Announcement by Plutus PowerGen plc

RNS Number : 1879X
Paternoster Resources PLC
17 November 2014
 



17 November 2014

 

Paternoster Resources plc

("Paternoster" or the "Company")

 

Announcement by Plutus PowerGen plc re. Fund Raising

Paternoster is pleased to note the announcement by Plutus PowerGen plc ("PPG") that its wholly owned subsidiary, Plutus Energy Limited ("Plutus Energy"), has successfully completed the first stage of the equity fund raising for the construction of its first 20MW of flexible power generation. 

As mentioned in the PPG's Admission Document dated 5 August 2014, the company entered into a Letter of Intent ("LOI") with Rockpool Investments LLP ("RockpooI Investments"), a network investment firm that offers private investors the chance to invest directly in private companies using HMRC sanctioned tax relief schemes such as the Enterprise Investment Scheme.

Pursuant to the terms of the LOI, Rockpool Investments agreed to invest in an SPV established by PPG, being Attune Energy 1 Limited ("Attune Energy"), with such investment to be used to enable Attune Energy to develop and build a flexible electricity generation facility and to provide working capital.

The total capital expenditure, working capital, fees and contingency for its first 20MW of flexible power generation is expected to be £5.4 million.

The first stage of equity investment by Rockpool represents £981,750.00 of the intended £3.4m of investment for Attune Energy.  It is intended that Rockpool will provide the balance of the equity investment by January 2015.

As stated in PPG's AIM admission document, the £2 million balance of the funding for each 20MW of flexible stand-by power generation is intended to be covered by an asset finance facility.

Following the first stage of equity funding, and the intended further stages of equity funding referred to above, Plutus Energy will have an approximate 45% interest in the income of Attune Energy and will receive approximately 45% of all capital returned to shareholders of Attune Energy once the other shareholders have received a sum equal to their subscription monies.

Nicholas Lee, Chairman commented:

"I am delighted that Plutus has successfully completed this fund raising, which brings the company one step closer to taking advantage of market opportunities arising from the constraints inherent in the National Grid's electricity transmission network where flexible power generation has an increasing role to play".

For more information please contact:

 

Paternoster Resources plc:


Nicholas Lee, Chairman

Matt Lofrgan, Non-Executive Director

+44 20 7580 7576

 

Nominated Advisor and Joint Broker:


Westhouse Securities


Antonio Bossi / David Coaten

+44 20 7601 6100

 

Joint Broker:


Peterhouse Corporate Finance


Lucy Williams

+44 20 7562 3351

 

 

           

 

                                     

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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