Just some more info off the London stock exchange web site. PHY has a nice little profit from this listing. I think Mr Harding is setting up a UK company with a similar business model to PHY. Any other thoughts?
Here is the AIM admission information
Renewable Energy Holdings plc ADMISSION TO TRADING ON AIM
Renewable Energy Holdings plc (“REH’ or the “Company”), which seeks to invest in both proven and innovative renewable energy technologies, today announces the placing of 20,000,000 new ordinary shares at 50p per share, through Corporate Synergy Plc, the Company’s Nominated Adviser and Broker (raising £10.0 million before expenses) and admission to trading on AIM (“Admission”).
REH has significant experience in the conventional and renewable energy sectors, both in the UK and overseas. Chairman, John Baker CBE, was formerly the Chief Executive of National Power and had a leading role in the privatisation of the UK electricity industry. REH Chief Executive, Mike Proffitt, was formerly the Chief Executive of the Manx Electricity Authority.
Over 50 per cent. of the funds will be used to invest in proven renewable energy technology and operations. REH’s first investments are anticipated to be in wind projects. In addition, funds have been used to acquire SPPL, an Australian joint venture between ASX listed companies Pacific Hydro and Carnegie, which is developing a unique wave energy extraction technology called the CETO Device. REH has today acquired SPPL for a total consideration of £5 million, to be satisfied in REH shares and a cash payment of £0.5 million.
Highlights and Placing statistics
20,000,000 new ordinary shares have been placed, at 50p per share with institutional and other investors raising £10.0 million (before expenses). Net proceeds receivable by REH will be £8.9 million.
Following Admission, REH will have 29,000,002 ordinary shares in issue, valuing the Company at £14.5 million at the placing price of 50p per share.
Pacific Hydro, the leading quoted renewable energy company in the southern hemisphere, will have a 14.48 per cent. shareholding in the Company at Admission.
Mike Proffitt, Chief Executive of REH, is subscribing for 200,000 Ordinary Shares, representing 0.69 per cent. of the issued ordinary share capital of the Company at Admission.
Commenting, Mike Proffitt, Chief Executive, stated:
“We believe that with our significant experience in the energy sector, in particular the renewable energy sector, and the expertise of Pacific Hydro, REH is well placed to carry out its investment strategy. As a result of higher oil and gas prices and Government incentives to generate electricity from renewable sources, the exploitation of renewable energy sources is becoming increasingly economically and commercially attractive. Our aim is to be owner-operators of renewable energy technology, not just investors, with the aim of producing cash flow after two or three years.”
