Placing to raise £1,050,000
Embargoed Until 7.00am
22 December 2009
CINPART PLC
('Cinpart' or the 'Company')
Placing at 12.5 pence per share to raise £1,050,000 and Trading Update
Issue of Equity
The Company announces that it has raised £1,050,000 before expenses from a placing of 8,400,000
ordinary shares (the "Placing Shares") at 12.5 pence per share in the capital of the Company (the "Placing").
The net proceeds of the Placing, amounting to approximately £1,010,000, will be used by the Company to
fund the establishment of subsidiaries in various international markets including Australia, Thailand and
Southern Europe. These new companies will, in their designated jurisdictions, market, sell and install VoltageMaster products which are to be produced in the Group's Thailand manufacturing facility. The
United Kingdom market will continue to be supplied from SDC Industries Limited's factory in Scotland. Mr Stephen Coomes, the owner of SDC Industries Limited is the 27.8 per cent. minority shareholder in Active Energy.
Christopher Foster, executive director of the Company, is subscribing in the Placing for 2,000,000 ordinary shares and his participation constitutes a related party transaction under the AIM Rules.
The Directors, other than Christopher Foster, consider, having consulted with the Company's nominated adviser, that his subscription in the Placing is fair and reasonable insofar as the Company's shareholders are concerned.
Application has been made for the Placing Shares to be admitted to trading on AIM. Admission of the Placing Shares is expected to become effective and dealings are expected to commence in these Shares on AIM on 29 December 2009. Following the issue of these shares, the Company will have 86,994,398
ordinary shares in issue and Christopher Foster will hold 7,525,071 ordinary shares, equivalent to 8.65 per cent. of the then issued share capital of the Company.
Trading Update
The Company also announces that Active Energy is in preliminary discussions with a UK focused blue chip energy supplier regarding a strategic partnership relating to the development of new markets for the VoltageMaster product. To the extent that these discussions are successful a further announcement will be made by the Company.
-ENDS-
Enquiries:
|
Cinpart Plc |
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|
Kevin Baker, Chief Executive Christopher Foster, Executive Director |
Tel: 020 3176 3033 Tel: 020 3176 3031 |
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Merchant John East Securities Limited (Nominated Adviser) |
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John East/Simon Clements |
Tel: 020 7628 2200 |
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Mirabaud Securities LLP (Joint Broker) |
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Rory Scott |
Tel: 020 7878 3360 |
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Rivington Street Corporate Finance Limited (Joint Broker) |
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Dru Edmonstone |
Tel: 020 7562 3389 |
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Hansard Group (Public Relations) |
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Kirsty Corcoran/Justine James |
Tel: 020 7245 1100 |
About Cinpart:
Cinpart plc (AIM: CINP) is a holding company that owns 72.2 percent of Active Energy Limited. Active Energy manufactures and supplies the VoltageMaster, a device that can reduce electricity consumption in commercial buildings by up to 20 percent.
Other wholly owned subsidiaries in the Group include Derlite Co Limited; based in Thailand, this company is an international manufacturer of electrical and non-electrical components specializing in ignition systems for gas appliances and Gasignition Limited; a trading company supplying electrical components to small and medium-sized European gas appliance manufacturers.
This information is provided by RNS
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