KSK Power Ventur PLC - Placing of new shares raising £20.7 million
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO
("KSK", the "Group" or the "Company")
Placing of new shares raising
The Placing Price represents a discount of 11.86 per cent. to the closing mid-market price of the Ordinary Shares as derived from the Daily Official List of the
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Number of new Ordinary Shares to be issued pursuant to the First Placing ("First Placing Shares")
Percentage of the enlarged issued share capital as enlarged by the First Placing represented by the First Placing Shares
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Number of new Ordinary Shares to be issued pursuant to the Second Placing ("Second Placing Shares")
Percentage of the enlarged issued share capital as enlarged by the Second Placing represented by the Second Placing Shares
The First Placing is conditional upon, amongst other things, admission to the standard listing on the Official List, and to trading on the Main Market of the
Following Admission of the First Placing Shares, the total number of Ordinary Shares with voting rights in the Company will be 175,308,600. This figure may be used by shareholders following Admission as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the
The Second Placing is conditional upon, amongst other things, the passing of the necessary resolution by the Company's shareholders at the EGM, and Admission of the Second Placing Shares. Once the necessary resolution is passed, Admission in respect of the Second Placing Shares is expected to occur on Tuesday
Background to and reasons for the Placing
The demand for power in
The Group's power generation assets are held through the Company's 74.94 per cent. subsidiary,
The Group's strategy is to leverage and vertically integrate upstream its operations into the power generation supply chain. It is consolidating the support infrastructure and supply chains to its power production operations by making investments in its mineral, water resources and transport infrastructure for the movement of coal supplies over rail lines. These investments are held in its subsidiary,
Use of proceeds
Accordingly, the Company is now looking to raise
Related Party Considerations
Upon completion of the Placing, it is anticipated that Sayi will be interested (and accordingly S. Kishore and
As has been recently reported, the Group has seen the pricing of long term power purchase agreements improving, with significantly higher tariff rates being achieved. In addition, it was announced on
The Group considers that consolidating the various supply chain activities within KSKEV will also help ensure that planned generation capacity is synchronised with the availability of fuel supplies through vertically integrated power generation operations.
Project costs have been increasing, with the depreciation of the Indian Rupee and the resulting impact on imports of capital goods and costs across all power projects in
Earlier today, the Company announced that Mr
Against this background, the Company is looking forward to emerging as one of the more stable players in the Indian power generation landscape.
Commenting on the Placing, Mr T L Sankar, Chairman, said:
"We are delighted at this support from our shareholders. There have been various developments in the Indian power sector which gives encouragement for producers but there is still further progress to be made"
For further information, please contact:
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+91 40 2355 9922
Mr S Kishore, Executive Director
Mr K A Sastry, Executive Director
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Arden Partners plc
+44 (0) 20 7614 5917
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This announcement is for information purposes only and does not constitute an offer to sell or an invitation to subscribe for or a solicitation of an offer to buy or subscribe for any securities in any jurisdiction including in which such an offer or solicitation is unlawful and is not for distribution in or into, without limitation, the
The Placing Shares have not been and will not be registered under the Securities Act or under the applicable securities laws of any state in
Arden, which is authorised and regulated by the
Apart from the responsibilities and liabilities, if any, which may be imposed on Arden by the Financial Services and Markets Act 2000 (as amended) or the regulatory regime established thereunder, Arden does not accept any responsibility for the contents, accuracy, completeness and/or verification of this announcement or any other statements made or purported to be made by it, or on its behalf, in connection with the Company, the Placing, the Placing Shares or any other matter referred to in this announcement. Arden disclaims any and all liability (save as referred to above) to Shareholders and any other person in respect of this announcement or such statement.
The contents of this announcement are not to be construed as legal, financial or tax advice. If necessary, each recipient of this announcement should consult his, her or its own legal adviser, financial adviser or tax adviser for legal, financial or tax advice.
This announcement contains certain statements that are or may be "forward-looking statements". These statements typically contain words such as "intends", "expects", "anticipates", "estimates" and words of similar import. All the statements other than statements of historical facts included in this announcement, including, without limitation, those regarding KSK's financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to KSK's products and services) are forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and therefore undue reliance should not be placed on such forward-looking statements. There are a number of factors that could cause the actual results, performance or achievements of KSK or those markets and economies to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding KSK's present and future business strategies and the environment in which KSK will operate in the future and such assumptions may or may not prove to be correct. Forward-looking statements speak only as at the date they are made. Neither KSK nor Arden nor any other person undertakes any obligation (other than, in the case of KSK, pursuant to the Listing Rules and the Disclosure and Transparency Rules) to update publicly any of the information contained in this announcement, including any forward-looking statements, in the light of new information, change in circumstances or future events.
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