Aggregated Micro Power Holdings plc (AIM: AMPH), which specialises in the sale of wood fuels and the development of distributed energy projects, is pleased to announce today a further wood fuels acquisition and a £1.9 million fundraising and its Unaudited Interim Results for the six months ended 30 September 2016.
- AMP Group revenues increased to £3.549m (H1 2015: £0.093m)
- Gross profit increased to £0.674m (H1 2015: loss of £0.046m)
- Loss before tax decreased to £1.932m (H1 2015: loss of £4.553m)
- Successful fundraising in August 2016 of £5.0m comprising a placing of ordinary shares of 0.5p each (“Ordinary Shares”) raising gross proceeds of £1.535m and issue of £3.47m nominal of 8% Convertible Notes redeemable on 30 March 2021
- Successful completion of the acquisitions of Midlands Wood Fuel in August 2016 and the acquisition of the Mi-Generation customer base in September 2016
Post Period End
- On 20 October 2016, AMP assisted Aggregated Micro Power Infrastructure 2 plc (“AMPIL2”), a third party purchaser of biomass boilers, to secure £10.2m of funding for further boiler development projects from AMP and other third parties(b)
- On 4 November 2016, AMP was granted planning permission on three grid balancing projects comprising 60 MWs in aggregate which we are aiming to develop in 2017
Acquisition and Fundraising
- Acquisition of 100% of PEL (Fuel) Limited (“PEL”)(a), a profitable wood pellet supply business, for a consideration of £5.0m comprising £4.5m in new Ordinary Shares to be issued at a deemed price of 68 pence per Ordinary Share and £0.5m in cash (the “Acquisition”)
- Issue of £1.9 million nominal of convertible loan notes (the “Convertible Notes”) at par (the “CLN Issue”) from a combination of existing holders and new investors(c)
For further information, click here.