Auhua Clean Energy Plc Taiwan Ziolar Ceases to be a Subsidiary (3845Y)
08 Setembro 2015 - 5:13AM
UK Regulatory
TIDMACE
RNS Number : 3845Y
Auhua Clean Energy Plc
08 September 2015
AUHUA CLEAN ENERGY PLC
Taiwan Ziolar Ceases to be a Subsidiary
08 September 2015: Auhua Clean Energy Plc (AIM: ACE) (the
"Company"), the environmental technology group, announces that
Taiwan Ziolar Technology Co. Ltd ("Taiwan Ziolar") is no longer a
subsidiary of the Company.
Taiwan Ziolar has secured the investment of an independent
investor, Ziolar Holdings Pte Ltd (the "New Investor") to inject
US$700,000 (the "Investment") into Taiwan Ziolar for 2,100,000 new
shares of Taiwan Ziolar, representing 97.7% of the total issued
shares of Taiwan Ziolar. As the Company held and continues to hold
50,000 shares of Taiwan Ziolar, the Company's ownership has been
significantly diluted as a result of the Investment and Taiwan
Ziolar is now an affiliate of the Company. Taiwan Ziolar was
acquired by the Company in May 2014 through the issue of 6,944,400
ordinary shares in the Company at 40 pence per share. As of 31
December 2014, the carrying value of Taiwan Ziolar's intellectual
property was RMB21.649 million.
While this means that Taiwan Ziolar and its intellectual
property are no longer solely within the control of the Company,
and the Company may not be able to fully exploit Taiwan Ziolar's
technology, once it has been successfully developed, the Company
has sought to mitigate this future downside risk by agreeing with
Taiwan Ziolar and the New Investor that the Company will have a
2-year non-exclusive, non-transferrable right to use Taiwan
Ziolar's technology to build a 500,000 sqm injection foam solar
thermal panel coating facility for the Company's own use in the
future. The Company believes that such an arrangement will give the
Company the opportunity to recoup its original investment value.
The Company will continue to have a representative director, Mr
Raphael Tham (the Company's Vice Chairman) on the board of Taiwan
Ziolar to oversee its interest while Mr Jon Sumner (the Company's
CFO) has resigned as the supervisor of Taiwan Ziolar.
The Company agreed to the Investment into Taiwan Ziolar for the
following reasons:
-- Taiwan Ziolar is currently a loss-making research and
development company in a net liability position and with no sales.
As at 31 December 2014, Taiwan Ziolar contributed nil revenue and a
loss of RMB2.674m to profit before tax from the operations of the
Company. Taiwan Ziolar is in need of financial support and
investment which the Company is currently not in the position to
provide given the depressed global fundraising climate. The Company
believes that the New Investor will be able to support the
overheads of Taiwan Ziolar and provide critical assistance to
enable Taiwan Ziolar to produce the prototype for the injection
foam solar thermal panel coating technology.
-- Under the terms of its incorporation, Taiwan Ziolar is
required to be capitalised in Taiwan with a paid up capital of
Taiwan Dollar (NT) 50 million (circa US$1.53 million). Moving
forward, the New Investor will have to be responsible to fulfill
this requirement.
-- If Taiwan Ziolar is successful developing its technology in
the future, the Company has a right to access, and reap the
benefits of, the technology.
As at the date of this announcement, none of the directors of
the Company have any interest, direct or indirect, in Taiwan Ziolar
(other than by reason of being a director of the Company) or in the
New Investor. In addition, none of the Company's controlling
shareholders have any interest, direct or indirect, in the New
Investor or the Investment.
--ends---
Media Enquiries
Brunswick auhua@brunswickgroup.com
Group
Further information
Auhua Clean Energy David Sumner, davidjsumner@auhuacleanenergy.com
plc non-executive
Chairman
Philip Secrett
Grant Thornton UK / Maureen Tai
LLP (Nominated Adviser) / Jamie Barklem +44 (0)20 7383 5100
WH Ireland (Broker) Tim Feather +44 (0) 207 220 1666
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 thermal 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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September 08, 2015 04:13 ET (08:13 GMT)
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