Auhua Clean Energy Plc Completion of Acquisition (5179H)

TIDMACE

RNS Number : 5179H

Auhua Clean Energy Plc

20 May 2014

AUHUA CLEAN ENERGY PLC

("Auhua" or the "Company")

Completion of the Acquisition of Ziolar Pte Ltd and Share Issuance

20 May 2014: Further to the announcement made on 27 January, Auhua Clean Energy Plc (AIM: ACE) ("the Company" or "Auhua"), the AIM quoted environmental technology group, is pleased to announce that it has completed the acquisition of the entire issued share capital of Ziolar Pte Ltd ("Ziolar") and of Taiwan Ziolar Technology Co. Ltd ("Taiwan Ziolar"), a company incorporated in Taiwan. The Ziolar acquisition enables Auhua to significantly advance its solar thermal panel technology which, combined with the progress already made in solar heating combi-systems and solar cooling technologies during 2013, has strongly positioned the Company to enter the solar energy market on a global scale. The sale and purchase agreement was signed on 3 March 2014.

As consideration for the Acquisition, Auhua has issued 3,086,400 ordinary shares to SSP Innovations Pte Ltd, 2,314,800 ordinary shares to to Zire Tech Inc., as nominated by Steve Peng and 1,543,200 ordinary shares to Eddie Yu-Yao Chen and/or their nominees. The issued shares represent 7.76 per cent of the enlarged share capital of the Company.

Application has been made for admission of the Consideration Shares to trading on AIM, which is expected to become effective on or around 23 May 2014. The total number of Auhua ordinary shares in issue is now 89,472,245. Therefore, the total number of voting rights in the Company is 89,472,245.

Mr David Sumner, non-executive Chairman of Auhua, said: "We are pleased to have completed this acquisition which will significantly broaden our technical capability with the integration of its state-of-the-art thermal panel technology, a vital component in solar powered water heater systems. The acquisition marks the continuation of our international expansion strategy outside of China and the Middle East markets."

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Media Enquiries

 
 Brunswick   Harriet Lebus   [e-mail] 
----------  --------------  ------------------------- 
 

Further information

 
 Auhua Clean Energy         David Sumner, non-executive    [phone] 
  plc                        Chairman                       [e-mail] 
-------------------------  ----------------------------  ------------------------------------ 
 Grant Thornton UK          Philip Secrett / Maureen      [phone] 
  LLP (Nominated Adviser)    Tai /                         [e-mail] 
                             Jamie Barklem 
-------------------------  ----------------------------  ------------------------------------ 
 Peat & Co                  Charlie Peat                  [phone] 
  (co-broker)                                              [e-mail] 
-------------------------  ----------------------------  ------------------------------------ 
 Cornhill Capital           Nick Bealer                   [phone] 
  Limited (co-broker)                                      [e-mail] 
-------------------------  ----------------------------  ------------------------------------ 
 

About Auhua:

Auhua Clean Energy (www.auhuacleanenergy.com) is an environmental technology group based in the Shandong Province of Eastern China specialising in the development and application of green energy and energy efficient solar water heating solutions. In particular, the Group is focused on the manufacture and sale of split-unit solar water heating systems.

Auhua Clean Energy operates through its wholly owned subsidiaries Shandong Auhua New Energy Co., Ltd and Weihua Auhua New Energy Co., Ltd., of which Auhua Holdings Pte Ltd is the intermediate holding company.

This information is provided by RNS

The company news service from the London Stock Exchange

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