Alkane Energy PLC Completion of Acquisition and Fundraising (5308F)
24 Maggio 2013 - 10:29AM
UK Regulatory
TIDMALK
RNS Number : 5308F
Alkane Energy PLC
24 May 2013
Alkane Energy plc
("Alkane", "the Group" or "the Company")
Completion of Acquisition and Fundraising
Alkane Energy plc, the independent gas to power company, is
pleased to announce the completion of the acquisition (the
"Acquisition") of certain of the coal mine methane assets of Maltby
Colliery (the "Maltby CMM Asset") and associated GBP6.0 million
(gross) fundraising (the "Fundraising") announced on 22 May
2013.
The Acquisition and the Fundraising were conditional upon the
admission ("Admission") of the 22,222,223 ordinary shares of 0.5
pence each in the capital of the Company ("Placing Shares").
Admission occurred and dealings in the Placing Shares commenced at
8:00 a.m. (London time) 24 May 2013, and accordingly both the
Acquisition and the Fundraising have now completed.
Following Admission, the issued share capital of the Company
will be 123,585,247 ordinary shares of 0.5 pence each in the
capital of the Company.
For more information please contact:
Alkane Energy plc
Neil O'Brien, Chief Executive
Officer
Steve Goalby, Finance Director 01623 827927
Altium Capital Limited
Adrian Reed
Andy Clarke 0845 505 4343
VSA Capital Limited
Andrew Raca
020 3005 5004
Liberum Capital
Clayton Bush
Tim Graham 020 3100 2227
Hudson Sandler
Nick Lyon
Alex Brennan 020 7796 4133
Background information
Alkane Energy is one of the UK's fastest growing independent
power generators. The Company operates mid-sized "gas to power"
electricity plants providing both predictable and fast response
capacity to the grid. Following the completion of the acquisition
of the Maltby CMM Asset, Alkane now has a total of 81MW of
installed generating capacity and an electricity grid capacity of
100MW.
Alkane's main operations are based on a portfolio of coal mine
methane ("CMM") sites. Alkane has the UK's leading portfolio of CMM
licences, enabling the Company to extract gas from abandoned coal
mines.
As CMM declines at any one site Alkane retains valuable
generating capacity and a grid connection which can be redeployed
to Power Response. Power Response sites are connected to mains gas
and produce electricity at times of high electrical demand or in
order to balance the electricity grid. Alkane now operates 25MW of
power response on mains gas.
The Group operates from 20 mid-size (up to 10MW) power plants
across the UK, 13 CMM only, 4 mains gas only, and 3 using both fuel
sources. Alkane use standard modular reciprocating engines to
generate the electricity and sells this power through the
electricity network. The engine units and other plant are designed
to be flexible and transportable allowing additional capacity to be
brought onto growing sites and underutilised plant to be moved to
new sites to maximise efficiency.
Alkane has a range of core skills encompassing the entire
project development cycle including planning and permitting,
sourcing plant and managing the build and commissioning stage. This
has enabled Alkane to establish a Design, Build & Operate
("DBO") business for third party clients in the biogas and oil
& gas industries.
The Group has more than 800km(2) of acreage under various
onshore Petroleum Exploration and Development Licences ("PEDLs").
Alkane retains a 100% interest in the majority of these PEDLs,
which extend to all of the hydrocarbons recoverable from these
licence areas. This includes any CMM, natural gas, coal bed methane
("CBM") or shale gas.
More information is available on our website
www.alkane.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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