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Active Energy

  • BY: Andrew Hore |
  • POSTED: 10/05/2011 |

Energy efficiency technology business Active Energy is raising £1.8m at 2.75p a share as it takes advantage of the recent rise in the share price.

The net cash raised will be £1.62m will be used to grow the business. These shares will represent one-third of the enlarged share capital.

The share price fell 0.75p to 3.25p on the news of the placing, which values the existing share capital at £4.26m. The shares had hit 6.5p near to the end of April after the announcement of the acquisition of Red Line Engineering Services and the appointment of former British American Tobacco executive Gavin Little as executive chairman. Little will receive his salary of £50,000 (after deductions for income tax) in shares.

Active wants to offer a wider range of environmental electrical services. The core business sells voltage optimisation equipment and Red Line (http://www.redlineengservices.com) supplies power distribution and cable management services, along with power surveys and testing. Red Line will help to boost recurring revenues.

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