China New Energy Ltd Result of EGM and Year End Update (1492C)
January 17 2018 - 5:39AM
UK Regulatory
TIDMCNEL
RNS Number : 1492C
China New Energy Ltd
17 January 2018
17 January 2017
China New Energy Limited
("CNE" or "the Company")
EGM Results and Year End Update
The Board of CNE (AIM:CNEL), the AIM quoted engineering and
technology solutions provider to the bioenergy sector, announces
that, at the EGM held earlier today, all resolutions were duly
approved by shareholders and proxies representing 65.86 per cent.
of the issued share capital.
The resolutions authorise the Company to purchase, or agree to
purchase, up to 20 per cent. of the existing issued share capital
of the Company whilst the price remains below GBP0.02 and above
GBP0.00025 (par value) on any date prior to 31st of December 2019,
and that shares purchased may be held by the Company as treasury
shares.
The Company would like to take this opportunity to provide a
trading update in advance of the publication of its final results
for the twelve months ended 31 December 2017.
The Company has performed well in 2017 and expects revenue to be
in the order of RMB220 million (c. GBP24.7 million), significantly
ahead of the revenue for the year to 31 December 2016 of RMB78.6
million (c. GBP8.85 million based on the current exchange rate). We
are pleased to report that recent policy changes in China have
stimulated domestic demand for increased ethanol production
technology and, in turn, the technology and services provided by
CNE. The Company enters the new year with a current order book and
work in progress of approximately RMB122 million (c. GBP13.7
million).
Mr Yu, Chairman of CNE, commented "2017 will be our second
profitable year in a row, and with a strong order book and work in
progress, we are confident of continued profitability in 2018".
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please visit www.chinanewenergy.co.uk
or contact:
China New Energy Limited
Nick Brooks nick.brooks@hotmail.co.uk
Richard Bennett Tel: +44 7920 060218
rbennett@zkty.com.cn Tel:
+44 7966 388 374
Ivy Xu xuhj@zkty.com.cn Tel: +86
20 8705 9371
Cairn Financial Advisers
LLP (Nomad)
Jo Turner / Sandy Jamieson Tel: +44 20 7213 0880
Daniel Stewart and Company
(Broker)
David Lawman Tel: +44 20 7776 6550
This information is provided by RNS
The company news service from the London Stock Exchange
END
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