ALR.L Regulatory News (ALR)

30 Apr 2008 11:12

Alternative Energy Limited30 April 2008 For immediate release 30 April 2008 ALTERNATIVE ENERGY LIMITED ("the Company") Proposed Share Buy-Back Mandate and Proposed Share Issue Mandate The Company has today sent a Circular to Shareholders to explain the reasonsfor, and to provide information about, the proposed share buy-back mandate andthe proposed share issue mandate, and to seek Shareholders' approval for suchproposals at the EGM. The Directors are convening the EGM to be held on 16 May2008. THE PROPOSED SHARE BUY-BACK MANDATE On 3 March 2008, the Company announced that the Company proposed to seekShareholders' approval for a Share Buy-Back Mandate to give Directors theflexibility to purchase or acquire its Shares when circumstances permit, withthe objective of increasing Shareholders' value and to improve, inter alia, thereturn of equity of the Group. Maximum number of Shares The total number of Shares which can be purchased pursuant to the proposed ShareBuy- Back Mandate is such number of Shares which represents up to a maximum of10% of the issued ordinary share capital of the Company as at the date of theEGM on which the resolution authorising the same is passed. Duration of authority Purchases or acquisitions of Shares may be made, at any time and from time totime, on and from the date of the EGM, at which the grant of the proposed ShareBuy-Back Mandate is approved, up to the earlier of:- (i) the date of the next annual general meeting of the Company; or (ii) the date by which the next annual general meeting of the Company isrequired by law to be held; or (iii) the time when such mandate is revoked or varied by the Shareholders of theCompany in general meeting. Manner of purchases or acquisitions of Shares Purchases of Shares can be effected by the Company in either one of thefollowing two ways or both: (i) market purchases on AIM ("Market Purchase"); and/or (ii) an off-market acquisition on an equal access scheme as defined in section 76C of the Act ("Off-Market Purchase"). THE PROPOSED SHARE ISSUE MANDATE The Company is also seeking Shareholders' approval at the EGM for a mandate (the"Share Issue Mandate") to be given to the Directors to issue shares, make orgrant offers, agreements or options convertible into shares ("Instruments"), andto issue shares pursuant to the Instruments. Price Restrictions The purchase price (excluding brokerage, commissions, stamp duties, applicablegoods and services tax and other related expenses) to be paid for a Share willbe determined by the Directors. The purchase price to be paid for a Share asdetermined by the Directors must not exceed:- (i) in the case of a Market Purchase, 105% of the average closing market price.For this purpose, the average closing market price is:- (aa) the average of the closing market prices of the Shares over the last fiveMarket Days (on which transactions in the Shares were recorded) immediatelybefore the date of the Market Purchase by the Company; and (bb) deemed to be adjusted for any corporate action that occurs after therelevant five Market Days period. (ii) in the case of an Off-Market Purchase, 120% of the highest price at which aShare is transacted on AIM on the Market Day (when transactions in the Sharesare recorded) immediately preceding the date on which the Company announces anOff-Market Purchase Offer stating the purchase price and the relevant terms ofthe equal access scheme. The Circular and Notice of EGM is available on the Company's website:www.alternativeenergy.com.sg IMPORTANT DATES AND TIMES: Last date and time for lodgment of : 14 May 2008 at 2.00 p.m.Proxy Form Date and time of Extraordinary General : 16 May 2008 at 2.00 p.m.Meeting Place of Extraordinary General Meeting : 80 Raffles Place # 31-20 UOB Plaza 2 Singapore 048624 Contacts: Christopher Nightingale, Chairman Tel: +65 6532-2122 Richard Lascelles, Director Tel: +44 207 408 1067 Roland Cornish, Beaumont Cornish Limited Tel: +44 207 628 3396 This information is provided by RNS The company news service from the London Stock Exchange