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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Lon.Asia China | LSE:LCP | London | Ordinary Share | GB00B0XF7K04 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9010A London Asia Chinese Private Equity 26 July 2007 26 July 2007 London Asia Chinese Private Equity Fund Limited ("LACPEF" or "the Fund") Investee Company Raises US$20 million LACPEF, the AIM listed (LCP.L) China focused investment fund, is pleased to announce that its investee company China New Energy Limited has raised up to US$20 million of new funds via the issue of convertible bonds. China New Energy Limited ("CNE"), listed on the UK's PLUS Stock Market, is a specialist biofuels business. The Fund invested #2.2 million for a 25% stake in CNE in September 2006. The new investment values the Company at approximately US$100 million (#50 million). The investment is in two tranches, with an initial drawdown of US$12 million ("the First Tranche"), and a second tranche of US$8 million being conditional. The convertible bonds have a maturity of three years. The First Tranche is at a zero interest rate, with the second tranche at an interest rate of up to 15%, dependent on various factors. The conversion price of the bonds is based on a multiple of the estimated profits for the year ending 31 December 2007. The investor in the bonds is an alternative investment management fund based in the US with approximately US$15 billion under management. Mr Tang, China New Energy Chief Executive, said: "The new capital will be used to expand our international operations, where we are seeing demand from a number of countries, and to make acquisitions of businesses using our technology and the biofuel to produce specialty chemicals." Simon Littlewood, Director of the Fund, said: "CNE has shown significant progress since we invested, expanding its operations internationally as well as securing significant new projects in its home market. The proposed expansion into ownership of facilities will provide stable recurring income to complement its core turnkey solution provider business." For further information please contact: John West/Andrew Dunn Cecilia Wong Hugh Field Tavistock Communications London Asia Ltd Collins Stewart Europe Limited Tel: 020 7920 3150 Tel: +852 22518373 Tel: 020 7523 8350 cecilia.wong@londonasia.com About China New Energy Limited CNE has established itself as the leading brand in China for turnkey ethanol production equipment. The Company has a successful track record, with its technology used in over 35 projects to date. CNE is supported by strong drivers with the demand for biofuel, seen as an alternative to oil, growing rapidly and supported by changes in legislation both in China and elsewhere as countries seek to reduce their dependence on imported oil. For additional information, visit the Company's web site www.chinanewenergygroup.com This information is provided by RNS The company news service from the London Stock Exchange END MSCOKAKQFBKKOOB
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