Last checked at 10 May 2011 07:00
10 May 2011
AIM: AEG
ACTIVE ENERGY GROUP PLC
("Active Energy" or "the Group" or "the Company")
Placing to raise £1.8 million
Active Energy is pleased to announce that it has raised approximately £1.8 million, gross of expenses, (the "Placing") through the issue of 65,500,000 new ordinary shares in the capital of the Company at a placing price of 2.75 pence per share (the "Placing Shares") to new and existing institutional and retail investors. The proceeds of the Placing, amounting to approximately £1.62 million, will be used for working capital generally and in particular, to assist the Company's strategy to transform the business into an end-to-end environmental services and solutions business. Active Energy recently acquired Red Line Engineering Services Limited, which will enable the Group to offer a complete range of services; including installation and maintenance, significantly enhancing recurring revenues. The Directors believe that there are a number of opportunities for the Group to establish a market-leading proposition in this arena.
The Placing is conditional upon admission of the Placing Shares to trading on AIM and will represent 33.3 per cent. of the enlarged issued share capital of the Company. Application will be made for the Placing Shares to be admitted to trading on AIM. Admission is expected to become effective and dealings are expected to commence on AIM on 16 May 2011. Following the issue of the Placing Shares, the Company will have 196,608,971 ordinary shares in issue.
Enquiries:
Active Energy Group Plc | Tel: 020 7491 9533 |
Gavin Little, Chairman Christopher Foster, Executive Director
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Merchant Securities Limited (Nominated Adviser) | Tel: 020 7628 2200 |
Simon Clements / John East
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Jendens Securities Limited (Joint Broker) | Tel: 0203 372 2500 |
Kim Richardson
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Rivington Street Corporate Finance Limited (Joint Broker) | Tel: 020 7562 3370 |
Peter Greensmith
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Biddicks (Financial PR) | Tel: 020 3178 6378 |
Sophie Lane |