Clean Air Power Limited Issue of Equity and Directors' Interests (7407K)

TIDMCAP

RNS Number : 7407K

Clean Air Power Limited

27 June 2014

Clean Air Power Limited

("Clean Air Power", the "Company" or the "Group")

Issue of Equity and Directors' Interests

Further to the Company's announcement earlier today, Clean Air Power announces the completion of the Placing. A total of 25,000,000 new Common Shares of US$0.001 each have been issued at a Placing Price of 4 pence per share. The gross proceeds of the Placing are GBP1 million. The Placing Shares will represent approximately 9.7 per cent. of the enlarged issued ordinary share capital of the Company.

Clean Air Power's enlarged issued common share capital immediately following the issue of the Placing Shares will be 256,536,639 Common Shares. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in interest in, the share capital of the Company under the Disclosure and Transparency Rules.

Directors' Interests

The Company has today been notified that certain directors of the Clean Air Power have agreed to acquire Placing Shares pursuant to the terms of the Placing. Following Admission, the beneficial interests of the participating directors will be as follows:

 
                             Beneficial                          Beneficial         Percentage 
                             holding of          Number of       holding of        of expected 
                          common shares     Placing Shares    common shares    enlarged issued 
 Director                before Placing    to be purchased    after Placing      share capital 
---------------------  ----------------  -----------------  ---------------  ----------------- 
 Rodney Westhead                485,284            125,000          610,284               0.24 
 John Pettitt                 3,000,000            705,600        3,705,600               1.44 
 Neill Skinner                        -            175,000          175,000               0.07 
 Bernard Lord                   738,130            160,000          898,130               0.35 
 Prof Dr Karl-Viktor 
  Schaller                       89,160             13,000          102,160               0.04 
 Dr Ulrich Wöhr            419,307             42,000          461,307               0.18 
 Robert S. Tyrer                      -             29,400           29,400               0.01

All terms in this announcement have the meaning given to them in the announcement made by the Company at 7.00 a.m. on 27 June 2014 unless otherwise defined herein.

For further information, please contact:

 
            Clean Air Power                           Tel: +44 (0)1772 624 499 
             John Pettitt, Chief Executive 
             Neill Skinner, Chief Financial Officer 
 Citigate Dewe Rogerson                               Tel: +44 (0)20 7282 2867 
  Malcolm Robertson 
  Chris Gardner 
 
  Panmure Gordon                                       Tel: +44 (0)20 7886 2500 
  Corporate Finance 
  Freddy Crossley / Atholl Tweedie 
  Corporate Broking 
  Tom Salvesen 
 
  Peat & Co.                                           Tel: +44 (0)20 3540 1721 
  Charlie Peat 
  Andy Cuthill

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.

Initially founded in the USA in 1991, around GBP50m has been invested in developing the technology with the result that 65 patents are currently held or pending. The holding company of the Group is based in Bermuda with operational subsidiaries in the UK, the USA and Australia. The Group was admitted to the AIM market of the London Stock Exchange in February 2006.

Further information on Clean Air Power is available at www.cleanairpower.com.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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