KYIV. Aug 19 (Interfax-Ukraine) – Active Energy Group Plc (AEG), whose shares are traded on the London Stock Exchange, in early August attracted GBP2.05 million ($2.67 million at the current exchange rate) to expand the capacity of its AEG WoodFibre wood processing plant in Yuzhny port in Ukraine, as well as replenish working capital.
“We plan by the end of the year to launch a fully automated production line for hardwood capable of processing about 3,000 tonnes of raw materials per day, a new production line for softwood with a capacity of 1,000 tonnes per day,” a company report reads, with reference to its CEO Richard Spinks.
According to him, the short-term projects of capital investment in AEG WoodFibre in Yuzhny port also suggest the acquisition of mobile crushers and lift-and-carry equipment.
The report states the company with the help of Northland Capital Partners broker sold 77.358 million new shares at a price of GBP0.0265 per share to new and existing shareholders, which corresponds to a 16.5% discount to the closure price on August 2.
As reported, AEG has ten-year contracts to buy wood and process it into fire wood chips (in Ukraine) and supply products to energy facilities (in Poland). Liuboml forestry (Volyn region) supplies up to 100,000 of wood a year at the fixed price. Volyninvestbud makes fire wood chips from it at the fixed tariff and supplies up to 80,000 tonnes of finished products a year. Medium Sp. Z o.o. buys all products to deliver them to energy facilities in Poland.