Camco Clean Energy PLC Roll-in of further economic interests in REDT (6044B)
October 08 2015 - 2:00AM
UK Regulatory
TIDMCCE
RNS Number : 6044B
Camco Clean Energy PLC
08 October 2015
RNS
8 October 2015
Camco Clean Energy plc
Roll-in of further economic interests in REDT
The board of Camco Clean Energy plc ("Camco" or the "Company")
is pleased to announce that it has reached an agreement to acquire
(the "Transaction") an additional 5.2 per cent. economic interest
in Renewable Energy Dynamics Holdings Limited ("REDH"), the holding
company for its REDT Energy Storage business ("REDT"). The
consideration is the issue of, in aggregate, 17,027,334 new Camco
ordinary shares of EUR0.01 each (the "Consideration Shares").
Following completion of the Transaction, Camco will have an
economic interest in 95.2% of REDH and will continue to have
effective voting control of 100% of the shares in REDH, which it
achieved through the roll-in announced on 30 September 2015. In due
course, Camco intends to seek to acquire up to the remaining 4.8%
economic interest in REDH which would be subject to a separate
transaction.
The Transaction is being effected through the acquisition of a
15.33% minority stake in an intermediate holding company of REDH,
Re-Fuel Technology Limited, of which the Company already has an
interest of 71.28%. Post completion of the Transaction, the Company
will have an interest in Re-Fuel Technology Limited of 86.61%.
As part of the Transaction, each of the vendors under the
Transaction has undertaken to the Company that, save with prior
written consent of the board of the Company, they will not dispose
of any of their respective Consideration Shares for a period of 12
months.
Application has been made for 17,027,334 Consideration Shares to
be admitted to trading on AIM. Admission is expected to take place
on 13 October 2015.
Following completion of the Transaction, the Company will have
395,844,387 ordinary shares of EUR0.01 each in issue. This figure
of 395,844,387 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 FCA's Disclosure and Transparency Rules.
Certain of the vendors under the Transaction, being Sir John
Samuel, Arthur Simmonds and Peter Ridley, are currently directors
of Re-Fuel Technology Limited and as such are regarded under the
AIM Rules as related parties. These vendors will receive
consideration of, in aggregate, 16,185,682 Consideration Shares
("Vendor Director Consideration Shares") which constitutes a
related party transaction pursuant to Rule 13 of the AIM rules. The
directors of the Company consider, having consulted with finnCap in
its capacity as the Company's nominated adviser, that the terms of
the issue of the Vendor Director Consideration Shares are fair and
reasonable insofar as shareholders of the Company are
concerned.
Enquiries:
+44 (0)207
Camco Clean Energy 121 6100
Scott McGregor, Chief Executive
Officer
Jonathan Marren, Chief Financial
Officer
finnCap Ltd (Nominated Adviser +44 (0)207
and Broker) 220 0500
Julian Blunt (Corporate Finance)
Tony Quirke (Corporate Broking)
Newgate (Financial PR)
Tim Thompson
Helena Bogle +44 (0)207
Ed Treadwell 653 9850
About Camco Clean Energy
Camco Clean Energy plc (AIM: CCE) is a clean energy development
company which combines technical and commercial expertise to
finance, develop and operate renewable energy projects and storage
technology.
With 25 years' experience and an outstanding track record
throughout Asia, North America, Africa and Europe, Camco works with
local developers, governments, development banks, and private
investors to implement clean energy projects, policies, and
technologies and to reduce emissions.
In the last year, Camco has brought an advanced energy storage
technology to market (REDT energy), secured an investment advisory
fund mandate for African renewables, and developed utility scale
biogas plants in the US.
About REDT
REDT has developed a new and proprietary energy storage
technology which enables the efficient and sustainable storage of
electrical energy in liquid form. The multi-valent properties of
the Vanadium Redox electrolyte are used to provide a storage medium
of virtually unlimited life with a system able to last more than
10,000 deep charge/discharge cycles. Combined with its very low
maintenance requirements, REDT systems are able to deliver some of
the lowest Total Cost of Ownership (TCO) results in the industry.
Long discharge durations are achieved by the simple addition of
extra electrolyte capacity at a relatively low marginal cost.
Until now it has not been possible to directly compare variable
RE generation with firm diesel or fossil fuel generation. PV +
Storage is now reaching 'grid parity' in many countries, a paradigm
shift in energy production, which will ultimately enable the
complete displacement of conventional fossil fuel power with
renewable generation. The REDT system has applications in remote
power, smart grids, power quality, and all aspects of renewable
energy management.
This information is provided by RNS
The company news service from the London Stock Exchange
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