1st Nov 2013 09:18
LONDON (Alliance News) - Altona Energy PLC Friday said it has completed the placing of 59.7 million shares to Wintask Group, raising GBP835,800, while Managing Director Chris Schrape has stepped down with immediate effect.
The AIM-listed company said it has decided to defer the appointment of a replacement managing director whilst the board evaluates its options with regards to the role and will report to shareholders in due course.
The Wintask Group is owned by Qinfu Zhang, a Chinese national and chairman of the Hailang Group, a private group of manufacturing and high-tech companies with clean-coal technology patents and patents with emission-reducing applications in mainland China.
Altona said the group is located in the Baoji Hi-tech industrial zone, where it develops energy-efficient micro-emission coal-fired boilers using clean-coal combustion technology.
Under the terms of the placing agreement, the second tranche of the placement is subject to shareholder approval and further details will be provided in due course, Altona said.
Following the completion of the placing, Wintask will have an interest in 59.7 million shares in the Altona, representing a 9.6% stake, and a seat on the board.
On Thursday, Altona reported its net loss in the year ended June 30 was GBP1.4 million, narrowed from GBP1.9 million a year earlier.
The shares are expected to be admitted to trading on AIM on November 6.
Altona shares were quoted Friday at 1.20 pence, unchanged.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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