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
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
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 : firstname.lastname@example.org
Nomura Code Securities (AIM Nomad)
Juliet Thompson Tel. : +44 (0) 207 776 1200
Australian media enquiries
Richard Allen Tel. : +61 (0) 3 9915 6341
Oxygen Financial Public Relations Email : email@example.com
UK media enquiries
Mark Way Tel. : +44 (0) 7786 116 991
MW Research PR Email : firstname.lastname@example.org
German media enquiries
Alex Seiler Tel. : +49 (0) 69 9218 7454
Hering Schuppener Consulting Email : email@example.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).
This information is provided by RNS
The company news service from the London Stock Exchange
MSCGXGDCBBDBGDG -0- Sep/20/2012 06:01 GMT
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