TIDMCNEL
RNS Number : 8820S
China New Energy Ltd
14 July 2020
14 July 2020
China New Energy Limited
(the "Company" or "CNE")
Global Offering, Issue of Equity and HKEx update
The Board of CNE (AIM: CNEL), the AIM quoted engineering and
technology solutions provider to the bioenergy sector, is pleased
to announce that it has raised funds of HK$80.95m (GBP8.28m) by way
of a Hong Kong public offering and international placing ("Global
Offering"), and that today is expected to be the last day of
trading of the Company's shares on AIM.
Following a successful Global Offering, the Company now meets
the criteria to list its securities on the Main Board of The Stock
Exchange of Hong Kong Limited ("HKEx") and awaits final approval
from HKEx, which is expected to be given during the course of the
day in Hong Kong. If approval from HKEx is received today and the
Global Offering has become unconditional on 15 July 2020, at 08:00
a.m. (HKT), trading of the Company's shares on HKEx will commence
on 15 July 2020, at 09:00 a.m. (HKT) with stock code: 1156 and
trading of the Company's shares on AIM will be cancelled from 07:30
a.m. (BST) the same day.
The Company has issued 82,600,000 ordinary shares representing
14.99 per cent. of the enlarged issued share capital, at a price of
HK$0.98 (approximately 10.2p) to applicants of the Global Offering.
Application will be made for the 82,600,000 new ordinary shares to
be admitted to trading on HKEx on 15 July 2020.
Pursuant to the convertible loan agreement with Double River
Limited, as announced on 30 April 2020, the Company has also issued
23,924,502 ordinary shares representing 4.34 per cent. of the
enlarged issued share capital, at a price of approximately HK$
0.481 (approximately 4.9p) to convert the Double River loan of
HKD11,500,000 (approximately GBP1.18m) into equity.
Following this issue of equity pursuant to the Global Offering,
the issued share capital of the Company will comprise 550,972,043
ordinary shares. The new ordinary shares will rank pari passu with
the existing ordinary shares.
Commenting, Mr Yu, Chairman, said, "This is an exciting
milestone for the Company; not only is dealing of the shares of the
Company on the Main Board of the Hong Kong Stock Exchange a very
prestigious event for the Company, but it will also provide access
to capital to enable the Company to expand to its full potential
and deliver long-term shareholder value. We would like to thank
AIM, our Advisers and shareholders for their support whilst on AIM.
The AIM market has enabled the Company to grow and demonstrate a 4
year track record of delivering profits that were necessary to
qualify for the listing of the shares of the Company on the main
board of the HKEx. We are delighted that many shareholders have
elected to continue with the Company and look forward to continued
success."
Issued Share Capital and Treasury Shares
In accordance with the Financial Conduct Authority's Disclosure
and Transparency Rules, the Company hereby announces that,
following admission, it will have 550,972,043 ordinary shares of
GBP0.00025p each in issue, each share carrying the right to one
vote. The Company does not hold any ordinary shares in treasury.
The figure of 550,972,043 ordinary shares may 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 to their interest in, the share capital of
the Company under the Financial Conduct Authority's Disclosure and
Transparency Rules.
Transfer of Shares to the HKEx
After the market closes today, subject to approval from the
HKEx, the Company's registrar Computershare UK shall withdraw the
Company's securities from CREST and transfer the share register to
Computershare Hong Kong and the shares of the Company can be
deposited into the Hong Kong Central Clearing and Settlement System
(CCASS) to enable trading of its shares on the HKEx.
For investors who returned a valid election form and have
selected the First Record Date of 30 June 2020 and have already
withdrawn their securities from CREST, their Hong Kong share
certificates shall be despatched in accordance with their
instructions and available to trade on the HKEx at 09:00 (HKT) on
the 15 July 2020.
For investors who have returned a valid election form and have
selected the second record date of 14 July 2020, they may continue
to trade their shares until 16:30 (BST) today, their Hong Kong
share certificates will be despatched in accordance with their
instructions and available to trade soon after the dealing of the
shares of the Company on the HKEx commences.
For investors who did not return an election form, Hong Kong
share certificates shall be sent to the registered address. For the
avoidance of doubt, no shares will be cancelled.
Hong Kong Broker
The Company is responding to requests from shareholders for
information on how they may continue to trade the Company's shares
on the HKEx. A shareholder will require an account with a broker
who is authorised to trade shares on HKEx. The Company notes that
some UK brokers have international trading divisions that are
authorised to trade on HKEx and it recommends that shareholders
speak to their existing broker in the first instance as soon as
possible.
For shareholders who require an authorised HKEx broker, the
Company has identified Silverbricks Securities Company Limited
("Silverbricks") in Hong Kong which will open brokerage accounts
for shareholders and facilitate continued trading. There is no
minimum shareholding required. Shareholders will need to complete
Silverbricks' account application form and supply requisite
supporting identification documentation ("KYC") in compliance with
Hong Kong securities law.
The Silverbricks' application form and KYC forms are available
for download from the Company's website:
http://chinanewenergy.co.uk/uploads/soft/200615/1-2006151R250.docx
The Company advises that any reference above to third party
brokers is for information only and it is not making any
recommendations or providing any investment advice to shareholders
who are recommended to seek their own financial advice immediately
from their stockbroker, solicitor, accountant or other independent
adviser authorised under the Financial Services and Markets Act
2000.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please contact:
China New Energy Limited
Ivy Xu xuhj@zkty.com.cn Tel: +86 20 8705
Richard Bennett 9371
rbennett@zkty.com.cn Tel: +44 7966
388374
Cairn Financial Advisers LLP Tel: +44 20 7213 0885
(Nomad & Broker)
Jo Turner / Sandy Jamieson
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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