Ambrian Partners Limited (“Ambrian”), the wholly-owned subsidiary of Ambrian Capital plc, is pleased to announce that it acted as nominated adviser and broker in the £2.5 million convertible loan note placing and £1.0 million equity placing and subscription by Renewable Energy Holdings plc (“REH”) (AIM:REH), the AIM-quoted investor and operator of proven and innovative renewable energy technologies.
Utilico Limited, REH’s largest shareholder, has agreed to provide a £2.5 million loan to REH. The Utilico Loan is convertible in whole or in part into Ordinary Shares at any time before 31 July 2011, conditional upon the approval of the independent shareholders of REH on a poll at an extraordinary general meeting of the Company to be convened in due course, and upon receipt of a waiver from the Panel from the obligations of Utilico to make an offer for REH under Rule 9 of the City Code.
REH raised approximately £1 million before expenses by way of a placing of 3,845,832 New Ordinary Shares at a placing price of 24p per New Ordinary Share, which was arranged by Ambrian Partners Limited, and through a Subscription by certain Directors for 205,000 New Ordinary Shares at the same price.
The net proceeds of the Utilico Loan, the Placing and Subscription are to be used primarily to finance the acquisition of the development company Gamar and the development of the proposed 30MW wind farm project at Kobylany, Poland, which is currently owned by Gamar, through to financial close and for general working capital purposes.
About Ambrian Capital plc
Ambrian Capital (AIM: AMBR) is the holding company of Ambrian Partners Limited, Ambrian Commodities Limited and Ambrian Metals Limited.
Ambrian Partners Limited is a specialist investment bank focused on the metals & mining, oil & gas and cleantech sectors. It provides corporate finance advice, equity research, sales and trading and market making services. Ambrian Partners was ranked first in the AIM Basic Materials Sector in the Hemscott 2nd Quarter 2009 Advisers Rankings Guide. Ambrian Partners is a member of the London Stock Exchange and is authorised and regulated by the Financial Services Authority.
Enquiries:
Richard Swindells, Corporate Broking
Andrew Craig, Corporate Finance
Ambrian Partners Limited
Tel: +44 (0)20 7634 4700
Charlotte Kirkham/Ben Simons
M: Communications
Tel: +44 (0)20 7153 1531/1540
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