EGM Statement

RNS Number : 0048C

OPG Power Ventures plc

28 February 2011

 



OPG Power Ventures plc

 ('OPG' or 'the Company')

 Statement from the Extraordinary General Meeting of Shareholders held on 28^th February, 2011

OPG Power Ventures PLC, the developer and operator of Group Captive cum Merchant Power plants in India, announces that its Extraordinary General Meeting of Shareholders was conducted today.  The resolution proposed in the notice of the meeting, being the approval of the placing of 64,515,000 new ordinary shares at 93p per share to raise approximately £60 million before expenses (the "Placing"), was duly passed.

Full details of the Placing were set out in a circular sent to shareholders on 4 February 2011.  Application has been made for a total of 64,515,000 new ordinary shares issued pursuant to the Placing to be admitted to trading on AIM.  Admission and dealing are expected to occur at 8.00 a.m. on 1 March 2011.

Following the admission of the 64,515,000 ordinary shares on 1 March 2011 the Company's total issued share capital will be 351,504,795 ordinary shares of 0.01471p each.  This figure (351,504,795 ordinary shares) may 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.

The Chairman, Mr M.C. Gupta, speaking at the meeting stated:

"We are delighted with the strong support received for OPG's further public offering, with both existing and new shareholders taking up the placement, as it represents a re-affirmation by our investors of the Company's potential for enhanced shareholder value creation.

This fundraising of £ 60 Million funds the equity for the additional 160 MW units under development at the Chennai site, and thus signifies the completion of total funding, the related debt having already been raised, for the planned and announced capacity of 662 MW, up from the present 107 MW, to be in place in calendar 2013.

Given the favourable overall environment and market conditions in which the Group operates, OPG looks forward to further value creation in the years to come, in particular, by focusing on expansion beyond 662 MW upto a level of 1250 MW by 2015."

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

 

END

 

 

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