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Helius Energy’s new COO buys 250,000 shares

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Biomass power plant builder Helius Energy (LON:HEGY) announced today that its chief operating officer, William Ingram Hill, yesterday bought 250,000 shares in the company for 11.5 pence each.

The news comes after Helius earlier this week reported that Ingram Hill had joined the board as chief operating officer while key investor Alastair Salvesen had been appointed as a non-executive director. Salvesen, a leading figure in the UK’s seafood industry who has directorships in a number of businesses, himself recently upped his stake in Helius from below five per cent to more than one-fifth of the company.

Helius is a developer of biomass-fired renewable electricity generation plants at sizes ranging from around seven megawatts to 100MW. The firm is involved in several projects and its long-term aim is to be an owner/operator of 500MW worth of power plant assets.

Currently, Helius is focused on: the forthcoming 100MW Avonmouth biomass plant, located on the Bristol Channel; a 7.2MW project in Scotland with the Combination of Rothes Distillers (CoRDe); and another 100MW biomass plant proposed for Southampton.

Helius also developed the 65MW net capacity Stallingborough biomass plant, located on the south side of the Humber estuary in Lincolnshire. Helius Alpha, a subsidiary that owned the rights to develop and operate the plant, was then sold in its entirety to RWE Innogy.

As part of the deal, in which Helius made a profit of around £20 million, it will also receive 13 percent of the annual profits after tax generated by the plant during the first 24 years of its operation (this profit was valued by the company at £14.3 million in September 2008).

In early October, Helius raised £6.6 million in a placing priced at 16p pence per share – which was a premium to the share price at the time.


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AIM:HEGY
Market: AIM
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