13th Feb 2009 16:03
13 February 2009
Kedco plc
("Kedco" or the "Company")
Result of Extraordinary General Meeting
Kedco, the Irish-based energy group focusing on green-energy production in the UK and Ireland, announces that, at the Extraordinary General Meeting held today, all resolutions were duly passed by the Company's shareholders.
Full details of the resolutions are set out in the notice of Extraordinary General Meeting contained in the circular of the Company dated 20 January 2009.
In addition, the Company is pleased to announce it has raised €967,556 (before expenses) from a selection of institutional investors. The proceeds from the placing will be used to develop further projects, as the business continues to deliver its strategy of identifying joint venture partners for its waste to energy solutions in the UK and Ireland.
Pursuant to the placing, an application has been made for the admission of a further 6,450,373 new ordinary shares to trading on AIM. These 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 shares to trading on AIM is expected to occur on 19 February 2009.
As a result of the issue, the total number of voting rights as at 19 February 2009 will increase to 205, 896,853. 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 delighted to have raised this money, especially given the current economic uncertainty and unusually difficult trading environment. The money we raised through a private placement before our admission to AIM is currently funding our two live projects and this new money will provide important capital for the next phase of our development programme."
- Ends -
For additional information please contact:
Financial Dynamics - London +44 (0)20 7831 3113
Edward Westropp / James Melville-Ross / Alex Beagley
Deloitte Corporate Finance - Nomad +44 (0)20 7936 3000
Jonathan Hinton / David Smith
Lewis Charles Securities +44 (0)20 7456 9100
Kealan Doyle / Nicholas Nicolaides
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