Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Clean Air Power Ltd.       BMG2287M1047

CLEAN AIR POWER LTD.

SummaryNewsCompany 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector news

CLEAN AIR POWER : ANNOUNCES SUSPENSION OF TRADING, DIRECTORATE CHANGES & UPDATE OF REVIEW OF STRATEGIC OPTIONS

08/12/2015 | 04:19am EST


12 August 2015

Clean Air Power Ltd Aston Way Leyland

Lancashire PR26 7UX United Kingdom

Tel: +44(0) 1772 624499

Fax: +44(0) 1772 436495 www.cleanairpower.com

Clean Air Power Limited ("Clean Air Power", the "Company" or the "Group") Suspension of Trading on AIM Update on the Review of Strategic Options Directorate Changes

Clean Air Power (AIM: CAP), the global leader in the development and delivery of compression- ignited natural gas systems and software for heavy duty vehicles, announces that it has applied for suspension of trading in the Company's ordinary shares on AIM with effect from 7.30am today. This follows the review of the Group's strategic options announced on 23rd June 2015 and updates to that review announced on 15th and 28th July 2015. A further update is set out below. The Board also announces that Mr John Pettitt and Mr Neill Skinner will be stepping down as directors of Clean Air Power with immediate effect for the sole reason of ensuring ongoing compliance with the Burmudan Bye-Laws required following the resignation of Dr. Ulrich Wöhr and Prof. Dr. Karl-Viktor Schaller as directors of the Company as announced on 3rd August 2015.

Update on the Review of Strategic Options

The Board confirms that it is in detailed discussions which may or may not lead to an offer for all or part of the Group. The terms and basis of any offer have not yet been finalised but, as previously stated, the Board can provide no assurance on the value that would be returned to shareholders.
As the Group's holding company is based in Bermuda the Board, as advised by KPMG, is considering the options which are available under Bermudan and local jurisdictions to execute a transaction given the pressing short-term financial constraints under which the Group continues to operate. In the circumstances the Company has requested that trading in the Company's shares on AIM be suspended pending the outcome of the discussions and resulting clarification of the Company's financial position.

Directorate Change

The Bye-Laws of the Group's Bermudan holding company require that, at all times, there must be a majority of Directors on the Board who are non-resident in the UK for tax purposes. Following the resignation of Dr. Ulrich Wöhr and Prof. Dr. Karl-Viktor Schaller, as announced on 3rd August 2015, this majority was no longer in place.
The Board, with its legal advisers, has considered a number of options and concluded that, at this stage in the strategic review process, it would not be practical or appropriate to recruit new directors who are non-resident in the UK for tax purposes to replace Dr. Wöhr and Prof. Dr. Schaller on the Board.

Clean Air Power Limited

Registered in England No. 4765070

Registered Office: Aston Way, Leyland, Lancashire PR26 7UX, United Kingdom

Therefore, in order to preserve the required majority, and thus ensure ongoing compliance with the Bye-Laws, the Board agreed that Mr Pettitt and Mr Skinner will resign as directors of the Company with immediate effect.
Mr Pettitt and Mr Skinner will remain employees of the Company and will provide full support to the Board as the strategy review process is concluded and will continue to serve as directors of the US and UK subsidiary companies.
The Board hopes to update shareholders with further details of the strategic review shortly.

For further information, please contact:

Clean Air Power

Rodney Westhead, Chairman

John Pettitt, Managing Director, Clean Air Power Ltd

Neill Skinner, Finance Director, Clean Air Power Ltd

Tel: +44 (0)1788 832774

Tel: +44 (0)1772 624499

Citigate Dewe Rogerson

Malcolm Robertson

Tel: +44 (0)20 7282 2867

KPMG Corporate Finance

Jonathan Boyers

Pinesh Mehta

Tel: +44 (0)20 7311 1000

Panmure Gordon

Corporate Finance

Freddy Crossley / Russell Cook / Atholl Tweedie

Corporate Broking

Tom Salvesen

Tel: +44 (0)20 7886 2500

Peat & Co Charlie Peat John Beaumont

Tel: +44 (0)20 3540 1721

Further information on Clean Air Power is available at www.cleanairpower.com

Clean Air Power Limited

Registered in England No. 4765070

Registered Office: Aston Way, Leyland, Lancashire PR26 7UX, United Kingdom

distributed by

© Publicnow 2015
All news about CLEAN AIR POWER LTD.
2015CLEAN AIR POWER : Announces sale to vayon holdings
PU
2015CLEAN AIR POWER : Announces suspension of trading, directorate changes & update ..
PU
2015CLEAN AIR POWER : Announces director change
PU
2015CLEAN AIR POWER : Announces update of review of strategic options
PU
2015CLEAN AIR POWER : Announces issue of equity
PU
2015CLEAN AIR POWER : Announces group strategic options update
PU
2015CLEAN AIR POWER : Announces appointment of financial advisors
PU
2015CLEAN AIR POWER : Announces trading update
PU
2015CLEAN AIR POWER : Announces results of agm
PU
2015CLEAN AIR POWER : Announces director share options
PU
More news
Managers and Directors
NameTitle
Bernard Lord Non-Executive Deputy Chairman
Shane Hussain Director
Neil Martin Whittaker Director
James Daniel Beard Secretary
Sector and Competitors
1st jan.Capitalization (M$)
CLEAN AIR POWER LTD.0
CUMMINS INC.4.47%35 113
RHEINMETALL1.59%4 577
WEIFU HIGH-TECHNOLOGY GROUP CO., LTD.1.01%3 390
DORMAN PRODUCTS, INC.12.60%3 136
TOYOTA BOSHOKU CORPORATION0.90%2 999