Impax Asian Environmental Markets plc
Result of Equity Issue and Total Voting Rights
22 October 2010
The Board of Directors of Impax Asian Environmental Markets plc (the "Company") is pleased to announce the results of its Placing, Open Offer and Offer for Subscription (together, the "Issue") of C shares (the "C Shares") at an issue price of 100p per C Share (the "Issue Price").
The Company has raised gross proceeds of £131 million pursuant to the Issue. A total of 131,000,000 C Shares will be issued at the Issue Price.
Applications were received for a total of 60,030,174 C Shares under the Open Offer, of which 1,010,008 were applied for under the Excess Application Facility. A further 2,557,090 C Shares were applied for under the Offer for Subscription. The balance of 68,412,736 C Shares will be issued pursuant to the Placing.
The Directors of the Company or their associates have subscribed for the following amount of C Shares:
Allan McKenzie* 60,000
Alan Barber 60,000
Terry Mahony 60,000
Simon Atiyah 14,400
* Subscription in the name of Allan McKenzie's wife.
Application has been made for the C Shares to be admitted to the Official List of the UK Listing Authority and to trading on the Main Market of the London Stock Exchange with effect from 27 October 2010. Admission is conditional on the resolutions being passed at the forthcoming General Meeting to be held at 10.30am on 26 October 2010.
The ISIN of the C Shares is GB00B3M69M11 and the TIDM of the C Shares is IAEC.
Shareholders who have elected to hold their Shares in uncertificated form will have their CREST accounts credited on 27 October 2010. It is expected that definitive share certificates will be sent to Shareholders who have elected to hold their Shares in certificated form during the week commencing 1 November 2010.
Collins Stewart Europe Limited has acted as lead book-runner, sponsor, financial adviser and joint placing agent to the Company and Kepler Partners LLP has acted as joint placing agent to the Company.
Total Voting Rights
Following Admission of the C Shares, the Company's share capital will consist of 114,949,000 Ordinary Shares with voting rights, 20,900,000 Subscription Shares with no voting rights and 131,000,000 C Shares with no voting rights. The Company holds no shares in treasury. The Subscription Shares and the C Shares are considered to be qualifying financial instruments under the FSA's Disclosure and Transparency Rules, and accordingly, the total number of voting rights is 266,849,000.
The above figures may be used by shareholders as denominators for the calculations by which they will determine if they are required to notify their interest in, or a change of interest in, the Company under the FSA's Disclosure and Transparency Rules.
Capitalised terms in this announcement shall have the same meanings as in the prospectus published by the Company on 1 October 2010 unless otherwise stated.
The Company is a closed-ended investment fund formed whose investment objective is to generate long-term capital growth through investment in a diverse portfolio of companies in the markets for cleaner or more efficient delivery of basic services of energy, water and waste in the Asia Pacific region.
The Company's investment manager is Impax Asset Management Limited ('Impax'), a subsidiary of Impax Asset Management Group plc, the shares of which are quoted on the AIM market of the London Stock Exchange. Founded in 1994, Impax is a leading investment manager dedicated to the environmental sector, and focuses on the alternative energy, energy efficiency, water infrastructure, pollution control and waste management markets. As at 31 August 2010, it was asset manager or investment adviser in respect of £1.7 billion for institutional and private investors across a range of funds.
In acting as manager to the Company, Impax draws on its strong relationship with Ajia Partners Asset Management, the Asian specialist investment manager based in Hong Kong who acts as investment adviser. Ajia has worked with Impax and formed an integral part of its investment process in identifying and researching stocks traded on the main markets of the Asia Pacific Region for other Impax-managed funds since August 2007.
Collins Stewart Europe Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting as sponsor to Impax Asian Environmental Markets plc and is acting for no-one else in connection with the Placing, Open Offer and Offer for Subscription and the contents of this announcement, and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Collins Stewart Europe Limited nor for providing advice in connection with the Placing, Open Offer and Offer for Subscription and the contents of this announcement or any other matter referred to herein. Collins Stewart Europe Limited is not responsible for the contents of this announcement. This does not exclude or limit any responsibilities which Collins Stewart Europe Limited may have under the Financial Services and Markets Act 2000 or the regulatory regime established thereunder.