Placing to raise ?1.8 million

RNS Number : 2476G

Active Energy Group PLC

10 May 2011

 

10 May 2011

AIM: AEG

ACTIVE ENERGY GROUP PLC

("Active Energy" or "the Group" or "the Company")

Placing to raise £1.8 million

Active Energy is pleased to announce that it has raised approximately £1.8 million, gross of expenses, (the "Placing") through the issue of 65,500,000 new ordinary shares in the capital of the Company at a placing price of 2.75 pence per share (the "Placing Shares") to new and existing institutional and retail investors. The proceeds of the Placing, amounting to approximately £1.62 million, will be used for working capital generally and in particular, to assist the Company's strategy to transform the business into an end-to-end environmental services and solutions business.  Active Energy recently acquired Red Line Engineering Services Limited, which will enable the Group to offer a complete range of services; including installation and maintenance, significantly enhancing recurring revenues. The Directors believe that there are a number of opportunities for the Group to establish a market-leading proposition in this arena. 

The Placing is conditional upon admission of the Placing Shares to trading on AIM and will represent 33.3 per cent. of the enlarged issued share capital of the Company. Application will be made for the Placing Shares to be admitted to trading on AIM. Admission is expected to become effective and dealings are expected to commence on AIM on 16 May 2011. Following the issue of the Placing Shares, the Company will have 196,608,971 ordinary shares in issue.

Enquiries:

Active Energy Group Plc	Tel: [phone]
Gavin Little, Chairman Christopher Foster, Executive Director
Merchant Securities Limited (Nominated Adviser)	Tel: [phone]
Simon Clements / John East
Jendens Securities Limited (Joint Broker)	Tel: [phone]
Kim Richardson
Rivington Street Corporate Finance Limited (Joint Broker)	Tel: [phone]
Peter Greensmith
Biddicks (Financial PR)	Tel: [phone]
Sophie Lane

 

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