TIDMAEG
RNS Number : 0966G
Active Energy Group PLC
03 August 2016
Active Energy Group Plc / EPIC: AEG / Sector: Alternative
Energy
03 August 2016
Active Energy Group Plc ('Active Energy' or 'the Group')
GBP2.05 million Placing to Support AEG WoodFibre Expansion
Strategy
Active Energy, the AIM quoted international
vertically-integrated renewable energy, forestry management and
timber processing business, is pleased to announce that it has
raised GBP2,050,000 (gross) through the issue of 77,358,491 new
ordinary shares of 1p each ("Ordinary Shares") at a price of 2.65p
per share (the "Placing Shares") to new and existing shareholders
(the "Placing"). The net proceeds of the Placing will be used to
increase capacity by approximately 33% at its woodchip processing
operations in Ukraine, and will also provide the Company with
additional working capital.
The Placing was undertaken by the Company's broker Northland
Capital Partners and the Placing price of 2.65p represents a 16.5%
discount to the Company's closing price on 2 August 2016.
Highlights
-- Funds raised will be primarily allocated to developing AEG
WoodFibre, one of Active Energy's three standalone but highly
complementary divisions (AEG WoodFibre, AEG TimberLands and AEG
CoalSwitch)
-- Short term capex-related projects for AEG WoodFibre at the Yuzhny Port in Ukraine include:
o the implementation of a new softwood line, including a
de-barker and stationary chipper, which should increase production
capacity by circa 33% to approximately 4,000 tonnes of raw material
a day; and
o the acquisition of mobile chippers and log handling equipment
onsite
Details of the Placing and Total Voting Rights
The Placing Shares will rank pari passu with the existing
Ordinary Shares and application has been made to the London Stock
Exchange for admission of the Placing Shares to trading on AIM
("Admission"). The Placing is conditional, inter alia, on
Admission, and dealings are expected to commence at 8.00am on 8
August 2016.
As a result of the issue of the Placing Shares, the percentage
holding of certain significant shareholders will change. The
revised holdings of these shareholders following Admission are
presented in the table below:
Ordinary Shares Percentage of Ordinary
held immediately Shares of 1p held
following Admission immediately following
Admission
with voting rights
Gravendonck Private
Foundation 169,500,000 25.7%
Ruffer LLP 76,491,002 11.6%
Windstar Investment
SA 63,360,000 9.6%
Following the Admission of the Placing Shares, the Company's
enlarged issued share capital will comprise 721,658,721 Ordinary
Shares with voting rights. The Company holds 62,500,000 Ordinary
Shares in Treasury and the figure of 659,158,721 Ordinary Shares
may therefore be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change in their
interest in, the share capital of the Company under the FCA's
Disclosure and Transparency Rules.
Active Energy CEO, Richard Spinks said, "Having raised gross
proceeds of GBP2.05 million, we will continue with our strategy to
enhance shareholder value by implementing our expansion plans,
which will focus on increasing revenues and building on our current
operations in Ukraine. Specifically, we plan to complement the
fully-automated hardwood production line, which is already capable
of processing approximately 3,000 tonnes of raw material per day,
with the installation of a new 1,000 tonne per day softwood
production line by the end of 2016.
We are delighted to have received such a positive response to
this Placing. I would like to thank our long-standing shareholders
who participated in the Placing for their continued support; in
addition we welcome several new shareholders to AEG. I look forward
to providing all our shareholders with further updates regarding
our progress with AEG WoodFibre in the coming months, in addition
to updates from the Company's other divisions; AEG TimberLands and
AEG CoalSwitch."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
**ENDS**
Enquiries & Further Information:
Website LinkedIn Twitter
---------------------- -------------------------------------- -----------------------
www.active-energy.com www.linkedin.com/company/activeenergy www.twitter.com/aegplc
(@aegplc)
---------------------- -------------------------------------- -----------------------
Enquiries
------------------------------------------------------------------------------------
Active Energy Richard Spinks richard.spinks@active-energy.com
Group Plc Chief Executive Officer Int: +380 503 942
702
------------------- ------------------------- ------------------------------------
Brian Evans-Jones brian.evans-jones@active-energy.com
Chief Financial Officer UK: +44 (0)7500
861 696
Ukraine: +380 955
227 745
------------------- ------------------------- ------------------------------------
Northland Capital Patrick Claridge/David Office: +44 (0)20
Partners Limited Hignell/Gerry Beaney 3861 6625
Nominated Adviser (Corporate Finance)
& Broker John Howes/Rob Rees
(Sales and Broking)
------------------- ------------------------- ------------------------------------
St Brides Partners Susie Geliher/Frank info@stbridespartners.co.uk
Financial PR Buhagiar/Megan Dennison Office: +44 (0)
Adviser 20 7236 1177
------------------- ------------------------- ------------------------------------
About Active Energy Group:
Active Energy Group Plc ("Active Energy" or "AEG") is an AIM
quoted company operating internationally across the entire timber
supply chain - from forest to factory and fuel.
Active Energy's vertically-integrated business units provide
timberland development services for forestry owners, industrial
wood fibre for MDF manufacturers, and second-generation Biomass
coal replacement fuels for industrial power generators.
Active Energy has three divisions:
-- AEG TimberLands: Forestry Asset Management and Development
-- AEG WoodFibre: Industrial Wood Fibre for Medium-Density Fibreboard (MDF) Manufacturing
-- AEG CoalSwitch: Advanced Biomass Coal Replacement Fuels and Fuel Processing Systems
Active Energy's relationships with forestry owners through its
AEG TimberLands operation allows the Company to maximise the value
of its standing timber assets, converting low-grade material -
primarily non-saw logs/technical lumber and forestry thinnings -
into industrial wood fibre for MDF manufacturing via Active
Energy's AEG WoodFibre division. This vertically integrated model
also provides feedstock for the Company's AEG CoalSwitch joint
venture, which generates green energy power generation from
Biomass.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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