Gran Tierra Regulatory News (GTE)

3 Apr 2008 14:25

Gas Turbine Efficiency PLC03 April 2008 3 April 2008 Gas Turbine Efficiency plc ("GTE" or "the Company") Share Placing Gas Turbine Efficiency plc, a leading provider of advanced systems to enhancethe performance of aviation and industrial turbines, announces that it hasconditionally placed 2,231,000 new ordinary shares ('Placing Shares') of 0.2pence each in the capital of the Company ('Ordinary Shares') at 31.5 pence pershare (the 'Placing Price') to raise £702,765 ($1.4 million) before expenses.The Placing Shares have been allotted out of the Company's existing shareallotment authorities. The purpose of the Placing is to enable the Company to capitalise upon itscurrent and future growth initiatives and continue the strong progress made in2007 as stated in recent trading updates of 23 January and 3 March 2008. Completion of the Placing is conditional on admission to trading on AIM of thePlacing Shares and application for admission is being made today with admissionexpected to occur on or around 9 April 2008. The Company also announces that an additional 476,000 shares in aggregate willbe allotted to top management, including the CEO (Steven Zwolinski) and ChiefTechnology Officer (Thomas Wagner) who have elected to invest bonus payments of£149,940 in aggregate into GTE stock. These shares will be allotted and admitted to trading after release of 2007 preliminary results and will carry a 12 month lock-up. Following the issue, the Company's issued share capital consists of 58,832,594Ordinary Shares with a nominal value of 0.2 pence each, with voting rights. TheCompany does not hold any ordinary shares in Treasury. The above figure of58,832,594 Ordinary Shares may be used by shareholders in the Company as thedenominator for the calculations by which they will determine if they arerequired to notify their interest in, or a change to their interest in, theshare capital of the Company under the Financial Service Authority's Disclosureand Transparency Rules. The new shares in issue exclude the shares to employees.A further announcement will be made once these shares have been allotted and theapplication for admission to AIM has been made. Enquiries: Gas Turbine Efficiency plcSteven Zwolinski, CEO +46 8 546 10 528 Libertas CapitalAamir Quraishi, Matthew Hindhaugh +44 20 7569 9650 Corfin CommunicationsNeil Thapar, Harry Chathli, Alexis Gore +44 20 7977 0020 About GTE Gas Turbine Efficiency plc, whose shares are traded on London Stock Exchange'sAIM market (Ticker: GTE), designs, manufactures and markets advanced integratedsolutions for environmental, process and asset optimisation of gas turbinesprimarily in the aviation, industrial and oil & gas sectors. These solutionsinclude compressor cleaning systems, performance monitoring, fuels management,OEM approved combustion design and repair services and fluid and controlsub-systems that improve turbine performance and availability, fuel efficiencyand parts life, resulting in increased profits for its clients and a cleanerenvironment. The Group sells its products to blue chip customers worldwide fromoperational centres in Europe and the USA. This information is provided by RNS The company news service from the London Stock Exchange