CEL Celadon Pharmaceuticals Plc

 

TIDMCEL 
 
RNS Number : 2197U 
Caparo Energy Ltd 
12 October 2010 
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO 
                  THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN 
 
 
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| Press Release                   |                 12 October 2010 | 
+---------------------------------+---------------------------------+ 
 
 
                              Caparo Energy Limited 
 
                       ("Caparo Energy" or the "Company") 
 
                               First Day Dealings 
 
 
The board of directors of Caparo Energy, a Guernsey company that is the holding 
company for subsidiaries (together, the "Group") that seek to generate wind 
power in India, is pleased to announce its admission to the AIM market of the 
London Stock Exchange ("Admission") and the commencement of dealings in its 
ordinary shares under ticker symbol CEL. 
 
The Company has raised GBP50.2 million in a placing of 43,636,000 new Ordinary 
Shares (the "Placing"), representing 26.7 per cent. of the enlarged ordinary 
share capital of the Company.  The approximate market capitalisation of the 
Company following Admission is GBP188.2 million. 
 
Strand Hanson Limited is acting as nominated adviser in relation to the 
Admission and Mirabaud Securities LLP is acting as broker. 
 
Overview 
Caparo Energy is focused on becoming one of the leading independent power 
producers in India and is seeking to generate predictable and long-term cash 
flows by building up a portfolio of wind power generating assets in the Indian 
wind energy market. The Group intends, in due course, to acquire and develop a 
portfolio of wind farms with a target total annual installed capacity of up to 
5,000 MW, which it intends to develop in two concurrent phases: Phase I 
consisting of 3,000 MW with a target completion date of 2016; and Phase II 
consisting of 2,000 MW with a target completion date of 2017. 
 
For Phase I, the Company, through its subsidiary Caparo Energy (India) Limited 
("Caparo Energy India"), has entered into a business partnership agreement with 
Suzlon Energy Limited ("Suzlon"), one of the world's leading wind turbine 
generator manufacturers, to acquire up to 3,000 MW of wind power generation 
farms. 
 
For Phase II, Caparo Energy India is in advanced discussions to acquire land and 
turbines from international vendors in connection with wind power farm 
development in wind-rich states in India, including Karnataka, Maharashtra, 
Tamil Nadu and Andhra Pradesh. 
 
The Company believes this should provide both geographic and customer-base 
diversification to the Group's portfolio and that these sites will, if and when 
acquired, be suitable for installing an additional 2,000 MW of capacity by 2017. 
 
Key investment opportunity 
The Company believes the following Group attributes and factors will be 
attractive to potential investors: 
·     the Government of India is seeking to double the country's installed power 
capacity to 342 GW and more than treble its clean energy capacity to 54 GW by 
2017; 
 
·     the Group plans to accumulate a substantial portfolio of wind power 
generating assets in India's relatively well established, but fragmented wind 
energy market (i.e., not disproportionately dominated by other producers), which 
should have considerable growth prospects in the near and medium term; 
 
·     Caparo Energy India has an agreement in place with Suzlon, one of the 
leading global wind turbine generator manufacturers, and the largest in India, 
for up to 3,000 MW of operating capacity and grid connected wind farms; 
 
·     the Company believes that ongoing negotiations with infrastructure 
companies and wind turbine manufacturers should enable the Group to acquire and 
develop suitable sites for up to 2,000 MW of operating capacity and grid 
connected Phase II wind power generation farms by 2017; and 
 
·     the Company has arranged debt financing which, together with the proceeds 
from the Placing, should enable the roll-out of initial projects. 
 
Ravi Kailas, the Company's Chief Executive Officer, said: 
"We are delighted that the AIM flotation of the Company has been completed 
successfully and we now look forward to working with our new institutional 
shareholders. 
 
"The widening energy supply gap in India presents the Company with an extremely 
exciting opportunity.  Through our business partnership agreement with Suzlon, 
India's largest and only fully-integrated wind turbine producer, we plan to 
accumulate a substantial portfolio of wind power generating assets.  While 
India's renewable energy market is relatively established, it also has 
considerable growth prospects in the near to medium term, as the government 
creates incentives for private operators to help fill the country's energy gap. 
Caparo Energy looks forward to capitalising on this urgent market need, and 
unlocking continued economic and social development in one of the world's most 
significant markets, with a view to becoming one of India's leading energy 
businesses and a premier owner and operator of wind farms across the country." 
 
Further information on the Company can be found at www.caparoenergy.com. 
 
                                    - Ends - 
 
For further information please contact: 
 
+----------------------------------------+-------------------------+ 
| Caparo Energy Limited                  |                         | 
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| Ravi Kailas, Chief Executive Officer   |    +44 (0) 20 7398 7702 | 
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|                                        |                         | 
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| Strand Hanson Limited                  |                         | 
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| Angela Peace / Paul Cocker / James     |    +44 (0) 20 7409 3494 | 
| Harris                                 |                         | 
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|                                        |                         | 
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| Mirabaud Securities LLP                |                         | 
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| Peter Krens / Rory Scott               |    +44 (0) 20 7878 3360 | 
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|                                        |                         | 
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| Abchurch Communications                |                         | 
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| Henry Harrison-Topham                  |    +44 (0) 20 7398 7702 | 
+----------------------------------------+-------------------------+ 
| Heather Salmond                        |    +44 (0) 20 7398 7704 | 
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| henry.ht@abchurch-group.com            |  www.abchurch-group.com | 
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NOTE TO EDITORS: 
 
Executive Directors 
 
Ravi Kailas, Chief Executive Officer, age 44 
Mr. Kailas has 20 years of entrepreneurial experience in telecoms, software and 
real estate. He was the founder of a number of start-up companies, including Zip 
Global Network, a telecom services company, which was subsequently sold to Tata 
Teleservices; Xius Technologies, a telecom software company which launched the 
world's first inter-operator prepaid roaming service and which was merged with a 
leading SEI CMM Level 4 software company; and Altius, a real estate investment 
company which was later sold to The Chatterjee Group. He has a Bachelors degree 
in Electronics and Communications Engineering from Osmania University and a 
Masters degree from The Graduate School of Business, Stanford University. 
 
Vikram Kailas, Chief Financial Officer, age 30 
Before joining the Group, Mr. Kailas worked in the power and utilities 
investment banking group at Credit Suisse in New York, where he was involved in 
a number of renewable energy transactions, including a US$6 billion exit 
financing for Calpine, a US$300 million loan for First Energy, a US$1 billion 
capital raise for First Solar and the sale of Airtricity's US operations to E.On 
and the European assets to Scottish & Southern Energy. Prior to joining Credit 
Suisse, Mr. Kailas worked for Deloitte Consulting in Hyderabad, India. He has a 
B.Tech in Mechanical Engineering from the Indian Institute of Technology, 
Madras, and an 
MBA from the Yale School of Management. He is a nephew of Ravi Kailas. 
 
Alastair Cade, Director, age 38 
Mr. Cade was one of the founders of Daniel Stewart Securities plc, a London 
based institutional stock broking and corporate finance firm and was appointed 
Managing Director in 2003. Subsequently, Mr. Cade set up a private investment 
vehicle concentrating on agriculture and renewable energy. He has a Masters 
degree in Economics from St. Andrews University. 
 
Non-Executive Directors 
 
Hon. Angad Paul, Non-Executive Chairman, age 40 
Mr. Paul is the Chief Executive of the Caparo Group and has overseen the 
acquisition by the Caparo Group of a number of companies since 2007 and the 
Caparo Group's entry into Dubai and China. Mr. Paul attended the Massachusetts 
Institute of Technology in Boston, USA, where he received BAs in Economics and 
Media Arts and Sciences. 
 
Rohit Kumar Phansalkar, Non-Executive Director, age 65 
Mr. Phansalkar is the Chairman and CEO of RKP Capital, Inc., a US based merchant 
banking boutique. He was previously the Chairman and CEO of Osicom Technologies, 
an optical networking company. He was the co-founder, Vice Chairman and CEO of 
Newbridge Capital, a private equity firm investing in India, and formerly the 
Head of Energy Finance Group at Oppenheimer & Co. Mr. Phansalkar was co-head of 
the Energy Finance Group at Shearson American Express, Managing Director of Bear 
Stearns and Managing Director at Oppenheimer & Co. Mr. Phansalkar was the 
Founding Chairman of The India Fund.  Mr. Phansalkar received an MBA from the 
Harvard Graduate School of Business. 
 
Charles Wilkinson, Non-Executive Director, age 67 
Mr. Wilkinson is a solicitor who retired from Lawrence Graham LLP in March 2005. 
While at Lawrence Graham, he specialised in corporate finance and commercial 
law, latterly concentrating on investment trust and fund work. He is currently 
chairman of both Asset Management Investment Company PLC, an investment trust, 
and Premier Renewable Energy Fund Limited, a listed investment company, and is a 
director of Landore Resources Ltd, a Guernsey based mining exploration company. 
 
Philip Swatman, Non-Executive Director, age 60 
Mr. Swatman was appointed Chairman of Merlin Corporate Reputation Management, a 
public relations advisory firm based in London, in March 2009, where he focuses 
particularly on matters of business development. Prior to this, Mr. Swatman was 
Vice-Chairman of Investment Banking at NM Rothschild from 2001 until his 
retirement in September 2008, having originally joined NM Rothschild in 1979 as 
a corporate financier, becoming a Director in 1986. He subsequently became a 
Managing Director and later Co-Head of Investment Banking. Mr. Swatman qualified 
as a Chartered Accountant with KPMG after graduating from Christ Church, Oxford 
and is a Fellow of the Institute of Chartered Accountants. Mr. Swatman is a 
nonexecutive director at New England Seafood International Limited and Investec 
Structured Products Calculus VCT PLC. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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