8th Oct 2009 07:00
8 October 2009
Kedco plc
("Kedco" or the "Company")
Completion of placing
Kedco, the Irish-based energy group focusing on green-energy production in the UK and Ireland, is pleased to announce that it has secured €2.6 million from a placing with a variety of investors including the Kedco directors (the "Placing"). The proceeds from the Placing will be used by Kedco to develop identified opportunities for joint ventures and working capital purposes.
Placees for each of the new ordinary shares (the "Placing Shares") will also receive one half of one warrant to subscribe for one new ordinary share at a price of 25 cents exercisable at any time during the two year period of issue.
Pursuant to the Placing, an application will be made for the admission of 17,360,013 Placing Shares to trading on AIM. The Placing Shares, which will be issued fully paid, will rank pari passu in all respects with the existing ordinary shares of the Company. Admission of the Placing Shares to trading on AIM is expected to occur on 14 October 2009.
In addition to the Placing, the Company has been informed that the Investment Committee of Enterprise Ireland, the Irish government agency responsible for the global expansion of Irish companies, has approved a proposed subscription of €0.5 million for cumulative redeemable convertible preference shares in Kedco Power Limited, a wholly-owned subsidiary of Kedco. This investment is subject to the finalisation of a share subscription and shareholders' agreement which the Board hopes to conclude shortly. A further announcement will be made in this respect in due course.
As part of the Placing, the following directors of Kedco will subscribe for new ordinary shares in the Company:
|
Director |
Placing Shares subscribed for |
Resultant total holding of ordinary shares |
Resultant percentage of issued ordinary share capital |
|
Diarmuid Sean Lynch |
1,166,666 |
21,294,186 |
9.47 |
|
William Paul Kingston |
133,334 |
16,559,734 |
7.37 |
|
Donal James Buckley* |
466,667 |
16,550,627 |
7.36 |
|
Edward Barrett |
1,166,666 |
13,486,666 |
6.00 |
|
Michael Gerard Madden |
66,667 |
76,667 |
0.03 |
|
Donal O'Sullivan |
66,667 |
66,667 |
0.03 |
|
Alf Smiddy |
66,668 |
66,668 |
0.03 |
The resultant total holding of ordinary shares in the Company and the resultant percentage of issued ordinary share capital are based on the aggregate holding of Donal James Buckley and his wife, Mrs Sinead Buckley. Donal Buckley's individual holding is 481,667 ordinary shares which is equivalent to 0.21 per cent. of the issued ordinary share capital of the Company.
As a result of the Placing, the total number of voting rights as at 14 October 2009 will increase to 224,822,627. This figure should 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 FSA's Disclosure and Transparency Rules.
Donal Buckley, Chief Executive said:
"We are very pleased to announce this successful fundraising. The funds were raised from a number of new and existing investors and we are very encouraged by the support given to our business and strategy.
"The money will be used to develop and progress previously identified joint venture opportunities in power generation from waste and for working capital purposes. We look forward to updating the market as to the progress of our projects in the coming financial period."
- Ends -
For additional information please contact:
Financial Dynamics - London +44 (0)20 7831 3113
Matt Dixon / Edward Westropp / Alex Beagley
Deloitte Corporate Finance - Nomad +44 (0)20 7936 3000
Jonathan Hinton / David Smith
Beaufort International Associates Limited +44 (0)20 7930 8222
Tanvier Malik
Related Shares:
Eqtec