Ceramic Fuel Cells Regulatory News (CFU)

6 Apr 2009 07:00

Company Announcement

EXTRAORDINARY GENERAL MEETING APPROVES FUNDRAISING

6 April 2009

Ceramic Fuel Cells Limited, (AIM / ASX: CFU) a leading developer of high efficiency and low emission microgeneration products for homes, is pleased to announce that at the Extraordinary General Meeting of the Company held earlier today shareholders unanimously approved the issue of shares as part of the Company's fundraising announced on 2 March 2009.

The final proxy voting figures for the resolution were:

104,006,642 shares voted for the resolution;

424,707 shares voted against the resolution;

71,072 shares abstained from voting on the resolution.

Application has been made for the 409,046,688 placing and subscription shares to be admitted to trading on AIM and the ASX. It is expected that admission to AIM will become effective and dealings will commence at 8.00 a.m. (London time) on 6 April 2009. 

The Company welcomes its new shareholders, who include leading Australian environmental investment fund Australian Ethical Investments, plus a small number of individual investors. Those individual investors include Mr Alasdair Locke in the United Kingdom and Mr Mike Fitzpatrick in Australia, plus other successful 'clean technology' and carbon reduction entrepreneurs.

Mr Alasdair Locke has been involved in the oil and shipping industries since 1974 and founded Abbot Group in 1990.  Abbot Group has become one of the leading oil drilling service and engineering contractors in the world, employing over 8,000 people in 21 countries, with a turnover of approximately US$1.8 billion. With a strong interest in renewable and alternative energy Mr Locke was also chairman of Northern Ireland Energy Holdings from 2003 to January 2009. Mr Locke has also held senior executive positions within the banking industry.

Mr Mike Fitzpatrick has over 28 years in the financial services sector. He is Chairman of Treasury Group Limited, an incubator of fund management companies, and also Chairman of the Australian Football League.  He also holds a number of other non executive directorships, including Rio Tinto Limited and Rio Tinto plc.  In 1994 Mr Fitzpatrick founded Hastings Funds Management Ltd ('Hastings'), the pioneering infrastructure asset management company where he was Managing Director until he sold his interest in 2005. Hastings was then one of the largest managers of infrastructure and alternative assets in Australia. Mr Fitzpatrick was a director of a number of Hastings' managed investments, including Pacific Hydro Limited, Global Renewables Limited, Utilities of Australia and Australian Infrastructure Fund.

The result of the overseas offer (made predominantly to UK and European investors) and the rights issue (made to Australian and New Zealand investors) will be announced after those offers close and the shares to be issued under these offers are expected to be admitted to trading on AIM and the ASX on or around 21 April 2009.

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About Ceramic Fuel Cells Limited:

Ceramic Fuel Cells Limited is a world leader in developing solid oxide fuel cell technology to provide highly efficient and low-emission electricity from widely available natural gas and renewable fuels. The company is developing micro combined heat and power and distributed generation units that generate electricity and heat for homes. Ceramic Fuel Cells is developing products with leading appliance partners and utility customers in Germany, France, the United Kingdom and Japan. The company is listed on the London Stock Exchange AIM market and the Australian Securities Exchange (code CFU). www.cfcl.com.au