Business
Placing to raise £1,050,000
Placing to raise £1,050,000.
About this update from Active Energy Group Plc
[{"type":"text","content":"\n RNS Number : 5204E Cinpart PLC 22 December 2009 \n\nEmbargoed Until 7.00am\n22 December 2009\n\n \nCINPART PLC\n('Cinpart' or the 'Company')\n\nPlacing at 12.5 pence per share to raise £1,050,000 and Trading Update \n\nIssue of Equity\n\nThe Company announces that it has raised £1,050,000 before expenses from a placing of 8,400,000\nordinary shares (the \"Placing Shares\") at 12.5 pence per share in the capital of the Company (the \"Placing\").\n\nThe net proceeds of the Placing, amounting to approximately £1,010,000, will be used by the Company to \nfund the establishment of subsidiaries in various international markets including Australia, Thailand and Southern Europe. These new companies will, in their designated jurisdictions, market, sell and install VoltageMaster products which are to be produced in the Group's Thailand manufacturing facility. The United Kingdom market will continue to be supplied from SDC Industries Limited's factory in Scotland. Mr Stephen Coomes, the owner of SDC Industries Limited is the 27.8 per cent. minority shareholder in Active Energy.\n\nChristopher Foster, executive director of the Company, is subscribing in the Placing for 2,000,000 ordinary shares and his participation constitutes a related party transaction under the AIM Rules.\n\nThe Directors, other than Christopher Foster, consider, having consulted with the Company's nominated adviser, that his subscription in the Placing is fair and reasonable insofar as the Company's shareholders are concerned.\n\nApplication has been made for the Placing Shares to be admitted to trading on AIM. Admission of the Placing Shares is expected to become effective and dealings are expected to commence in these Shares on AIM on 29 December 2009. Following the issue of these shares, the Company will have 86,994,398ordinary shares in issue and Christopher Foster will hold 7,525,071 ordinary shares, equivalent to 8.65 per cent. of the then issued share capital of the Company.\n\nTrading Update\n\nThe Company also announces that Active Energy is in preliminary discussions with a UK focused blue ch...