RE: Redmond13 Mar 2014 12:55
you could well be right but PIRI did finally do a deal a month or so ago....
Investment in Rame Energy Plc
Mon, 10th Feb 2014 07:00
RNS Number : 6309Z
Pires Investments PLC
10 February 2014
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Pires Investments PLC ("Pires" or the "Company")
Investment in Rame Energy Plc ("Rame")
The Board announces that it has provided pre-IPO financing of £410,000 to Rame, an international energy consultant, engineer and power project developer, via a 3-year convertible loan note ("CLN"). Rame has developed a strong presence in the Chilean wind power market and has expertise in a number of energy sources such as wind, diesel and solar. Rame has been involved in the development/construction of a significant part of Chile's installed wind capacity, which has enabled it to develop its own portfolio of wind power projects in Chile. The first two of its projects totalling 24MW are ready to build. Rame believes the necessary bank and equity funding for the first project will be in place in the near future, and that funding for the second project will be available from the same sources. The next two projects with a capacity of 84MW should be ready to build within a few months. In total, Rame has a project pipeline of over 1GW with 23 separate projects. Its strategy is to become an independent power producer operating its own power projects with a focus on providing energy directly to large industrial customers.
The investment by Pires is part of a pre-IPO fundraising (the "Fundraising") of not less than $3.2m which will facilitate Rame's equity investment in the first two projects. Rame is seeking to admit its shares to trading on AIM during the first half of 2014.
Peter Redmond (Chairman) commented "This pre-IPO investment reflects our strategy of taking stakes in value-producing companies which plan to come to the market in the near term and where some initial cash can facilitate their IPO and help their business develop. The Board believes the Company has been able to invest on quite favourable terms. We hope this will be the first of a number of such transactions."