13 May 2013 08:15
Camco Clean Energy plc
Issue of equity
Camco Clean Energy plc ("Camco Clean Energy" or the "Company") today announces that it has agreed to issue 18,449,073 new ordinary shares ("Share Issue") to Payar Investments Ltd (a wholly owned subsidiary of Khazanah Nasional Berhad ("Khazanah")) at 1.183 pence per share raising £218,252.
The proceeds from the Share Issue, together with that of the disposal of the Company's interest in Camco South East Asia Ltd which was announced on 7 May 2013, will be used to invest in the Company's clean energy project development business in the US and Africa and for general working capital purposes.
The Share Issue constitutes a related party transaction for the purposes of Rule 13 of the AIM Rules. This is because Payar Investments Ltd is a substantial shareholder in the Company. The Directors consider, having consulted with N+1 Singer Limited, the Company's nominated adviser, that the terms of the Share Issue are fair and reasonable insofar as Camco Clean Energy's shareholders are concerned.
Application has been made for the 18,449,073 new ordinary shares of €0.01 each issued pursuant to the Share Issue to be admitted to trading on AIM, such admission expected on 16 May 2013.
As at the date of this announcement, Payar Investments Ltd holds 43,780,913 ordinary shares representing 23.08% of the current issued share capital of the Company. Following the Share Issue, Payar Investments Ltd will own 62,229,986 ordinary shares representing 29.90% of the then issued share capital of the Company.
The share subscription price of 1.183p was calculated based on the 5 day volume weighted average closing share price up to Thursday 9 May 2013.
Scott McGregor, CEO of Camco Clean Energy said:
"We are extremely pleased Khazanah has reinforced their support for the growth of Camco Clean Energy, by way of this equity placement in the Company, alongside the recent purchase of Camco South East Asia"
Total Voting Rights and Capital
In conformity with the Financial Conduct Authority's (FCA) Disclosure and Transparency Rules, the Company's capital will, after the Share Issue, consist of 208,127,166 ordinary shares of €0.01 each with voting rights.
The Company holds no ordinary shares in Treasury. Therefore, the total number of voting rights in the Company, after the Share Issue, will be 208,127,166. The above figure 208,127,166 may be used by shareholders 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 Company under the FCA's Disclosure and Transparency Rules.
Enquiries:
Camco Clean Energy plc | +44 (0) 7121 6100 |
Scott McGregor, Chief Executive Officer | |
Jonathan Marren, Chief Financial Officer | |
N+1 Singer (Nominated Adviser and Broker) | +44 (0) 7496 3000 |
Andrew Craig | |
Ben Wright |
About Camco Clean Energy
Camco Clean Energy plc (AIM: CCE) is an experienced project developer working to develop, construct and operate projects that contribute to building a sustainable future.
With more than 20 years of successful project delivery we help clients in Asia, North America, Africa and Europe to implement clean energy and emission reduction solutions, reducing costs and maximising financial and environmental benefits. We have an outstanding track record in technical delivery and commercial expertise, working with local industry, multinational companies, governments and regulatory bodies.
Camco Clean Energy has created one of the largest emission reductions portfolios and has structured ground breaking and innovative arrangements for the sale and delivery of emission reductions to compliance and voluntary buyers.
About Khazanah Nasional Berhad
Khazanah is the investment holding arm of the Government of Malaysia entrusted to hold and manage the commercial assets of the Government and to undertake strategic investments.
Khazanah is involved in various sectors such as power, telecommunications, banking, healthcare, airport management, infrastructure, leisure and tourism, property development, broadcasting, investment holding and technology.
Some of the key listed companies in Khazanah's investment portfolio include Telekom Malaysia Berhad, Tenaga Nasional Berhad, CIMB Group, Axiata Group Berhad, IHH Healthcare Berhad, Malaysia Airports Holding Berhad and UEM Land Holdings Berhad.