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Pin to quick picksActive Energy Regulatory News (AEG)

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Issue of Equity

16 Jul 2010 07:00

RNS Number : 4444P
Cinpart PLC
16 July 2010
 

16 July 2010

AIM: CINP

CINPART PLC

('Cinpart' or the 'Company')

 

Issue of Equity

 

Cinpart, which supplies cutting-edge voltage optimisation technology to reduce the energy consumption and CO emissions of commercial buildings, is pleased to announce that it has completed a placing of 19,871,425 new Ordinary Shares (the "Placing Shares") at 7 pence per share in the capital of the Company (the "Placing"). The Placing, with institutional and other investors introduced by Jendens Securities Limited and Rivington Street Corporate Finance Limited, the Company's joint brokers, have raised a total of £1.39 million before expenses.

 

The net proceeds of the Placing amounting to approximately £1.32 million will be used to support the Company's sales and marketing efforts in the UK and to provide working capital generally in order to build on the progress made to date. The Directors believe that there continues to be significant opportunities for growth, underpinned by the strengthening UK sales pipeline and Cinpart's relationships with Southern Electric Contracting Ltd ("SEC") and its new overseas partners.

 

The Placing Shares represent 18.6 per cent. of the enlarged issued share capital and following the issue of the Placing Shares, Cinpart will have 106,865,823 Ordinary Shares in issue. The Placing is conditional upon admission of the Placing Shares to trading on AIM. Application has been made for the new Ordinary Shares to be admitted to trading on AIM and admission is expected to take place on 22 July 2010. The new Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares.

 

As part of the Placing the Company has granted warrants to Jendens Securities Limited over 304,286 new ordinary shares which are exercisable at the Placing price until 15 July 2012.

 

Philip Palmer, Christopher Foster and Kevin Baker, directors of the Company, are subscribing in the Placing for 214,285, 285,714 and 142,857 Ordinary Shares respectively.

As a result of the Placing and following admission of the new Ordinary Shares the interests of the Directors will be:

Name

Number of Ordinary Shares

Percentage of enlarged issued share capital

Philip Palmer

3,753,632

3.51%

Christopher Foster

7,810,785

7.31%

Kevin Baker

906,003

0.85%

 

Kevin Baker, Chief Executive of Cinpart, commented;

 

"In a challenging economic environment for small cap companies we are very pleased with the support we have received from both new and existing investors. We believe that there are exciting opportunities available to us both in the UK and internationally and this placing will help us to deliver further growth going forward."

 

Enquiries:

 

Cinpart Plc

Kevin Baker, Chief Executive

Christopher Foster, Executive Director

 

Tel: 020 3176 3033

Tel: 020 3176 3031

 

Merchant Securities Limited (Nominated Adviser)

Simon Clements/John East

Tel: 020 7628 2200

 

Jendens Securities Limited (Joint Broker)

Kim Richardson

 

Tel: 0203 372 2500

Rivington Street Corporate Finance Limited (Joint Broker)

Peter Greensmith

Jon Levinson

Tel: 020 7562 3370

Biddicks (Financial PR)

Sophie Lane

Tel: 020 7448 1000

 

About Cinpart plc

 

Cinpart is a holding company that owns 72.2 per cent of Active Energy Limited. Active Energy manufactures and supplies the VoltageMaster, a device that can reduce electricity consumption in commercial buildings by up to 20 per cent.

 

Other wholly owned subsidiaries in the Group include Derlite Co Limited; based in Thailand, this company is an international manufacturer of electrical and non-electrical components specializing in ignition systems for gas appliances and Gasignition Limited; a trading company supplying electrical components to small and medium-sized European gas appliance manufacturers.

 

About Active Energy

 

Active Energy owns the rights, intangible assets and intellectual property of VoltageMaster, a range of voltage optimisation equipment for commercial buildings that reduces voltage, and consequently energy consumed, by up to 20 per cent. The VoltageMaster, a sophisticated, easy to install device that is adaptable to complement existing infrastructures, optimises the voltage used in a building by adjusting the electricity voltage supplied to the whole building. In addition, the reduced energy consumption produced by the VoltageMaster provides reduced carbon emissions.

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IOEDDGDRGSBBGGU
Date   Source Headline
29th Feb 20123:17 pmRNSStmnt re Share Price Movement
14th Feb 20127:00 amRNSFurther re Trading Update
9th Feb 20122:20 pmRNSTrading Update
8th Feb 20121:52 pmRNSHolding(s) in Company
3rd Feb 20127:00 amRNSDirectorate Change
21st Dec 20117:00 amRNSIssue of Options
30th Nov 20113:50 pmRNSTotal Voting Rights
21st Nov 20117:00 amRNSAcquisition
15th Sep 20117:00 amRNSHalf Yearly Report
11th Aug 20117:00 amRNSAcquisition of minority interest
1st Aug 20117:00 amRNSChange of Adviser
28th Jul 201112:32 pmRNSResult of AGM
29th Jun 20117:00 amRNSFinal Results
31st May 201110:15 amRNSTotal Voting Rights
16th May 20119:15 amRNSHolding(s) in Company
10th May 20117:00 amRNSPlacing to raise £1.8 million
26th Apr 20117:00 amRNSAcquisition and Director Appointment
29th Oct 20107:00 amRNSNon-core Businesses Disposal & Directorate Change
31st Aug 201012:37 pmRNSTotal Voting Rights
2nd Aug 201010:55 amRNSResult of Bonus Issue & Directors' Shareholding
30th Jul 20101:14 pmRNSTotal Voting Rights
30th Jul 201011:31 amRNSResult of AGM & Change of Name
16th Jul 20107:00 amRNSIssue of Equity
13th Jul 20103:41 pmRNSContract Win
12th Jul 20107:00 amRNSAdviser - change of name
5th Jul 20107:00 amRNSMOU Signed
25th Jun 20107:05 amRNSMemorandum of Understanding
25th Jun 20107:00 amRNSFinal Results
28th May 201012:40 pmRNSNotice of Results
22nd Apr 20107:00 amRNSTrading Statement
10th Mar 20107:00 amRNSDirectorate Change & Grant of Options
9th Feb 20107:00 amRNSRe Ministry of Justice Contract Win
2nd Feb 20107:00 amRNSIssue of Options
1st Feb 20109:39 amRNSMemorandum of Understanding with SEC
20th Jan 20102:34 pmRNSStmnt re Share Price Movement
31st Dec 20097:00 amRNSTotal Voting Rights
22nd Dec 20097:00 amRNSPlacing to raise ?1,050,000
9th Dec 20097:00 amRNSContract Win
18th Nov 20098:45 amRNSEstablishment of Employee Benefit Trust
17th Nov 200911:02 amRNSResult of EGM
30th Oct 20097:00 amRNSTotal Voting Rights
28th Oct 20097:00 amRNSNotice of EGM
27th Oct 200911:55 amRNSHolding(s) in Company
26th Oct 200910:18 amRNSHolding(s) in Company
23rd Oct 20092:28 pmRNSFurther re: Exercise of Options
19th Oct 20097:00 amRNSNOMAD - change of name
1st Oct 200911:57 amRNSExercise of Options
17th Sep 20097:00 amRNSHalf Yearly Report
2nd Sep 20093:45 pmRNSRe Contract
28th Aug 20099:09 amRNSTotal Voting Rights

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