13 Sep 2016 11:12
13 September 2016
China New Energy Limited
("CNE" or "the Company")
Movement in Share Price
The Board of CNE (AIM:CNEL), the AIM quoted engineering and technology solutions provider to the bioenergy sector, notes the recent movement in the Company's share price and the press coverage relating to a project in West Africa and bulletin board speculation.
As previously stated, CNE is seeking to develop business opportunities in Africa. To further this goal, CNE has recently entered into an agreement with a consortium of investors ("Consortium") whose objective is to negotiate the acquisition of a specific project in Africa. The ongoing negotiations are confidential. However, the Consortium has incorporated a special purpose vehicle, and should the acquisition of the project be successfully concluded, the Company would have the option to acquire a minority investment of less than 5% in the special purpose vehicle. CNE is supporting this transaction as a normal part of its activities with the expectation that it will have the right to bid for technology and service contracts with the Consortium should the acquisition be successful.
Whilst the negotiations are at an advanced stage, there is no certainty that the acquisition will complete or that CNE will be successful in tendering for technology and service contracts with the Consortium if the acquisition does complete.
The Company will provide a further update to the market in due course.
For further information, please visit www.chinanewenergy.co.uk or contact:
China New Energy Limited | www.chinanewenergy.co.uk |
Richard Bennett | Tel: +44 (0)7966 388 374 or rbennett@zkty.com.cn |
Ivy Xu | Tel: +86 (0)20 8705 9371 or xuhj@zkty.com.cn |
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Cairn Financial Advisers LLP (NOMAD) | Tel: +44 20 7148 7900 |
Jo Turner / Sandy Jamieson |
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Daniel Stewart and Co (Broker) | Tel: +44 20 7776 6550 |
Martin Lampshire |
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