45-1 R/S coming? Forecasted in the PR for their London launch...
Edited Press Release
LONDON (Dow Jones)--Enova Systems, Inc said Tuesday that trading in its common shares is expected to start on July 26 on the AIM Market of the London Stock Exchange.
The company is placing 5.35 million new common shares at 215 pence per share to raise GBP11.5 million and based on the placing price the company will have a market capitalisation of GBP31.7 million
Enova developes and produces proprietary, commercial power management systems for transportation vehicles in addition to providing these systems for stationary power applications. Power management systems control and monitor electric power in an automotive or commercial application such as a car or a stand-alone power generator.
Enova's principal focus is on the development and marketing of propulsion power management systems for hybrid electric vehicles, in particular buses, lorries and other heavy duty vehicles.
Enova is a U.S. incorporated company based in Torrance, California, USA, and has 30 employees. Enova's Common Shares are currently traded on the OTC Bulletin Board in the U.S. and as at July 15 had a market capitalisation of $40.1 million (GBP22.9 million).
The net proceeds of the placing to be received by the Company of GBP10.3 million will be used principally to strengthen its balance sheet, accelerate research and development expenditure and expand its production capabilities and for general working capital purposes.
Investec Bank (U.K.) Limited, acting through its divisions Investec Investment Banking and Investec Securities, is the Company's Nominated Adviser and Broker.
The placing price of 215 pence per share - post the forty-five for one stock consolidation - is equivalent to $0.084 per share before the stock consolidation and applying an exchange rate of GBP1:$1.75, prevailing on July 18, 2005. At July 15, 2005, the price of an Enova common share (pre stock consolidation) was $0.095 per share.
(END) Dow Jones Newswires
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