of the Placing
The Company has raised approximately GBP1.6 million before
expenses, by way of a placing of 40,064,099 new Common Shares.
The placing shares will represent approximately 29.6 per cent.
of the share capital of the Company as enlarged by the placing.
Application has been made to the London Stock Exchange for the
admission of 40,064,099 Common Shares which are expected to be
admitted to trading on AIM in two tranches; 10,650,000 Common
Shares on 2 December 2011 and a further 29,414,099 Common Shares on
5 December 2011. Following the admissions the Company will have a
total of 135,089,619 Common Shares in issue.
The issue price of 4 pence per new Common Share equals the
closing mid market price per Common Share on 28 November 2011,
being the latest practicable date prior to the publication of this
announcement.
Directors Participation
All of the Directors have agreed to participate in the placing
on the basis set out below:-
Name Existing Holding No of Placing Shareholding Percentage
Shares following of Enlarged
Placing Issued Share
Capital
---------------- ---------------- ------------- ------------ -------------
John Pettitt 1,376,567 350,000 1,726,567 1.28%
---------------- ---------------- ------------- ------------ -------------
Peter Rowse 180,532 50,000 230,532 0.17%
---------------- ---------------- ------------- ------------ -------------
Rodney Westhead 171,109 65,000 236,109 0.17%
---------------- ---------------- ------------- ------------ -------------
Ulrich Wohr 166,109 68,750 234,859 0.17%
---------------- ---------------- ------------- ------------ -------------
Karl-Viktor
Schaller 24,631 16,250 40,881 0.03%
---------------- ---------------- ------------- ------------ -------------
Bernard Lord 246,897 200,000 446,897 0.33%
---------------- ---------------- ------------- ------------ -------------
Commenting on the placing, John Pettitt, CEO of Clean Air Power,
said:
"We are delighted to have had such a successful fund raising
strongly supported by new and existing shareholders. The response
to this placing underlines the continued support and belief that
the company and its shareholders have in the long term fundamentals
of our business."
For further information please contact:
Clean Air Power Tel: +44 (0)1772 624 499
John Pettitt, Chief Executive
Peter Rowse, Group Finance Director
Buchanan Tel: +44 (0)20 7466 5000
Charles Ryland
Ben Romney
Seymour Pierce Tel: +44 (0)20 7107 8000
Freddy Crossley/
Mark Percy
David Banks (Corporate Broking)
Notes to Editors
About Clean Air Power
Clean Air Power is the developer and provider of Dual-Fuel(TM)
combustion technology for heavy duty diesel engines. Dual-Fuel(TM)
engines substantially cut fuel costs and carbon emissions without
sacrificing the original engine's characteristic efficiency or
reliability. Clean Air Power is well positioned to assist
corporations and governments to deliver on their environmental
commitments while at the same time reducing transport operators'
overheads.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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