EQT Eqtec Plc

 

TIDMKED 
 
RNS Number : 4438A 
Kedco PLC 
08 October 2009 
 

8 October 2009 
 
 
Kedco plc 
 
 
("Kedco" or the "Company") 
 
 
Completion of placing 
 
 
Kedco, the Irish-based energy group focusing on green-energy production in the 
UK and Ireland, is pleased to announce that it has secured EUR2.6 million from a 
placing with a variety of investors including the Kedco directors (the 
"Placing"). The proceeds from the Placing will be used by Kedco to develop 
identified opportunities for joint ventures and working capital purposes. 
 
 
Placees for each of the new ordinary shares (the "Placing Shares") will also 
receive one half of one warrant to subscribe for one new ordinary share at a 
price of 25 cents exercisable at any time during the two year period of issue. 
 
 
Pursuant to the Placing, an application will be made for the admission of 
17,360,013 Placing Shares to trading on AIM. The Placing Shares, which will be 
issued fully paid, will rank pari passu in all respects with the existing 
ordinary shares of the Company. Admission of the Placing Shares to trading on 
AIM is expected to occur on 14 October 2009. 
 
 
In addition to the Placing, the Company has been informed that the Investment 
Committee of Enterprise Ireland, the Irish government agency responsible for the 
global expansion of Irish companies, has approved a proposed subscription of 
EUR0.5 million for cumulative redeemable convertible preference shares in Kedco 
Power Limited, a wholly-owned subsidiary of Kedco. This investment is subject to 
the finalisation of a share subscription and shareholders' agreement which the 
Board hopes to conclude shortly. A further announcement will be made in this 
respect in due course. 
 
 
As part of the Placing, the following directors of Kedco will subscribe for new 
ordinary shares in the Company: 
 
 
+----------------------+---------------+---------------------+-------------------+ 
| Director             |       Placing |     Resultant total |         Resultant | 
|                      |        Shares | holding of ordinary |     percentage of | 
|                      |    subscribed |              shares |   issued ordinary | 
|                      |           for |                     |     share capital | 
+----------------------+---------------+---------------------+-------------------+ 
| Diarmuid Sean Lynch  |     1,166,666 |          21,294,186 |              9.47 | 
+----------------------+---------------+---------------------+-------------------+ 
| William Paul         |       133,334 |          16,559,734 |              7.37 | 
| Kingston             |               |                     |                   | 
+----------------------+---------------+---------------------+-------------------+ 
| Donal James Buckley* |       466,667 |          16,550,627 |              7.36 | 
+----------------------+---------------+---------------------+-------------------+ 
| Edward Barrett       |     1,166,666 |          13,486,666 |              6.00 | 
+----------------------+---------------+---------------------+-------------------+ 
| Michael Gerard       |        66,667 |              76,667 |              0.03 | 
| Madden               |               |                     |                   | 
+----------------------+---------------+---------------------+-------------------+ 
| Donal O'Sullivan     |        66,667 |              66,667 |              0.03 | 
+----------------------+---------------+---------------------+-------------------+ 
| Alf Smiddy           |        66,668 |              66,668 |              0.03 | 
+----------------------+---------------+---------------------+-------------------+ 
 
 
The resultant total holding of ordinary shares in the Company and the resultant 
percentage of issued ordinary share capital are based on the aggregate holding 
of Donal James Buckley and his wife, Mrs Sinead Buckley. Donal Buckley's 
individual holding is 481,667 ordinary shares which is equivalent to 0.21 per 
cent. of the issued ordinary share capital of the Company. 
 
 
As a result of the Placing, the total number of voting rights as at 
14 October 2009 will increase to 224,822,627. This figure should 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 to their 
interest in the Company, under the FSA's Disclosure and Transparency Rules. 
 
 
Donal Buckley, Chief Executive said: 
"We are very pleased to announce this successful fundraising. The funds were 
raised from a number of new and existing investors and we are very encouraged by 
the support given to our business and strategy. 
 
 
"The money will be used to develop and progress previously identified joint 
venture opportunities in power generation from waste and for working capital 
purposes. We look forward to updating the market as to the progress of our 
projects in the coming financial period." 
 
 
- Ends - 
 
 
For additional information please contact: 
 
 
Financial Dynamics - London                   +44 (0)20 7831 3113 
Matt Dixon / Edward Westropp / Alex Beagley 
 
 
Deloitte Corporate Finance - Nomad            +44 (0)20 7936 3000 
Jonathan Hinton / David Smith 
 
 
Beaufort International Associates Limited    +44 (0)20 7930 8222 
Tanvier Malik 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCMPBATMMIMMBL 
 

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