Growth Business: Helius admitted to AIM

Tuesday 3rd April 2007

Helius admitted to AIM

A company that was founded to install and run renewable electricity generation plants has joined AIM.

Helius Energy plc placed 7.8 million shares at 26p each on AIM, raising £2.035 million. Its market capitalisation was £18 million. After admission, the directors held 40.4 million shares in Helius, 60.5% of its issued share capital.

As Helius had 58.3 million shares in issue before the admission, it placed some 11.3% of its enlarged share capital on AIM.

Helius holds a three year option to buy a 36 hectare site in Stallingborough, which is on the Humber Estuary. The local grid capacity supports a new 65MW power station and the company’s application for planning permission is at an advanced stage. Helius also holds an 18 month option to acquire a site at Seaton Port in Hartlepool.

Helius’ managing director John Seed said the proceeds will allow Helius to start construction at Stallingborough, which is expected later this year.

Daniel Stewart & Company was nominated adviser and broker to Helius. Pinsent Masons, led by Russell Booker, also acted for the company.

Rosenblatts acted as solicitor to Daniel Stewart. Its team was led by corporate partner Tessa Laws, corporate associate Dov Katz and corporate assistant Jane Mayfield. “The admission to AIM of Helius represents an important step in its life cycle,” Laws added.

Specialist Paul Estlin advised on FSMA issues. Rosenblatts was introduced to the deal by Helius director Jonathan Hill and Daniel Stewart.

McLellan & Partners prepared a technical expert’s report for Helius, having worked in a similar role for the company earlier in 2006. McLellan has experience engineering, commissioning and testing UK biomass power stations.

Principal engineer Ian Freeman led a small team that included specialists in biomass fuels, material handling, combustion, boiler technology, power generation and environmental issues. “Helius Energy is making good use of the biomass co-products of the emerging biofuel industry to generate significant quantities of electrical power,” Freeman said.

Middlesbrough-based Helius specialises in biomass-fired generation plants and aims to build and operate a range of plants in the UK and Southern Africa. The plants will burn biomass feedstock and residues from bio-ethanol production.