29 Nov 2011 07:00
For immediate release 29 November 2011
Clean Air Power Ltd
("Clean Air Power" or "the Company")
Successful Placing to raise £1.6 million
Introduction
Clean Air Power Limited (AIM:CAP), the developer and provider of Dual-Fuel(TM) combustion technology for heavy duty diesel engines, is pleased to announce that it has successfully placed through Seymour Pierce Limited, acting as the Company's Nominated Adviser and Broker to the Placing 40,064,099 Common Shares at a placing price of 4 pence each with institutional and other investors to raise approximately £1.6 million before expenses. The placing was oversubscribed.
Background to and reasons for the Placing
The net proceeds of the placing will be used to supplement working capital and to support existing and potential new projects, including the recently announced start of production with a European OEM.
Details of the Placing
The Company has raised approximately £1.6 million before expenses, by way of a placing of 40,064,099 new Common Shares.
The placing shares will represent approximately 29.6 per cent. of the share capital of the Company as enlarged by the placing.
Application has been made to the London Stock Exchange for the admission of 40,064,099 Common Shares which are expected to be admitted to trading on AIM in two tranches; 10,650,000 Common Shares on 2 December 2011 and a further 29,414,099 Common Shares on 5 December 2011. Following the admissions the Company will have a total of 135,089,619 Common Shares in issue.
The issue price of 4 pence per new Common Share equals the closing mid market price per Common Share on 28 November 2011, being the latest practicable date prior to the publication of this announcement.
Directors Participation
All of the Directors have agreed to participate in the placing on the basis set out below:-
Name | Existing Holding | No of Placing Shares | Shareholding following Placing | Percentage of Enlarged Issued Share Capital |
John Pettitt | 1,376,567 | 350,000 | 1,726,567 | 1.28% |
Peter Rowse | 180,532 | 50,000 | 230,532 | 0.17% |
Rodney Westhead | 171,109 | 65,000 | 236,109 | 0.17% |
Ulrich Wohr | 166,109 | 68,750 | 234,859 | 0.17% |
Karl-Viktor Schaller | 24,631 | 16,250 | 40,881 | 0.03% |
Bernard Lord | 246,897 | 200,000 | 446,897 | 0.33% |
Commenting on the placing, John Pettitt, CEO of Clean Air Power, said:
"We are delighted to have had such a successful fund raising strongly supported by new and existing shareholders. The response to this placing underlines the continued support and belief that the company and its shareholders have in the long term fundamentals of our business."
For further information please contact:
Clean Air Power John Pettitt, Chief Executive Peter Rowse, Group Finance Director
| Tel: +44 (0)1772 624 499 |
Buchanan Charles Ryland Ben Romney
Seymour Pierce Freddy Crossley/ Mark Percy David Banks (Corporate Broking)
| Tel: +44 (0)20 7466 5000
Tel: +44 (0)20 7107 8000
|
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.