CINP Cinpart

 

TIDMCINP 
 
RNS Number : 4444P 
Cinpart PLC 
16 July 2010 
 
16 July 2010 
AIM: CINP 
                                  CINPART PLC 
                          ('Cinpart' or the 'Company') 
 
                                Issue of Equity 
 
Cinpart, which supplies cutting-edge voltage optimisation technology to reduce 
the energy consumption and CO2 emissions of commercial buildings, is pleased to 
announce that it has completed a placing of 19,871,425 new Ordinary Shares (the 
"Placing Shares") at 7 pence per share in the capital of the Company (the 
"Placing").  The Placing, with institutional and other investors introduced by 
Jendens Securities Limited and Rivington Street Corporate Finance Limited, the 
Company's joint brokers, have raised a total of GBP1.39 million before expenses. 
 
The net proceeds of the Placing amounting to approximately GBP1.32 million will 
be used to support the Company's sales and marketing efforts in the UK and to 
provide working capital generally in order to build on the progress made to 
date.  The Directors believe that there continues to be significant 
opportunities for growth, underpinned by the strengthening UK sales pipeline and 
Cinpart's relationships with Southern Electric Contracting Ltd ("SEC") and its 
new overseas partners. 
 
The Placing Shares represent 18.6 per cent. of the enlarged issued share capital 
and following the issue of the Placing Shares, Cinpart will have 106,865,823 
Ordinary Shares in issue.  The Placing is conditional upon admission of the 
Placing Shares to trading on AIM.  Application has been made for the new 
Ordinary Shares to be admitted to trading on AIM and admission is expected to 
take place on 22 July 2010.  The new Ordinary Shares will rank pari passu in all 
respects with the existing Ordinary Shares. 
 
As part of the Placing the Company has granted warrants to Jendens Securities 
Limited over 304,286 new ordinary shares which are exercisable at the Placing 
price until 15 July 2012. 
 
Philip Palmer, Christopher Foster and Kevin Baker, directors of the Company, are 
subscribing in the Placing for 214,285, 285,714 and 142,857 Ordinary Shares 
respectively. 
As a result of the Placing and following admission of the new Ordinary Shares 
the interests of the Directors will be: 
+-------------+-----------+------------+ 
| Name        |    Number | Percentage | 
|             |        of |         of | 
|             |  Ordinary |   enlarged | 
|             |    Shares |     issued | 
|             |           |      share | 
|             |           |    capital | 
+-------------+-----------+------------+ 
| Philip      | 3,753,632 |      3.51% | 
| Palmer      |           |            | 
+-------------+-----------+------------+ 
| Christopher | 7,810,785 |      7.31% | 
| Foster      |           |            | 
+-------------+-----------+------------+ 
| Kevin       |   906,003 |      0.85% | 
| Baker       |           |            | 
+-------------+-----------+------------+ 
 
Kevin Baker, Chief Executive of Cinpart, commented; 
 
"In a challenging economic environment for small cap companies we are very 
pleased with the support  we have received from both new and existing investors. 
 We believe that there are exciting opportunities available to us both in the UK 
and internationally and this placing will help us to deliver further growth 
going forward." 
 
Enquiries: 
 
+----------------------------+----------------------+ 
| Cinpart Plc                |                      | 
+----------------------------+----------------------+ 
| Kevin Baker, Chief         | Tel: 020 3176 3033   | 
| Executive                  | Tel: 020 3176 3031   | 
| Christopher Foster,        |                      | 
| Executive Director         |                      | 
|                            |                      | 
+----------------------------+----------------------+ 
| Merchant Securities        |                      | 
| Limited (Nominated         |                      | 
| Adviser)                   |                      | 
+----------------------------+----------------------+ 
| Simon Clements/John East   | Tel: 020 7628 2200   | 
|                            |                      | 
+----------------------------+----------------------+ 
| Jendens Securities Limited |                      | 
| (Joint Broker)             |                      | 
+----------------------------+----------------------+ 
| Kim Richardson             | Tel: 0203 372 2500   | 
|                            |                      | 
+----------------------------+----------------------+ 
| Rivington Street Corporate |                      | 
| Finance Limited (Joint     |                      | 
| Broker)                    |                      | 
+----------------------------+----------------------+ 
| Peter Greensmith           | Tel: 020 7562 3370   | 
| Jon Levinson               |                      | 
+----------------------------+----------------------+ 
| Biddicks (Financial PR)    |                      | 
+----------------------------+----------------------+ 
| Sophie Lane                | Tel: 020 7448 1000   | 
+----------------------------+----------------------+ 
 
About Cinpart plc 
 
Cinpart is a holding company that owns 72.2 per cent of Active Energy Limited. 
Active Energy manufactures and supplies the VoltageMaster, a device that can 
reduce electricity consumption in commercial buildings by up to 20 per cent. 
 
Other wholly owned subsidiaries in the Group include Derlite Co Limited; based 
in Thailand, this company is an international manufacturer of electrical and 
non-electrical components specializing in ignition systems for gas appliances 
and Gasignition Limited; a trading company supplying electrical components to 
small and medium-sized European gas appliance manufacturers. 
 
About Active Energy 
 
Active Energy owns the rights, intangible assets and intellectual property of 
VoltageMaster, a range of voltage optimisation equipment for commercial 
buildings that reduces voltage, and consequently energy consumed, by up to 20 
per cent. The VoltageMaster, a sophisticated, easy to install device that is 
adaptable to complement existing infrastructures, optimises the voltage used in 
a building by adjusting the electricity voltage supplied to the whole building. 
In addition, the reduced energy consumption produced by the VoltageMaster 
provides reduced carbon emissions. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 IOEDDGDRGSBBGGU 
 

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