TIDMACTA
RNS Number : 3542O
Acta S.p.A.
06 August 2014
Acta S.p.A.
("Acta" or "the Company")
Placing:
Successful GBP2.0 million institutional fundraising
Acta (AIM: ACTA), the hydrogen energy company, announces that
the Company has, via an institutional placing (the "Placing"),
raised GBP2,033,837 (gross) through the issue and allotment of
67,794,580 ordinary shares of Euro 0.006 each in the capital of the
Company ("Placing Shares"). An additional GBP34,000 has been
contractually subscribed for by directors and key management,
further details of which are set out below.
The Placing Shares were placed at a price of 3.0 pence per share
(the "Placing Price"). The net proceeds of the Placing will be used
to finance the working capital requirements of the Company's
current commercial expansion.
Background to, and reasons for, the Placing
During 2014, the Board has announced a growing number of
strategic commercial engagements, including the successful
conclusion of product evaluation trials with major customers and
the growth of both initial product sales and the increasing scale
of repeat orders. Key milestones announced during the year to date
have included:
-- Commercial partnership and product development agreement with
Reli-On Inc, one of the world's largest fuel cell producers
-- Repeat order for 15 electrolysers and a number of smaller
units to M-Field Energy, a leading system integrator of Ballard
fuel cell stacks, with the expectation of further orders during
Autumn 2014
-- Repeat order from Heliocentris for ten 500L/hr electrolyser stacks for the education sector
-- Live site evaluation successfully concluded with one of
Australia's largest mobile phone operators and repeat order
received for three Acta Power units, with larger orders expected in
successive stages
-- Live site evaluation successfully concluded at a major
international mobile phone operator's base station in Egypt, with
functionality and performance exceeding the customer's
specifications. Further negotiations in progress for a larger
number of systems to be deployed in the area
-- Live site evaluation successfully concluded with one of the
largest mobile phone operators in the Philippines, with
negotiations in progress for a larger deployment of Acta Power
systems for remote back-up power
-- Sale of two Acta Power systems for a renewable energy storage
application in Chiang Mai, Thailand
-- Shipment of the Acta Power system sold in December 2013 for
renewable energy storage in Singapore
-- Product development partnership with Dantherm, a subsidiary
of Ballard Inc, for remote back-up power systems, including the
sale of an EL1000 electrolyser for a wind energy storage
application near the Arctic Circle. This first product will
initially be installed at Dantherm's premises for integration with
Dantherm's own back-up power solutions for the purpose of future
larger deployments in cold environments
-- Launch of the Acta Cube, a small self-recharging fuel cell
device, at the Hanover Messe in April 2014
-- Commercial progress in the development of refueling
applications for fuel cell electric vehicles, including fuel cell
cars, scooters and forklift truck applications
-- Increase in the Company's production capacity to 40 electrolyser products per month
Additional progress during the year to date has also included
the first sale of an electrolyser to a Chinese distributor for the
Chinese back-up power market, the CE certification of the Acta
Power system and further investment in the Company's commercial,
engineering and production departments.
Although the Company's sales are growing strongly the Board
remains focused on our strategic developments in the telecoms
back-up power market due to the size and immediacy of the
opportunity, and the growing level of engagement and demand coming
from other sectors including renewable energy storage in off-grid
locations and fuel cell vehicle refuelling.
The Board believes that the strengthening of the Company's
balance sheet via the Placing will allow the Company to demonstrate
to its current and potential customers adequate financial resources
to commit to the larger scale product deployments already under
negotiation with major telecom companies and will provide working
capital for the anticipated operational and financial growth of the
business during the remainder of the financial year.
Details of the Placing
The Placing has been supported by a combination of existing and
new institutional investors, plus the Company's Board members. The
Acta Board have participated in the Placing at the Placing Price
for a total subscription of GBP66,000 in aggregate, as follows:
Board Role Shareholding Subscription Participation Shareholding
member prior to the in the in the Placing following the
placing Placing Placing
--------------- ----------- ---------------------------- ----------------- ------------------------ ---------------------------
Paolo Bert CEO 17,455,879 10.24% GBP15,000 500,000 0.74% 17,955,879 7.54%
--------------- ----------- --------------- ----------- ----------------- ------------ ---------- --------------- ----------
Paul
Barritt CFO 177,857 0.10% GBP15,000 500,000 0.74% 677,857 0.28%
--------------- ----------- --------------- ----------- ----------------- ------------ ---------- --------------- ----------
Robert Non
Drummond Exec. 227,057 0.13% GBP12,000 400,000 0.59% 627,057 0.26%
--------------- ----------- --------------- ----------- ----------------- ------------ ---------- --------------- ----------
Aldo Non
Filippini Exec. 71,429 0.04% GBP12,000 400,000 0.59% 471,429 0.20%
--------------- ----------- --------------- ----------- ----------------- ------------ ---------- --------------- ----------
Rodney Non
Westhead Exec. 171,429 0.10% GBP12,000 400,000 0.59% 571,429 0.24%
--------------- ----------- --------------- ----------- ----------------- ------------ ---------- --------------- ----------
In addition Alessandro Tampucci, research director, who is not a
Board member has participated in the Placing at the Placing Price
with a subscription for GBP5,000 (166,667 Placing Shares).
Simultaneous to the Placing, Paolo Bert (CEO), Paul Barritt
(CFO), and Alessandro Tampucci have contractually committed to
subscribe, respectively, for GBP12,000, GBP10,000 and GBP12,000
worth of ordinary shares of Euro 0.006 each in the capital of the
Company ("Ordinary Shares") in two equal tranches on 31 January
2015 and 31 July 2015, by way of a salary sacrifice arrangement put
in place with the Company (the "Management Subscription"). The
price for the Management Subscription will be the higher of the
Placing Price or the three month average mid-market price for
Acta's share price as quoted on the AIM Market of the London Stock
Exchange for the three months preceding the issue of each tranche
of Ordinary Shares in relation to the Management Subscription. The
Management Subscription will result in additional proceeds to the
Company of GBP34,000.
The aggregate commitment of the Acta Board and senior management
of the Company, made by way of the Placing and the Management
Subscription will result in an aggregate investment of
GBP105,000.
The Placing utilises the Company's authority to issue up to
100,000,000 new ordinary shares that was granted on 30 June 2014.
The Placing is not underwritten and is subject to, inter alia,
admission of the Placing Shares to trading on AIM ("Admission").
The Placing Shares represent approximately 28.46% of the issued
share capital as enlarged by the Placing.
Admission and dealing arrangements
Application has been made to the London Stock Exchange for
Admission of the Placing Shares. It is expected that dealings in
62,794,580 Placing Shares will commence at 8.00 a.m. (London time)
on 11 August 2014 and dealings in 5,000,000 Placing Shares will
commence at 8.00 a.m. (London time) on 20 August 2014. Following
the Admission of the Placing Shares, the issued share capital of
the Company will be 238,226,519 ordinary shares.
The Placing Shares will be issued credited as fully paid and
will rank pari passu in all respects with each other and with the
existing ordinary shares, including as to the right to receive and
retain all dividends and other distributions declared, made or paid
after Admission.
Outlook
The net proceeds of the Placing will be utilised to finance the
Company's strategic developments together with the anticipated
growth of the Company beyond the current financial year as
commercial deployments accelerate and repeat orders continue to
expand through larger deployments with major telecommunication
companies.
The Board will continue to monitor its working capital
requirements in the light of the size and timing of larger customer
contracts and the rate of its business development over the medium
term to ensure sufficient capital adequacy to support the Company's
growth opportunities.
As reported on 25 June 2014, the Board remains confident that
the Company will deliver strong revenue growth for the year with
sales across all of Acta's business lines gaining momentum and a
growing pipeline of opportunities. The new funding will allow the
Company to capitalise upon these opportunities while continuing to
invest in the operational capabilities of the business to ensure
success throughout the next stage of the Company's growth.
Paolo Bert, Chief Executive of Acta commented: "We are very
pleased to see the growth of our business taking root across its
key sectors, with the successful conclusion of products trials and
our progress into the next stage of larger repeat orders. We are
equally pleased with the strategic opportunities that are now
emerging and the huge markets that these represent. I would like to
thank our shareholders for their continued support and look forward
to sharing our future success with them."
- ENDS-
For further information please contact:
Acta S.p.A. Tel: +39 050 644281
Paolo Bert, Chief Executive Officer www.actaspa.com
Paul Barritt, Chief Financial Officer
Altium Capital (Nominated Advisor) Tel: +44 (0)845 505 4343
Adrian Reed / Dom Orsini
Cantor Fitzgerald Europe (Broker) Tel: +44 (0)20 7894 7000
Mark Percy / David Banks / Paul
Jewell
Media enquiries:
Walbrook PR Tel: +44 (0)20 7933 8780
Paul Cornelius / Nick Rome acta@walbrookpr.com
About Acta S.p.A.
Acta S.p.A. is a developer and manufacturer of a range of clean
energy products. Based on its world-leading expertise in alkaline
membrane technology, the Company has developed a unique range of
low-cost, compact hydrogen generators (electrolysers) which produce
pure, dry compressed hydrogen at high efficiency from renewable or
grid power.
In June 2013 Acta shipped the first Acta Power, an integrated
electrolyser and fuel cell system for use in back-up power and
renewable energy storage applications. Best understood as a
"Hydrogen Battery", the system converts energy from renewable or
grid power when it is available and stores it in the form of
hydrogen, and then converts the hydrogen back to electrical power
when needed due to grid black-out or lack of solar / wind
power.
This system has extensive application as a back-up power unit
for telecommunications base stations, where it competes on cost
against traditional battery and diesel solutions, while offering a
cleaner solution and better service. In particular, the use of
rainwater and the generation of hydrogen on-site removes the cost
and logistical barriers of fuel delivery, while also avoiding the
theft risk associated with diesel, methanol and battery
systems.
The supply of fuel cell back-up power systems for
telecommunications base stations represents a large and
fast-growing market, especially in extensively bad-grid and
off-grid locations such as in Asia and Africa. Battery sales to the
Chinese telecoms industry are currently valued at $4.7 bn to $7.8
bn per annum (Fuel Cell Today, China).
Acta holds a portfolio of patents and patent applications on its
key technologies, manufactures its products through a combination
of production, component subcontracting, and final product assembly
and quality control, and has established distribution channels
through partnerships in China, India, SE Asia, Australia, Africa,
Middle East, Germany, UK, USA and South America.
Acta S.p.A. is based near Pisa, Italy, and was admitted to
trading on AIM in October 2005.
www.actaspa.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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