Auhua Clean Energy Plc Completion of Acquisition (5179H)
20 May 2014 - 4:00PM
UK Regulatory
TIDMACE
RNS Number : 5179H
Auhua Clean Energy Plc
20 May 2014
AUHUA CLEAN ENERGY PLC
("Auhua" or the "Company")
Completion of the Acquisition of Ziolar Pte Ltd and Share
Issuance
20 May 2014: Further to the announcement made on 27 January,
Auhua Clean Energy Plc (AIM: ACE) ("the Company" or "Auhua"), the
AIM quoted environmental technology group, is pleased to announce
that it has completed the acquisition of the entire issued share
capital of Ziolar Pte Ltd ("Ziolar") and of Taiwan Ziolar
Technology Co. Ltd ("Taiwan Ziolar"), a company incorporated in
Taiwan. The Ziolar acquisition enables Auhua to significantly
advance its solar thermal panel technology which, combined with the
progress already made in solar heating combi-systems and solar
cooling technologies during 2013, has strongly positioned the
Company to enter the solar energy market on a global scale. The
sale and purchase agreement was signed on 3 March 2014.
As consideration for the Acquisition, Auhua has issued 3,086,400
ordinary shares to SSP Innovations Pte Ltd, 2,314,800 ordinary
shares to to Zire Tech Inc., as nominated by Steve Peng and
1,543,200 ordinary shares to Eddie Yu-Yao Chen and/or their
nominees. The issued shares represent 7.76 per cent of the enlarged
share capital of the Company.
Application has been made for admission of the Consideration
Shares to trading on AIM, which is expected to become effective on
or around 23 May 2014. The total number of Auhua ordinary shares in
issue is now 89,472,245. Therefore, the total number of voting
rights in the Company is 89,472,245.
Mr David Sumner, non-executive Chairman of Auhua, said: "We are
pleased to have completed this acquisition which will significantly
broaden our technical capability with the integration of its
state-of-the-art thermal panel technology, a vital component in
solar powered water heater systems. The acquisition marks the
continuation of our international expansion strategy outside of
China and the Middle East markets."
--ends---
Media Enquiries
Brunswick Harriet Lebus auhua@brunswickgroup.com
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Further information
Auhua Clean Energy David Sumner, non-executive +971 555 923198
plc Chairman davidjsumner@auhuacleanenergy.com
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Grant Thornton UK Philip Secrett / Maureen +44 (0)20 7383 5100
LLP (Nominated Adviser) Tai / Philip.j.secrett@uk.gt.com
Jamie Barklem
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Peat & Co Charlie Peat +44 (0)203 540 1721
(co-broker) Charlie.peat@peatandco.com
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Cornhill Capital Nick Bealer +44 (0)20 7710 9610
Limited (co-broker) nickb@cornhillcapital.com
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About Auhua:
Auhua Clean Energy (www.auhuacleanenergy.com) is an
environmental technology group based in the Shandong Province of
Eastern China specialising in the development and application of
green energy and energy efficient solar water heating solutions. In
particular, the Group is focused on the manufacture and sale of
split-unit solar water heating systems.
Auhua Clean Energy operates through its wholly owned
subsidiaries Shandong Auhua New Energy Co., Ltd and Weihua Auhua
New Energy Co., Ltd., of which Auhua Holdings Pte Ltd is the
intermediate holding company.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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