TIDMALR

RNS Number : 2030H

Alternative Energy Limited

15 May 2014

For immediate release 15 May 2014

ALTERNATIVE ENERGY LIMITED

("AEL" or the "Company")

Update on Convertible Note Programme

Further to the announcement on 1 April 2014 of the Convertible Note Programme in the Interim Results, the Board of Alternative Energy Limited (AIM: ARL.L) is now pleased to announce that it has re-executed the subscription agreement for up to GBP10 million as opposed to US$10 million.

Consequently, the Company proposes to issue to the Subscriber 5.0% equity-linked redeemable structured notes due 2017 with an aggregate principal amount of up to GBP10,000,000 comprising four equal tranches of a principal amount of GBP2,500,000 each (collectively, the notes shall be referred to as the "Notes" and individually, the four tranches of the Notes shall be referred to as the "Tranche 1 Notes", "Tranche 2 Notes", "Tranche 3 Notes" and "Tranche 4 Notes" respectively).

   -     Tranche 1 Notes shall comprise a further 100 equal sub-tranches of GBP25,000 each. 
   -     Tranche 2 Notes shall comprise a further 100 equal sub-tranches of GBP25,000 each. 
   -     Tranche 3 Notes shall comprise a further 50 equal sub-tranches of GBP50,000 each: and 
   -     Tranche 4 Notes shall comprise a further 50 equal sub-tranches of GBP50,000 each.

The Notes shall entitle the holder thereof to 5.0% interest per annum, and, on the terms and conditions herein, be convertible into ordinary shares in the capital of the Company which are listed on AIM.

Further announcements of draw-down in accordance with this Programme will be made as and when required.

For further information please see the Company's website: www.alternativenergy.com.sg or please contact:

 
ALTERNATIVE ENERGY LIMITED 
Richard Lascelles, Independent Non-executive Director  Tel: +44 (0) 20 7408 1067 
 Eric Goh, Executive Director                           Tel: +65 68737782 
 
BEAUMONT CORNISH LIMITED (Nomad) 
 Roland Cornish and Emily Staples                      Tel: +44 (0) 20 7628 3396 
PETERHOUSE CORPORATE FINANCE (Broker) 
Jon Levinson/Lucy Williams                             Tel: +44 (0) 20 7469 0930

This information is provided by RNS

The company news service from the London Stock Exchange

END

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