Frk Eur Igc Etf Regulatory News (EURO)

27 Nov 2007 13:55

EuroTrust A/S27 November 2007 Press release For immediate release 27 November 2007 EuroTrust A/S Placing to raise approximately €30m EuroTrust A/S ("EuroTrust" or "the Company") (AIM:EURO), the wind energycompany, today announces that it has raised €31m gross (approximately €30m netof expenses) through a share placing ("the Placing"). Under the Placing, EuroTrust has issued 3,735,000 new ordinary shares at a priceof €8.30 per share, a premium of 2% to the current mid market share price. ThePlacing is with funds managed by Invesco Perpetual, which funds already hold6,121,000 ordinary shares in the Company (15.9% of the ordinary shares in issueprior to the Placing). The Placing Shares will represent approximately 8.8% ofthe Company's enlarged issued share capital and application has been made foradmission of the Placing Shares to trading on AIM. The total number of shares inissue following completion of the Placing will be 42,263,260, of which 9,856,000shares (23.3%) will be held by funds managed by Invesco Perpetual. The Directorsconsider, having consulted with its Nominated Adviser, Cenkos Securities plc,that the terms of the Placing are fair and reasonable insofar as itsshareholders are concerned. The proceeds of the Placing are to be used primarily to fund the furtherdevelopment of the Company's portfolio of wind energy projects in Poland. Inparticular, part of the proceeds will fund construction of the first phase ofthe 51MW Karcino Wind Farm, allowing the Company to circumvent the difficultiesin raising construction finance in this relatively immature financing market.Construction of the first phase of the development is expected to complete inOctober 2008, allowing a debt refinancing of the project and repayment of theCompany's equity investment in the construction finance, with revenue generationfrom the project expected from the fourth quarter of 2008. Work on the necessarygrid upgrading is close to being completed. Robert Skjodt, CEO, commented: "Poland is an attractive market with increasing demand for renewable energy driven significantly by progressive regulation. Our pipeline in Poland is significant and its development will give us a very strong foothold in this important market." --ENDS-- For further information please contact: EuroTrust 00 45 7696 6000Robert Skjodt Cenkos Securities 00 44 (0)20 7397 8926Stephen Keys West Hill Corporate Finance 00 44 (0)20 7464 8822Alan Richards Haggie Financial 00 44 (0)20 7417 8989Peter Rigby/Alexandra Parry Notes to Editors: EuroTrust EuroTrust A/S is a leading European renewable power producer listed on the AIMmarket of London Stock Exchange. EuroTrust A/S has 171 MW of wind powergeneration in operation or under construction in Germany, Italy, Spain andPoland. Additionally, EuroTrust has 44 commercial and residential propertydevelopment projects in Denmark and Norway. This information is provided by RNS The company news service from the London Stock Exchange