14 Dec 2011 07:00
14 December 2011
China New Energy Limited
("CNE" or the "Company" or the "Group")
ISSUE OF EQUITY
China New Energy Limited (AIM: CNEL), the engineering and technology solutions provider to the bioenergy sector, is pleased to announce that, through SVS Securities plc, it has today placed 6,000,000 new ordinary shares of 0.025p each ("Ordinary Shares") at a price of 5 pence per share, raising gross proceeds of £300,000 for the Company (the "Placing") which will be used for general working capital purposes.
Application has today been made for the 6,000,000 new ordinary shares to be admitted to trading on AIM and it is expected that admission will become effective or around 19 December 2011. Following the Placing, the Company will have 310,616,862 ordinary shares in issue. The new ordinary shares will rank pari passu with the existing ordinary shares.
In addition, the Company is also pleased to announce that, pursuant to a Share Subscription Agreement dated 12 December 2011, The Oriental Petroleum & Chemical Equipment Co., Limited, an Asian based business associate of the Company, will subscribe for 3,571,429 Ordinary Shares at 7 pence per share, raising a further £250,000. The new ordinary shares will be issued when duly paid, which is expected to be on or around 15 January 2012, and will rank pari passu in all respects with the existing ordinary share. A further announcement will be made once the issue of equity has occurred.
In accordance with the Financial Services Authority's Disclosure and Transparency Rules, the Company hereby announces that it has 310,616,862 ordinary shares of 0.025p each in issue, each share carrying the right to one vote. The Company does not hold any ordinary shares in treasury.
The above figure of 310,616,862 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Services Authority's Disclosure and Transparency Rules.
Mr. Weijun Yu, Executive Chairman of CNE, commented, said: "Despite the tough conditions in the capital markets we are pleased to see continued support both here in London and in Asia to help us fund our business going forward in 2012."
Further information is available on the Company's website, www.chinanewenergy.co.uk, or by contacting:
China New Energy Limited | www.chinanewenergy.co.uk |
Richard Bennett | + 44 20 7148 3148 |
Shiang Peow Foo | + 44 7425 673 680 or +65 9623 8948 |
Cairn Financial Advisers LLP (Nominated Adviser) | + 44 20 7148 7900 |
Jo Turner / Liam Murray |
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SVS Securities plc (Financial Adviser & Broker) | + 44 20 7638 5600 |
Alex Brearley / Ian Callaway |
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Threadneedle Communications |
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Graham Herring/Terry Garrett | +44 20 7653 9850 |