Aggregated Micro Power Holdings PLC Pre Close Period Trading Update (1204E)
04 May 2017 - 4:00PM
UK Regulatory
TIDMAMPH
RNS Number : 1204E
Aggregated Micro Power Holdings PLC
04 May 2017
Aggregated Micro Power Holdings plc
("AMP", "AMP Group" or the "Company")
Pre Close Period Trading Update
Aggregated Micro Power Holdings plc (AIM: AMPH), which
specialises in the sale of wood fuels and the development of
distributed energy projects, is pleased to announce a pre-close
period trading update in respect of the twelve months to 31 March
2017.
Over the last twelve months, AMP has been transformed into one
of the leading UK suppliers of wood fuels under the Forest Fuels
brand. At the same time we have grown our project development
business with finance provided via third party infrastructure
vehicles producing development fee revenues for this year and the
prospect of deferred development fees in due course.
AMPIL funds under management have grown to GBP36m and comprises
66 operational boilers, one heat pump and the construction of 24MWs
of peaking plant assets on long terms contracts.
We are intending to announce our full year audited results at or
around the end of June 2017.
Pre-Close Highlights for the year ending 31 March 2017
-- AMP Group will report revenues in excess of the GBP15m target
-- AMP Group EBITDA* covers interest payments on the GBP10m of Convertible Notes(a)
-- Successful integration of three fuels businesses under the
Forest Fuels brand supplying over 100,000 tonnes of wood chip and
wood pellet serving over 2,200 active customers
-- During the twelve month period, AMP's project business
arranged financing for 48 boilers and one heat pump with a gross
development value of GBP7.6m financed by AMPIL(b) and AMPIL2(b) and
a 3MW peaking plant financed by AMPIL2(b)
-- AMP has developed and arranged finance for a 21MW peaking
plant at Kingsnorth which is in construction for a value of
GBP14.1m
-- AMP has sold its interest in 37.5MWs of peaking plants to a third party
-- An investment, post year end, in IncubEx(c) of US$778,718 to
support its initial successful fundraise. A separate announcement
has been made by IncubEx
* excluding non-recurring items
Richard Burrell, Chief Executive of Aggregated Micro Power
Holdings plc, said:
"The acquisition of three fuels businesses, which will see
further turnover growth next year reflecting a full year's trading,
has made for a transformational year at AMP. At the same time,
AMPIL funds under management have grown to GBP36m comprising
operational boilers, in-development peaking plant assets and other
biomass assets on long term contracts. AMP has a growing pipeline
of new project developments which should continue to generate
upfront development fees as well as deferred development fees in
subsequent years and hence we look forward to the future with
confidence."
(a) The Convertible Notes have an 8 per cent. coupon per annum,
paid quarterly in arrears and redeem at par, if not previously
converted, on 30 March 2021. The Company has issued GBP10.01m
Convertible Notes. The three most recent tranches of Convertible
Notes comprising GBP5.94m have a conversion price equal to 86 pence
per Ordinary Share. The initial tranche of Convertible Notes were
issued in March 2016 for a nominal value of GBP4.07m and are
identical in every respect, save for the conversion price, which is
70 pence per Ordinary Share. The Company can redeem the Convertible
Notes at par after 31 March 2018 or the Convertible Note holder can
convert the Convertible Notes into Ordinary Shares.
(b) AMPIL and AMPIL2 are special purpose vehicles which are
wholly owned by Law Debenture Intermediary Corporation plc as
trustee for general charitable purposes. AMPIL and AMPIL2 can issue
listed loan notes to fund renewable energy projects acquired from
AMPH and/or other developers. AMPIL2 which was launched in October
2016 with an initial GBP10m is the second special purpose vehicle
which AMP Group has been able to access for its pipeline of
developments and it follows on from the first AMPIL (Aggregated
Micro Power Infrastructure Limited) special purpose vehicle which
raised GBP12.4m from institutional and other investors in 2014 and
2015.
(c) IncubEx, LLC is a private limited liability company which
will focus on product and business development, in conjunction with
market-leading partners, to innovate and incubate new financial
products and services that meet the needs of the rapidly growing
global commodities markets. IncubEx brings together part of the
team that helped build Climate Exchange into a successful business
and Neil Eckert has become its non-executive chairman. As is the
case with AMPIL and AMPIL2, certain directors of AMP have also
invested personally in IncubEx. AMP's investment in IncubEx does
not constitute a related party transaction under rule 13 of the AIM
Rules for Companies, however, all those AMP directors who
personally invested in this funding round (being all directors save
for CFO Mark Tarry) excluded themselves from the Board's decision
for AMP to invest in IncubEx.
Contacts
Aggregated Micro Power Holdings plc 020 7382 7800
Neil Eckert, Executive Chairman
Richard Burrell, CEO
Helene Crook, Investor Relations
Haggie Partners
Peter Rigby / Brian Norris 020 7562 4444
finnCap Ltd
Ed Frisby/Simon Hicks (Corporate Finance) 020 7220 0500
Stephen Norcross (Corporate Broking) 020 7220 0513
About Aggregated Micro Power Holdings plc
The AMP Group was established to develop, own and operate
renewable energy generating facilities. It specialises in the sale
of wood fuels and in the installation of distributed energy
projects. AMP's wholly owned subsidiary Forest Fuels sells high
quality wood chip and wood pellet to end customers throughout the
UK, while its projects division installs biomass boiler and biomass
CHP systems for a wide range of applications and customers. AMP is
also active in developing projects for stand-by power generation
facilities which aim to balance the transmission grid at times of
peak demand.
www.ampplc.co.uk
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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