Placing of up to 64,515,000 n

RNS Number : 7534A

OPG Power Ventures plc

07 February 2011

 



OPG Power Ventures plc ("OPG", the "Company", or the "Group")

Placing by Cenkos Securities plc of up to 64,515,000 new Ordinary Shares of 0.0147p each at a price of 93 pence per share

Further to its announcement of 4 February, the Company is pleased to confirm that it has raised, subject to certain conditions, up to £60 million (before expenses) through the placing of up to 64,515,000 new ordinary shares by Cenkos Securities plc (the "Placing"), which will be used by the Group to fund capacity expansion and for general corporate purposes. The Group currently has 107 MW in operation and, following the Placing, will have the funding to build out a further 555 MW of capacity, which the Directors believe, positions the Group to deliver on its strategy of having 1,250 MW of operational capacity by 2015.

The Placing is conditional, inter alia, upon the passing of a special resolution by shareholders to authorise the Directors to allot the Placing Shares for cash on a non-pre-emptive basis. Accordingly, an Extraordinary General Meeting is being convened on 28 February 2011. A circular containing the details of these proposals was posted on 4 February 2011 and the timetable of principal events is as follows:

EXPECTED TIMETABLE OF PRINCIPAL EVENTS
This document posted to Shareholders (by first class post)	4 February 2011
Latest time and date for receipt of Form of Proxy	12.00pm. on 26 February 2011
Extraordinary General Meeting	12.00pm on 28 February 2011
Admission and dealings in the Placing Shares expected to commence on AIM	8:00 a.m. on 1 March 2011
Where applicable, expected date for CREST accounts to be credited in respect of the Placing Shares in uncertificated form	1 March 2011
Where applicable, expected date for posting of share certificates for Placing Shares	By 8 March 2011

For further information, please visit www.opgpower.com or contact:

OPG Power Ventures plc
Arvind Gupta (Managing Director)	[phone]
V. Narayan Swami (Finance Director)	[phone]
Martin Gatto (Senior Non Executive Director)	[phone]
Cenkos Securities (Nominated Adviser & Broker)	[phone]
Stephen Keys/ Camilla Hume
Tavistock Communications	[phone]
Simon Hudson / Sonya Williams

 

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