Shares for Shares Transaction Announcement

The directors of Proventus Energy Plc ("PE") are pleased to announce that pursuant to a Memorandum of Understanding ("MOU") entered into between PE and Captive Audience Display Solutions Plc ("CADS"). End Quote

(1888PressRelease) October 15, 2011 - The directors of Proventus Energy Plc ("PE") are pleased to announce that pursuant to a Memorandum of Understanding ("MOU") entered into between PE and Captive Audience Display Solutions Plc, ("CADS"), a company registered in Republic of Ireland and having its registered office at 70 Ballybough Road, Dublin3, Ireland , the companies have agreed a share for share
transaction whereby PE will acquire a17.58% stake in CADS.

The nature of the transaction is summarised as follows:
a) PE will acquire a 17.58% stake in CADS.
b) To complete this transaction as contemplated within the terms of the MOU, PE will issue to CADS 3,340,000 of its Ordinary shares of GBP0.01 each.
c) The consideration being paid to CADS of 3,340,000 shares is considered to be valued at Euro 1,000,000.
d) Following the issue of these shares CADS will hold 3.916% stake in PE.

In consideration for the issuance of such number of Ordinary shares, CADS in turn will issue to PE 50,000,000 Ordinary Shares of Euro 0.0001 each at a price of Euro 0.02 to include a share premium of Euro 0.0199 per share.
The rational for this transaction is to allow both companies to explore each other's business model and to identify possible synergies and future revenue generating opportunities.

Following the issuance of the 3,340,000 Ordinary Shares by PE, the total number of Ordinary Shares in issue will be 85,289,493.
Proventus Energy Plc is a company registered in England and Wales which seek to invest in the lucrative renewable energy sector in Bulgaria. The Company's core activity is to establish wind farms and generate electricity to be sold via the Bulgarian National grid. It also seeks to acquire interests or stakes in operating wind farms managed by experienced international players, which are either prior financing or close to grid access and operation.

###

space

Other Related Press Releases