Ceramic Fuel Cells CFU Results Rights Issue Overseas Offer Subscription

  Ceramic Fuel Cells (CFU) - Results Rights Issue Overseas Offer Subscription

RNS Number : 6958M
Ceramic Fuel Cells Limited
20 September 2012
 

20 September 2012

 

                  Results of Rights Issue and Overseas Offer

                                       

          First tranche of shares also issued to strategic supplier

 

Ceramic Fuel Cells Limited (AIM / ASX: CFU) announces the total amount  raised 
in the Rights Issue, Overseas Offer and Subscription is AUD 11.6 million  (GBP 
7.5 million).  Together with existing cash reserves this will give the company
cash of approx AUD 17 million (GBP 11 million).

The Company has received AUD 4.2 million (GBP 2.7 million) in the Rights Issue
made to  qualifying  participants within  Australia  and New  Zealand  and  an 
additional GBP 0.9 million (AUD 1.4 million) under its Overseas Offer made  to 
qualifying participants outside of Australia and New Zealand and certain other
territories.  Together with the  subscription announced on  11 September by  a 
strategic partner  for new  ordinary shares  raising AUD  6 million  (GBP  3.9 
million) (the "Subscription"),  the total  amount raised before  costs is  AUD 
11.6 million (GBP 7.5 million).

69,677,901 ordinary  shares  were subscribed  for  by shareholders  under  the 
Rights Issue at the  issue price of six  cents, raising approximately AUD  4.2 
million (GBP 2.7 million).  This  represents approximately 30 percent take  up 
of the Rights Issue.

23,254,556 ordinary  shares  were subscribed  for  by shareholders  under  the 
Overseas Offer at the issue price  of four pence, raising raise an  additional 
GBP 0.9 million (AUD 1.4  million).  This represents approximately 48  percent 
take up of the Overseas Offer.

The total amount raised under the Rights  Issue and Overseas Offer is AUD  5.6 
million (GBP 3.6 million). 

In addition, we are pleased to  announce that our strategic supplier  Chaozhou 
Three-Circle (Group) Co., Ltd ("CCTC")  has received all regulatory  approvals 
for the Subscription  announced on  11 September.   The Company  and a  wholly 
owned subsidiary  of CCTC  will now  complete  the agreement  to raise  AUD  6 
million (GBP 3.9 million) by way of a subscription of 100 million new ordinary
shares at an issue price  of six cents per share  .  CCTC, based in  Guangdong 
province, China,  is  a  leading manufacturer  of  electronic  components  and 
advanced ceramics and is one of the Company's key suppliers. 

Approximately 0.5 million shares (AUD 30,000) of the Subscription now requires
approval from the Company's shareholders as  the combined amount of shares  to 
be issued under the Overseas Offer and the Subscription exceeds the  Company's 
15 percent placement capacity under the  ASX Listing Rules.  This is  contrary 
to the announcement made on 11 September 2012 when it was expected that all of
CCTC's shares would be issued under the 15 percent ASX Listing Rule.

The Company has  received AUD 6  million in  cleared funds from  CCTC and  has 
issued 99.5 million shares to a wholly owned subsidiary of CCTC.  The  Company 
is holding AUD 30,000 (GBP 19,350) in escrow for CCTC until the balance of the
shares are issued, subject to approval by the Company's shareholders.

Once the balance of the CCTC investment is completed, the total amount  raised 
before costs  under all  fundraising tranches  is AUD  11.6 million  (GBP  7.5 
million). 

Together with  existing cash  reserves  this will  give  the Company  cash  of 
approximately AUD 17 million (GBP 11 million). Of this amount AUD 2.2  million 
(GBP 1.4 million) has been pledged as  security and is unavailable for use  by 
the Group.

Applications have been  made for the  Rights Issue Shares  and Overseas  Offer 
Shares and the  first tranche  of the Subscription  Shares to  be admitted  to 
trading on ASX and AIM and it is expected that dealings in the Overseas  Offer 
Shares on ASX and AIM will commence on 25 September 2012 and that dealings  in 
the Rights Issue Shares on ASX and AIM will commence on 26 September 2012.

On admission of  these shares,  the Company will  have 1,558,731,320  ordinary 
shares in issue.

 

 

 

 

For more information please contact:
                                                                         
 
 Ceramic Fuel Cells Limited                                              
  Brendan Dow                       Tel.  :   +61 (3) 9554 2300
                                                                         
                                    Email :   investor@cfcl.com.au
 Nomura Code Securities (AIM Nomad)                                      
  Juliet Thompson                   Tel.  :   +44 (0) 207 776 1200
                                                                         
  Chris Golden
 Australian media enquiries
  Richard Allen                     Tel.  :   +61 (0) 3 9915 6341

  Oxygen Financial Public Relations Email :   richard@oxygenpr.com.au
 UK media enquiries
  Mark Way                          Tel.  :   +44 (0) 7786 116 991

  MW Research PR                    Email :   mark.w@harvardamerica.com
 German media enquiries
  Alex Seiler                       Tel.  :   +49 (0) 69 9218 7454

  Hering Schuppener Consulting      Email :   aseiler@heringschuppener.com

 

About Ceramic Fuel Cells Limited:

 

Ceramic Fuel Cells  is a world  leader in developing  fuel cell technology  to 
generate highly efficient and  low-emission electricity from widely  available 
natural gas.   Ceramic  Fuel Cells  has  sold its  BlueGen  gas-to-electricity 
generator to major utilities  and other foundation  customers in Germany,  the 
United Kingdom, Switzerland, The Netherlands, Italy, Japan, Australia, and the
USA.  Ceramic Fuel Cells is also developing fully integrated power and heating
products with leading energy companies E.ON UK in the United Kingdom, GdF Suez
in France and EWE in Germany.

The company  is  listed  on the  London  Stock  Exchange AIM  market  and  the 
Australian Securities Exchange (code CFU).

www.cfcl.com.au 

 

 

 

 

                     This information is provided by RNS
           The company news service from the London Stock Exchange
 
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MSCGXGDCBBDBGDG -0- Sep/20/2012 06:01 GMT