TIDMALR
RNS Number : 2160B
Alternative Energy Limited
28 March 2013
FOR IMMEDIATE RELEASE 28 March 2013
Alternative Energy Limited
("Alternative Energy", "AEL" or the "Company")
RESULT OF PREFERENTIAL OFFERING
Further to the announcements of (i) 14 January 2013 in respect
of the despatch of an offering letter dated 14 January 2013 (the
"Offering Letter") and the accompanying application form (the
"Application Form") containing the terms and conditions of the
Preferential Offering to the Entitled Shareholders; and (ii) 24
January 2013, 8 February 2013, 28 February 2013 and 14 March 2013
respectively in relation to the extensions of the closing date of
the Preferential Offering from 25 January 2013 to 28 March 2013
(the "Extended Closing Date"), the Company is pleased to announce
that as at the Extended Closing Date, valid applications for a
total of 150,116,180 Preferential Offering Shares were received,
the details of which are set out as follows:
(a) valid applications for a total of 38,866,180 Preferential
Offering Shares were received from the Entitled Depositary Interest
Holders;
(b) valid applications for a total of 24,250,000 Preferential
Offering Shares were received from the Entitled Scripholders;
and
(c) a total of 87,000,000 Preferential Offering Shares were
offered to and subscribed for by parties other than the Entitled
Shareholders.
Pursuant to the above, the Company has raised a total of
US$1,200,929.44 at the issue price of US$0.008 per Preferential
Offering Share (the "Issue Price").
In addition, the Company has received further applications for
125,000,000 and 1,000,000 Preferential Offering Shares being
subscriptions of US$1 million and US$8,000 respectively, for which
the Company is awaiting the funds. The Company is also in the
process of making arrangements to place some or all of the
remaining Preferential Offering Shares at the Issue Price. The
Company will make a further announcement in due course.
The total number of ordinary shares in issue (the "Ordinary
Shares"), upon issuance and allotment of all the Preferential
Offering Shares applied for and for which funds have been received
under the Preferential Offering will be 2,086,032,444 (the
"Enlarged Issued Shares"), excluding the 1,922,966 Ordinary Shares
held in treasury.
As a result of the Preferential Offering Shares issued under the
Preferential Offering the Concert Parties hold in aggregate
800,000,666 Ordinary Shares which will represent 38.35 per cent. of
the Enlarged Issued Shares of the Company, having taken into
account the Proposed Disposal as disclosed in the circular to the
shareholders dated 21 December 2012.
Dr Eric Goh Swee Ming, the Executive Director of the Company,
who is also an Entitled Shareholder, has subscribed for 3,750,000
Preferential Offering Shares at the Issue Price. Following this
subscription Dr Eric Goh Swee Ming will hold 10,808,823 Ordinary
Shares in the Company representing approximately 0.52 per cent. of
the Enlarged Issued Shares.
Mr Bay Yew Chuan, the Non-Executive Director of the Company, who
is also an Entitled Shareholder, has subscribed for 2,000,000
Preferential Offering Shares at the Issue Price. Following this
subscription Mr Bay Yew Chuan will hold 27,000,000 Ordinary Shares
in the Company representing approximately 1.29 per cent. of the
Enlarged Issued Shares.
The Company intends to use the net proceeds of approximately
US$1,832,929.44 (after deducting professional fees and related
expenses of approximately US$376,000 and including the additional
US$1 million and US$8,000 commitments for which funds are awaited)
raised from the Preferential Offering for the general working
capital purposes of the Company and to develop the business and
technologies of the Company, particularly those in relation to the
1000 Island Project.
Application has therefore been made for 150,116,180 Ordinary
Shares, which will rank pari passu with all existing Ordinary
Shares, to be admitted to trading on AIM. Trading in such shares is
expected to commence on or around 5 April 2013.
All capitalised terms used but not defined herein shall have the
same meaning ascribed to them in the Offering Letter and which were
also set out at the end of the announcement released on the 14
January 2013 in relation to the despatch of the Offering Letter,
unless expressly provided or the context requires otherwise.
ENDS
About Alternative Energy
Alternative Energy Limited is headquartered in Singapore.
Through its team of Singapore based engineers, Alternative Energy
has developed a number of technologies including its patented roof
based energy system, the eRoof. The Company is now producing its
third generation eRoof for commercial roll out this year. The
Company is also developing a number of energy saving technologies
designed to reduce power consumption, led by its LED lighting
systems, which will combine with its energy generation systems to
enable the creation of energy self sufficient buildings.
'NOW THE WORLD HAS AN ALTERNATIVE' (TM)
For further information please see the Company's website:
www.alternativenergy.com.sg or please contact:
Richard Lascelles, Independent Non-executive Director Tel: 020
7408 1067
Roland Cornish and Emily Staples, Beaumont Cornish Limited Tel:
020 7628 3396
Eric Goh, Executive Director Tel: +65 68737782
This information is provided by RNS
The company news service from the London Stock Exchange
END
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