China New Energy Ltd Convertible Loan Extension (5251L)
30 Abril 2020 - 9:08AM
UK Regulatory
TIDMCNEL
RNS Number : 5251L
China New Energy Ltd
30 April 2020
30 April 2020
China New Energy Limited
(the "Company" or "CNE")
Convertible Loan Extension
The Board of CNE (AIM: CNEL), the AIM quoted engineering and
technology solutions provider to the bioenergy sector, announces an
extension to the Double River loan agreement maturity date until
the 14 August 2020.
Further to the announcement of 8 January 2020, the loan
agreement between the Company and Double River Limited
("Agreement") which is due to mature on 14 May 2020 has been
extended by three months until 14 August 2020 (the "Maturity Date")
or such later date as both parties may agree. All other terms
remain unchanged.
Pursuant to the Agreement, Double River Limited, a company
registered in the British Virgin Islands, has agreed to provide a
loan for HKD11,500,000 (approximately GBP1,118,000) (the "Loan").
The Loan will be converted automatically into ordinary shares of
the Company at a price of HKD0.481 (approximately 5.0 pence) per
ordinary share ("Shares") on the Company obtaining regulatory
approval for its application for listing on the Main Board of the
Stock Exchange of Hong Kong Limited ("HKEx") which is expected to
be before the Maturity Date. In the event that the Loan is not
converted, it carries an interest at a rate of 12 per cent. per
annum due on the Maturity Date. If the Loan is converted, no
interest will be applied.
Mr Yu, Chairman, said, "There is no change to the expected
listing date on the HKEx, our team of advisers continue to work
hard to migrate our listing from AIM to the Main Board of the HKEx
and expect this to occur before the expiration of the AGM
resolutions on the 15 July 2020. We continue to be excited about
relisting on the HKEx and expect this to both increase Shareholder
value and to provide a platform to raise capital to develop the
business to its potential."
Shareholders are reminded that they should complete the Election
Form, which is to be returned to the Company's registrar, stating
their preference from four (4) options in respect of the transfer
of their Shares. Returning the election form in a timely fashion is
particularly important for Shareholders who wish to be in a
position to trade their Shares as soon as possible following the
proposed listing of the Shares on the HKEx. The options are:
1. Request the new share certificates in respect of Shares held
by a Shareholder to be sent to his/her/its stockbroker in Hong Kong
via his/her/its current stockbroker in the United Kingdom.
2. Request the new share certificates in respect of Shares held
by a Shareholder to be sent to his/her/its new stockbroker in the
United Kingdom
3. Request the new share certificates in respect of Shares held
by a Shareholder be sent to a stockbroker in Hong Kong.
4. Request the new share certificates in respect of Shares held
by a Shareholder to be sent to such Shareholder directly.
The Election Form can be downloaded from the Company website
at:
http://chinanewenergy.co.uk/uploads/soft/191002/1-191002233914.pdf
The Company resubmitted its application for the listing of the
Shares on the HKEx on 27 March 2020. The Company will update
Shareholders further in respect of any developments of this
application as soon as it is in a position to do so. If approval
for the listing is given by the HKEx listing authority, the Company
will notify Shareholders of the anticipated timetable at least 10
business days prior to the expected date for the listing of the
Shares on the HKEx and cancellation of admission of the Shares on
AIM. Should the application to HKEx not be successful, the Company
remains committed for the Shares to be traded on an internationally
recognised stock exchange.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please contact:
China New Energy Limited
Ivy Xu xuhj@zkty.com.cn Tel: +86 20 8705
Richard Bennett 9371
rbennett@zkty.com.cn Tel: +44 7966
388374
Cairn Financial Advisers LLP Tel: +44 20 7213 0885
(Nomad & Broker)
Jo Turner / Sandy Jamieson
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END
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April 30, 2020 08:08 ET (12:08 GMT)
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