Last checked at 26 Mar 2007 07:00
Embargoed: 0700hrs 26 March 2007
ENERGY ASSET MANAGEMENT PLC (the "Company") ISSUE OF EQUITY
Energy Asset Management Plc, providers of metering services to commercial and industrial energy users, is pleased to advise that it has today issued a total of 32,000,000 new ordinary shares at 1.25p per share (the "Placing") to raise gross proceeds of ‚£400,000.
The Company has recently been awarded a number of important contracts, which include Marks & Spencer, Woolworths and an unnamed UK Energy Supplier, which have accelerated the expansion of Energy Asset Management Plc's business. The proceeds will be used to implement the required infrastructure at a faster rate than previously anticipated and for general working capital purposes. All Company directors have personally supported the Placing as detailed below.
The new ordinary shares rank pari passu with all existing ordinary shares and application has been made for the new shares to be admitted to AIM with trading expected to commence on 2 April 2007.
The following group directors have subscribed for shares in the Placing:
Energy Asset Management PlcDirector Number of shares Amount Percentage of subscribed subscribed ordinary shares following the ‚£ Placing Stephen Barclay 2,400,000 30,000 5.8 Non-executive Chairman Alan McKeating 1,200,000 15,000 15.8 Managing Director Philip Bellamy-Lee 1,600,000 20,000 11.3 Sales Director John Butler 1,600,000 20,000 2.1 Finance Director Lance O'Neill 1,600,000 20,000 1.1 Non-executive Director John Shaw 800,000 10,000 3.2 Non-executive Director Energy Assets LimitedGary Rimmer 3,200,000 40,000 3.8 Non-executive Director
Following the Placing the number of ordinary shares in issue will be 278,768,383.
For further information, please contact:
Stephen Barclay, Non-executive chairman
07767 444114
Alan McKeating, Managing Director
07843 231372Ben Simons, Hansard GroupTel. 020 7245 1100Gavin Burnell, Ruegg & Co.Tel. 0207 584 3663
ENERGY ASSET MANAGEMENT PLC