18 Mar 2010 17:13
| For Immediate Release | 18 March 2010 |
Clean Air Power Ltd
("Clean Air Power" or "the Company")
Holding in Company
On 16 November 2009, Clean Air Power Limited (the "Company") announced a Notice of Special Meeting proposing a shareholder vote to effect the transfer of 18,453,450 common shares of US $0.001 each ("Common Shares") in the capital of the Company from Endeavor Opportunity Partners, L.P. ("Endeavor") to CSFB Strategic Partners Holdings II, L.P. ("CSSP"). This was passed at the Special Meeting on 3 December 2009. Following that Special Meeting, CSSP and an affiliate of Endeavor, Endeavor Opportunity Partners II, L.P. ("Endeavor II"), agreed that Endeavor II was due 149,392 Common Shares and warrants to purchase 74,696 Common Shares at an exercise price of £0.3266 per Common Share (the "Transferred Shares and Warrants").
The Company was informed today that CSSP has completed the transfer to Endeavor II of the Transferred Shares and Warrants. Following this transfer, CSSP will continue to hold 18,304,058 Common Shares and warrants to purchase 6,732,557 Common Shares, as further described below.
Following this transaction, CSSP holds the following Common Shares of US$0.001:
|
| Number of shares | Total voting rights |
| Common Shares: BMG2287M1047 |
18,304,058 |
32.81% |
In addition, CSFB holds the following Warrants in the Company:
|
| Expiration date | Exercise/Conversion period | Number of voting rights | % of voting rights |
| Warrant over Common Shares | 13 April 2011 | 14 April 2008 to 13 April 2011 |
1,312,467 |
2.07% |
| Warrant over Common Shares |
3 July 2011 | 4 July 2008 to 3 July 2011 |
1,093,230 |
1.72% |
| Warrant over Common Shares | 7 October 2011 | 8 October 2008 to 7 October 2011 |
1,562,500 |
2.46% |
| Warrant over Common Shares | 14 December 2011 | 15 December 2008 to 14 December 2011 |
1,873,380 |
2.95% |
| Warrant over Common Shares | 5 February 2012 | 6 February 2009 to 5 February 2012 |
890,980 |
1.40% |
The total number of voting rights, including all Warrants is 25,036,615 Shares representing 39.43% of the current issued share capital of the Company.
For further information please contact:
Clean Air Power +44 (0)1494 527110
John Pettitt, Chief Executive
Peter Rowse, Finance Director
Buchanan Communications +44 (0)20 7466 5000
Charles Ryland
Ben Willey
Ben Romney
Charles Stanley Securities (Nominated Adviser) +44 (0)20 7149 6000
Russell Cook
Freddy Crossley
Jen Boorer
Notes to Editors
About Clean Air Power
Clean Air Power is the developer and provider of Dual-Fuel™ combustion technology for heavy duty diesel engines. Dual-Fuel™ engines substantially cut fuel costs and carbon emissions without sacrificing the original engine's characteristic efficiency or reliability. Clean Air Power is well positioned to assist corporations and governments to deliver on their environmental commitments while at the same time reducing transport operators overheads.
Initially founded in the USA in 1991, around £40m has been invested in developing the technology with the result that 63 patents are currently held or pending. The holding company of the Group is based in Bermuda with operational subsidiaries in the UK, the USA and Australia. The Group was admitted to the AIM market of the London Stock Exchange in February 2006.
Further information on Clean Air Power is available at www.cleanairpower.com