Ann: Satisfaction of Conditions to CETO Acquisiti, page-2

re: Ann: Satisfaction of Conditions to CETO A... Slightly less dilution than originally anticipated. I have no idea how these things are worked out, but I will definitely be voting for the resolution when it comes out!

"Satisfaction of Conditions to CETO Acquisition
Carnegie Corporation Limited (ASX: CNM) and Renewable Energy Holdings Plc (AIM: REH) are pleased to advise that key conditions to the acquisition of the CETO wave energy
technology and global development rights have been satisfied, specifically:
 Satisfactory completion of joint due diligence investigations; and
 Appointment of an additional REH nominee director to the Board of Directors of CNM;
The remaining conditions precedent to the transaction are anticipated to be completed well in advance of the shareholders meeting to approve the transaction currently scheduled for early September, 2009. Upon completion of the transaction, Carnegie will become the owner of the CETO intellectual property and retain the global rights to develop the technology. REH will become CNM’s largest shareholder with Carnegie Board representation. In the Northern Hemisphere, Carnegie will co‐develop CETO projects with EDF EN, a 50% subsidiary of one the world’s largest power companies.
As a result of a restructure of pre‐existing funding arrangements for the CETO technology development between REH and EDF EN, the purchase consideration payable by Carnegie to REH has been adjusted. This adjustment in funding arrangements results in REH now receiving 235 million shares upon completion of the transaction which will represent 32% of Carnegie’s post‐transaction expanded issued capital (previously 252 million shares or 34%).
Carnegie expects meeting materials including an Independent Expert’s Report on the proposed transaction to be sent to Carnegie shareholders during the first week in August."