27 Dec 2013 07:00
("Auhua" or the "Company")
David Sumner appointed Chairman and Issue of Shares
27 December 2013: Auhua Clean Energy Company Plc
("Auhua") (AIM: ACE), is pleased to announce that Mr. David James Sumner, the Company's incumbent non-executive Vice Chairman, has been appointed non-executive Chairman of the Company, with immediate effect. Accordingly, Mr Raphael Tham, the Company's incumbent non-executive Chairman, has been appointed as non-executive Vice Chairman of the Company, with immediate effect.
As Chairman of Auhua, Mr Sumner is expected to further drive the group's fundraising and international expansion strategy. Mr. Sumner brings over 15 years of international business experience and has held a number of Directorships globally.
Mr. Tham commented: "Since joining the Company on 21 October 2013, David has already made his mark in leading the successful fundraising of £1,250,000 on 25 November 2013 for general working capital. Auhua is now in its next phase of development - looking to replicate achievements in Shandong, in new provinces and explore international routes to market for energy efficient solar water heating systems.
"I am delighted to have David take this leadership role and I am confident that he will accelerate our ambitions throughout China and around the world. I look forward to working with him as we take Auhua to the next stage."
Further to the announcement dated 21 October 2013, application will be made for admission to trading on AIM of 6,356,450 ordinary shares of the Company, pursuant to Mr Sumner's service contract, having met predetermined fundraising milestones (the "Consideration Shares"). The Consideration Shares are subject to a lock-in for a period of six months from the date of issue. Admission of the Consideration Shares is expected to take place on or around 7 January 2014.
Following the issue of the Consideration Shares, David Sumner will be interested in 12,712,900 ordinary shares, representing 15.4 per cent. of the Company's issued ordinary share capital, and the Company's total issued ordinary share capital will be 82,527,845 ordinary shares.
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Further Enquiries:
Auhua Clean Energy plc | David Sumner, Chairman
Raphael Tham, Vice Chairman | +97 15559 23198
+65 9768 6046 |
Grant Thornton UK LLP (Nominated Adviser)
| Philip Secrett / Maureen Tai / Jamie Barklem | +44 (0)20 7383 5100 |
Beaufort Securities Limited (Broker) | Christopher Rourke / Guy Wheatley | +44 (0)20 7382 8300 |
About Auhua:
Auhua Clean Energy (AIM:ACE) is an environmental technology group based in the Shandong Province of Eastern China specialising in the development and application of green energy and energy efficient solar water heating solutions. In particular, the Group is focused on the manufacture and sale of split-unit solar water heating systems.
Auhua Clean Energy operates through its wholly owned subsidiaries Shandong Auhua New Energy Co., Ltd and Weihua Auhua New Energy Co., Ltd., of which Auhua Holdings Pte Ltd is the intermediate holding company. (www.auhuacleanenergy.com)