Result of Open Offer - Fully Subscribed

RNS Number : 2897M

Camco Clean Energy PLC

15 July 2014

 



THIS ANNOUNCEMENT IS RESTRICTED AND IT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, AUSTRALIA OR NEW ZEALAND OR ANY OTHER STATE OR JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL

15 July 2014

CAMCO CLEAN ENERGY PLC

("Camco" or the "Company")

RESULT OF OPEN OFFER - FULLY SUBSCRIBED

On 27 June 2014, the Company announced details of a conditional Placing by N+1 Singer to raise £1.0 million (before expenses) through the issue of 25,000,000 Ordinary Shares at an Issue Price of 4 pence per share and an Open Offer to raise up to a further approximately £0.5m through the issue of up to 13,007,947 New Ordinary Shares at an Issue Price of 4 pence per share. The Open Offer closed for acceptances at 11.00 a.m. on 14 July 2014.

Capitalised terms used in this announcement are as defined and used in the New Circular dated 7 July 2014.

The Company is pleased to announce that it has received valid acceptances from Qualifying Shareholders in respect of 13,428,256 Open Offer Shares, including applications for 9,506,023 Open Offer Shares under the Excess Application Facility. This represents approximately 103 per cent of the maximum Open Offer Shares available under the Open Offer and as such the Open Offer has been oversubscribed.

Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Open Offer Entitlement and, following a pro-rata scaling back, approximately 96 per cent of any Open Offer Shares they applied for under the Excess Application Facility. The Company has therefore raised the maximum gross proceeds of £0.5m (before expenses) through the Open Offer.

Both the Placing and Open Offer remain conditional upon, amongst other things, the approval by Shareholders of the New Resolution at the New General Meeting of the Company to be held at 9 a.m. on 22 July 2014, and the Placing Agreement becoming unconditional in all respects.

It is expected that Admission will become effective and dealings in the Open Offer Shares will commence on or around 23 July 2014.

A further announcement will be made in due course.

Enquiries:

Camco Clean Energy plc                                                [phone]

Scott McGregor, Chief Executive Officer

Jonathan Marren, Chief Financial Officer

N+1 Singer (Nominated Adviser and Broker)                     [phone]

Andrew Craig

Ben Wright

Newgate Threadneedle

Caroline Forde, Josh Royston, Hilary Millar                      [phone]

 

END

 

 

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