Business
Issue of Equity
Issue of Equity.
About this update from Invinity Energy Systems Plc
[{"type":"text","content":"\n \nRNS Number : 5360E Camco Clean Energy PLC 13 May 2013 \n \n\nCamco Clean Energy plc\nIssue of equity\n \nCamco 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. \n \nThe 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.\n \nThe 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.\n \nApplication 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.\n \nAs 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.\n \nThe 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.\n \nScott McGregor, CEO of Camco Clean Energy said:\n \n\"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\"\n \n \nTotal Voting Rights and Capital \n \nIn 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 votin...