Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksAMPH.L Regulatory News (AMPH)

  • There is currently no data for AMPH

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Incubex Fundraising

28 Mar 2018 07:00

RNS Number : 1632J
Aggregated Micro Power Holdings PLC
28 March 2018
 

Aggregated Micro Power Holdings plc

("AMP", the "AMP Group" or the "Company")

 

Incubex Fundraising

 

Aggregated Micro Power Holdings plc (AIM: AMPH), the specialist aggregator of distributed heat and power and renewable fuels, announces that Incubex, LLC, ("Incubex"), in which AMP has an existing 27.89% equity investment, is raising new funds by offering up to US$5m of Class B-1 Units in Incubex ("Units") at a pre-money valuation of US$50m (the "Fundraising").

 

AMP has committed to make an investment of up to £1.5m in the Fundraising. AMP's subscription in the Fundraise is subject to clawback in respect of any subscriptions from other existing Incubex shareholders. In the event of full participation from all other Incubex shareholders, AMP's subscription would be reduced to £1.3m. Participation by other existing Incubex shareholders in the Fundraising is expected to be confirmed shortly. Assuming a full US$5m Fundraising and an investment by AMP of £1.5m, AMP would hold 29.16% of the equity in Incubex.

 

This investment was outlined in AMP's placing announcement of 3 November 2017, which provided details of AMP's expected use of placing proceeds to include £1.5m for participation in a potential Incubex fundraising.

 

A major strategic investor has subscribed for US$1.65m* in the Fundraising and will be appointing a director to the Board of Incubex.

 

AMP's existing shareholding in Incubex was valued at £2.3m in AMP's balance sheet as at 30 September 2017 and therefore this Fundraising valuation is expected to result in a positive fair value adjustment to approximately £11.3m, which would be reflected in AMP's balance sheet as at 31 March 2018. Incubex is a privately owned early stage company whose shares are not traded on a stock exchange and therefore trading in these shares is considered illiquid.

 

Certain Directors of AMP who previously invested in Incubex will also participate in the Fundraising and their resultant shareholding in Incubex will be as follows:

 

Name

AMP Group Role

Fundraising participation

Resultant shareholding %***

Neil Eckert

Executive Chairman

$500,001.04**

5.30

Sir Brian Williamson

Non-Executive Director

$11,501.82

0.23

Sir Laurie Magnus

Non-Executive Director

$10,362.00

0.14

 

* not subject to clawback

** subject to clawback

*** assuming a full US$5m Fundraising

 

Neil Eckert, Executive Chairman of AMP, is also Non-Executive Chairman of Incubex. It is expected that Sir Brian Williamson, Non-Executive Director of AMP, will join the Board of Incubex on completion of the Fundraising. AMP Directors Richard Burrell, Sir Nicholas Soames and Robert Bland remain shareholders in Incubex with resultant shareholdings, assuming a full US$5m Fundraising, of 0.42%, 0.25% and 0.09% respectively.

 

Related Party Transaction

 

The participation by AMP in the Fundraising (the "Transaction") is considered a related party transaction under the AIM Rules for Companies. The independent director, being Mark Tarry, considers, having consulted with finnCap Ltd, that the terms of the Transaction are fair and reasonable insofar as shareholders of the Company are concerned.

 

Richard Burrell, Chief Executive of Aggregated Micro Power Holdings plc, said:

 

"I am delighted to report the successful fundraise by Incubex. We are excited about the potential for Incubex and look forward to exploring ways to work more closely with them in future."

 

 

Contacts

 

Aggregated Micro Power Holdings plc 020 7382 7800

Neil Eckert, Executive Chairman

Richard Burrell, CEO

Helene Crook, Investor Relations

Haggie Partners 020 7562 4444

Peter Rigby / Brian Norris

 

finnCap Ltd 020 7220 0500

Ed Frisby / Simon Hicks (Corporate Finance)

Stephen Norcross / Sultan Awan (Corporate Broking)

 

About Aggregated Micro Power Holdings plc

 

The AMP Group was established to develop, own and operate renewable energy generating facilities. It specialises in the sale of wood fuels and in the installation of distributed energy projects. AMP's wholly owned subsidiary Forest Fuels sells high quality wood chip and wood pellet to end customers throughout the UK, while its projects division installs biomass boiler and biomass CHP systems for a wide range of applications and customers. AMP is also active in developing projects for stand-by power generation which aim to balance the transmission grid at times of peak demand.

 

www.ampplc.co.uk

 

 

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

 

 

About IncubEx

 

IncubEx is an incubator for exchange traded products, services, and technology solutions. At its core, IncubEx is a product and business development firm. The company works in conjunction with its global exchange partner, European Energy Exchange (EEX) and other leading service providers and stakeholders to design and develop new financial products in global environmental, reinsurance, and related commodity markets. The company has a specific focus on innovation and continuous improvement of products and services, including technology, trading solutions, and operational efficiencies. The IncubEx team is comprised of former key Climate Exchange executives and is uniquely positioned to capture these opportunities with its partners. The company was founded in 2016 and currently has offices in Chicago and London.

 

www.theincubex.com 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IOELDLLLVXFXBBD
Date   Source Headline
17th Jan 20203:36 pmRNSCompletion of Acquisition by BidCo & Incubex Sale
17th Jan 20207:30 amRNSSuspension - Aggregated Micro Power Holdings Plc
15th Jan 20204:17 pmRNSSanction of Scheme, Equity Issue & Suspension
10th Jan 20205:30 pmRNSAggregated Micro Power Holdings
8th Jan 20205:47 pmRNSResults of the Court Meeting and General Meeting
19th Dec 20197:00 amRNSHalf-year Report
16th Dec 20192:56 pmRNSForm 8.3 - Aggregated Micro Power Holdings plc
13th Dec 20193:51 pmRNSPUBLICATION OF THE SCHEME DOCUMENT
13th Dec 20191:14 pmRNSForm 8.3 - Aggregated Micro Power Holdings PLC
12th Dec 20195:46 pmRNSForm 8.3 - Aggregated Micro Power Holdings plc
12th Dec 201912:02 pmRNSForm 8.3 - Aggregated Micro Power Holdings plc
12th Dec 201911:37 amRNSForm 8.3 - Aggregated Micro Power Holdings plc
12th Dec 201910:40 amRNSForm 8.3 - Aggregated Micro Power Holdings plc
11th Dec 20195:15 pmRNSForm 8.3 - Aggregated Micro Power Holdings plc
11th Dec 20195:01 pmRNSForm 8.3 - Aggregated Micro Power Holdings plc
11th Dec 20192:01 pmRNSForm 8.3 - Aggregated Micro Power Holdings PLC
11th Dec 201912:20 pmRNSForm 8.3 - Aggregated Micro Power Holdings plc
9th Dec 20194:27 pmRNSForm 8 (OPD) (Aggregated Micro Power Holdings plc)
9th Dec 20191:41 pmRNSForm 8 (OPD) (Aggregated Micro Power Holdings plc)
5th Dec 20191:40 pmPRNForm 8.3 - Aggregated Micro Power Holdings
4th Dec 20193:03 pmRNSForm 8.3 - Aggregated Micro Power Holdings Plc
3rd Dec 201912:26 pmRNSForm 8.3 - Aggregated Micro Power Holdings plc
2nd Dec 20193:30 pmRNSForm 8 (DD) - Aggregated Micro Power Holdings PLC
2nd Dec 20192:08 pmGNWForm 8.3 - AXA INVESTMENT MANAGERS: Aggregated Micro Power Holdings PLC
29th Nov 20191:56 pmRNSForm 8.3 - Aggregated Micro Power Holdings PLC
29th Nov 20197:00 amRNSRecommended Cash Offer
29th Nov 20197:00 amRNSSale of 4% Interest in IncubEx Inc.
21st Nov 20196:26 pmRNSHolding(s) in Company
25th Oct 201912:12 pmRNSResult of AGM
1st Oct 20197:00 amRNSFinal Results
12th Sep 20197:00 amRNSTrading Update
9th May 20197:00 amRNSFunding for Off Balance Sheet Vehicle
11th Apr 20195:19 pmRNSDirector/PDMR Shareholding
11th Apr 20197:00 amRNSYear End Update
12th Mar 20193:58 pmRNSDirector/PDMR Shareholding
10th Jan 20197:00 amRNSDirector/PDMR Shareholding
17th Dec 20184:39 pmRNSHolding(s) in Company
13th Dec 20187:00 amRNSHalf-year Report
11th Dec 20187:00 amRNSResult of Call of Convertible Loan Notes
20th Nov 20187:00 amRNSDirector/PDMR Shareholding
13th Nov 20181:50 pmRNSHolding(s) in Company
8th Nov 20189:50 amRNSHolding(s) in Company
8th Nov 20188:20 amRNSHolding(s) in Company
8th Nov 20187:00 amRNSCall of Convertible Loan Notes
1st Nov 20182:30 pmRNSResult of General Meeting
30th Oct 201810:12 amRNSDirector/PDMR Shareholding
15th Oct 201812:36 pmRNS£8.5m Placing, CLN Call & Notice of GM
4th Oct 20187:00 amRNSIncubEx Update
10th Sep 201811:32 amRNSResult of AGM
30th Aug 20184:47 pmRNSDirector/PDMR Shareholding

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.