Sabien Technology Group plc to be admitted to AIM
December 18th 2006: Sabien Technology Group plc ("Sabien" or "the Company"), a UK company that owns the commercial rights to a system that is proven to help reduce energy consumption by up to 35% in commercial and industrial boilers, announces that it intends to be admitted to trading on AIM, a market operated by the London Stock Exchange. Admission to trading is expected on 20th December 2006.
As part of the AIM Admission, Sabien is raising £4m in a fund raising conducted by Bell Lawrie, comprising a £3.2m placing at 52p per share and £0.8m through the issue of Loan Notes. Sabien is expected to have a market capitalisation of approximately £13.8m at the placing price. The purpose of the fund raising is principally to enable Sabien to increase the scale of its UK operations, to expand into European markets and to further its product development.
Sabien's product, M2G, helps commercial clients save up to 35% on their energy consumption, making their boilers more efficient, as well as reducing harmful carbon emissions. Payback usually occurs within six to 24 months.
A range of customers are already using M2G, including an NHS Trust, a range of commercial blue chip clients and one of the UK?s largest banks. The M2G is Carbon Trust approved and qualifies for the Enhanced Capital Allowance Scheme. Sabien Technology is revenue-generating. M2G can be used with a range of fuels and is ideally suited for single and multi-boiler applications.
Alan O'Brien, Chief Executive of Sabien, said: "Being admitted to AIM is a great opportunity for Sabien, and should help us achieve our goals of expanding our presence and increasing sales. Sabien has worked hard to build its customer base and has an excellent track record and intends to further expand that base as more organisations look to increase fuel efficiency and reduce their impact on the environment."
Dr Clive Morton, Chairman of Sabien, said: "Sabien's M2G system is very effective at enabling customers to reduce their energy bills, so the rationale for using it is very straightforward. We look forward to growing the business further once Sabien has been admitted to AIM."
Brewin Dolphin Securities is Nominated Adviser to Sabien and Bell Lawrie is Broker.