LONDON (Alliance News) - Shares in Clean Air Power Ltd plummeted Friday after it said it raised GBP1 million in a share placing, priced at 4 pence per share, funds it said it will use for additional working capital.
The placing price was a 27% discount to the closing mid-market price of the company's shares on Thursday.
Clean Air Power shares were down 23% as a result Friday morning, trading at 4.25 pence.
The company, which develops and provides dual-fuel engines for heavy duty vehicles, said it placed a total of 25 million new common shares, representing roughly 9.7% of the enlarged shares capital of the company in issue.
"The net proceeds of the placing will be used to provide additional working capital headroom. This will enable the company to take advantage of opportunities as they arise," the company said.
The company said that the following directors, including Chief Executive John Pettitt and Chief Financial Officer Neill Skinner, participated in the placing and now have the following shareholdings.
Director | Beneficial holding of common shares before Placing | Number of Placing Shares to be purchased | Beneficial holding of common shares after Placing | Percentage of expected enlarged issued share capital |
Rodney Westhead | 485,284 | 125,000 | 610,284 | 0.24 |
John Pettitt | 3,000,000 | 705,600 | 3,705,600 | 1.44 |
Neill Skinner | - | 175,000 | 175,000 | 0.07 |
Bernard Lord | 738,130 | 160,000 | 898,130 | 0.35 |
Prof Dr Karl-Viktor Schaller | 89,160 | 13,000 | 102,160 | 0.04 |
Dr Ulrich Wöhr | 419,307 | 42,000 | 461,307 | 0.18 |
Robert S. Tyrer | - | 29,400 | 29,400 | 0.01 |
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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