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Velocys RNS Release

Share issue in relation to Pinto Energy LLC

RNS Number : 6013Z
Velocys PLC
27 May 2016
 

News release

Velocys plc

("Velocys" or "the Company")

27 May 2016

 

Share issue in relation to Pinto Energy LLC

Velocys plc (VLS.L), the company at the forefront of smaller scale gas-to-liquids (GTL),  announces that, on 27 May 2016, a further 37,324 Ordinary shares of 1p each ("New Ordinary Shares") were issued to the vendors of Pinto Energy LLC ("Pinto Energy") and the Ashtabula GTL project in final satisfaction of the purchase consideration for the acquisition of 100% of Pinto Energy and its wholly owned subsidiaries, including Ashtabula Energy LLC (as referred to in the Company's announcement dated 25 June 2014).

 

The New Ordinary Shares represent the agreed number of shares which have now become issuable by Velocys under the terms of the sale and purchase documentation relating to Pinto Energy. A further 4,320 shares remain to be issued under the terms of the acquisition.

 

The New Ordinary Shares will rank pari-passu with all existing ordinary shares of Velocys plc. Application has been made for the New Ordinary Shares to be admitted to trading on AIM; it is expected that such admission will be effective as at 8 am on 6 June 2016.

 

The Company's total issued share capital after admission of these Shares will be 143,289,962 ordinary shares. The Company does not currently hold any shares in treasury. This figure of 143,289,962 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

 

 

- Ends -

 

For further information, please contact:

Velocys

David Pummell, CEO

Susan Robertson, CFO

 

+44 1235 841 700

 

Numis Securities (Nomad and Broker)

Alex Ham - Corporate Broking

Stuart Skinner / Jamie Lillywhite - Nominated Adviser

 

+44 20 7260 1000

Camarco (financial communications & PR)

Billy Clegg / Georgia Mann

 

+44 20 3757 4983

 



 

Notes to editors

About Velocys

Velocys is the company at the forefront of smaller scale gas-to-liquids (GTL) that turns natural gas or biomass into premium products such as diesel, jet fuel, waxes and base oils. Smaller scale GTL adds value to shale gas and bio-waste, and makes stranded or flared gas economic - an untapped market of up to 25 million barrels per day.

 

Velocys technology, protected by several hundred patents in over 30 countries, is specifically designed for smaller scales, combining super-active catalysts with intensified reactor systems. The Company's standardised modular plants are easier to ship and faster to install, at lower risk, even in the most remote or challenging locations. Together with world-class partners, Velocys works flexibly to unlock gas resources of 15,000 to 150,000 mmbtu per day, allowing more companies to take advantage of more opportunities.

 

Velocys plc is listed on the AIM market of the London Stock Exchange (LSE: VLS). The Company is well capitalised and has a multi-disciplinary staff of around 100 operating from its commercial centre in Houston, Texas, USA and technical facilities near Oxford, UK and Columbus, Ohio, USA. Its commercial reference plant, which will be located adjacent to Waste Management's East Oak landfill site, is expected to reach mechanical completion in mid-year 2016.

www.velocys.com

 

Think Smaller. Velocys is changing the way fuels are made.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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